TSX Falls as Banks and Miners Slide

The S&P/TSX Composite Index fell nearly 1% to trade below 36,000, weighed down by losses in the banking and mining sectors. Oil prices extended gains, fueling concerns over energy-driven inflation, while higher-than-expected US CPI inflation pressured lenders amid uncertainty over the Fed’s policy outlook. Major banks declined, with RBC, TD Bank, BMO and CIBC losing about 1% each. Miners extended their losses as gold and silver prices continued to fall, with Agnico Eagle down more than 4.5%, Barrick shedding over 3.5% and WPM losing nearly 4.5%. In contrast, energy producers gained as oil prices resumed their climb, with Suncor and Imperial Oil rising around 0.5%. On the data front, construction intentions in Canada rose 8.8% in August from July, well above expectations for a 2.9% increase. WSP Global edged higher, while AtkinsRéalis rose more than 0.5%. Technology stocks were mostly higher, with Shopify up 1%. Retailers also advanced, with ATD gaining 1.5% and Loblaw rising 1%.