TSX Closes Flat After CPI Data
The S&P/TSX Composite Index closed nearly flat at 35,702 on Monday following the release of CPI data. Inflation was unchanged at 3.0% in August, matching expectations. While the conflict in the Middle East continues to lift energy costs, gasoline prices rose 22.8% from a year earlier. The BoC’s preferred median and trimmed-mean measures of core inflation were also unchanged at 2.0% and 1.9%, respectively. The data suggests underlying price pressures remained under control, even as the BoC grows increasingly concerned about inflation risks stemming from the war. Governor Macklem warned earlier this month that the longer the conflict persists, the more likely higher energy prices are to feed through the economy. Investors widely expect the US Fed to raise rates on Wednesday. Financials traded mostly lower amid rising yields. Gold prices fell, pressuring mining shares, with Barrick and WPM each down 2.7%. Celestica plunged 8.4%, tracking a semiconductor selloff in the US.
The S&P/TSX Composite Index closed nearly flat at 35,702 on Monday following the release of CPI data. 0% in August, matching expectations. 8% from a year earlier. 9%, respectively.
The data suggests underlying price pressures remained under control, even as the BoC grows increasingly concerned about inflation risks stemming from the war. Governor Macklem warned earlier this month that the longer the conflict persists, the more likely higher energy prices are to feed through the economy. Investors widely expect the US Fed to raise rates on Wednesday. Financials traded mostly lower amid rising yields.
7%. 4%, tracking a semiconductor selloff in the US.