CANADA STOCKS — TSX falls from three — week peak as hot US inflation weighs
By Anand Gopal R Oct 14 (Reuters) — Canada's main stock index pulled back sharply from a three-week high on Wednesday, as weaker metal prices weighed on miners, while hot US inflation data for September increased odds of a Federal Reserve rate hike later this month and put further pressure. The S&P/TSX Composite Index was down 0.94% at 35,648.22 points by 10:31 a.m. ET. US consumer prices accelerated in September on higher gasoline costs, boosting expectations for a rate hike later this month Traders are pricing in a 46% chance of a quarter-point rate hike from the Fed on October 28, according to LSEG compiled data Materials sector was the biggest drag on the index, declining 3.9% as precious metal prices fell further after the data The rate sensitive financial sector, which constitutes heavyweight banks also fell 0.8% "Canada will join other global central banks in hiking interest rates, but don't think they're going to deliver as much as futures or the bond market is currently expecting," said Angelo Kourkafas, senior global investment strategist at Edward Jones Energy sector, up 0.4%, limited losses, as oil prices held firm over $100 per barrel O/R Reuters reported that Iran was
By Anand Gopal R Oct 14 (Reuters) — Canada's main stock index pulled back sharply from a three-week high on Wednesday, as weaker metal prices weighed on miners, while hot US inflation data for September increased odds of a Federal Reserve rate hike later this month and put further pressure. The S&P/TSX Composite Index was down 0.94% at 35,648.22 points by 10:31 a.m. ET.
US consumer prices accelerated in September on higher gasoline costs, boosting expectations for a rate hike later this month Traders are pricing in a 46% chance of a quarter-point rate hike from the Fed on October 28, according to LSEG compiled data Materials sector was the biggest drag on the index, declining 3.9% as precious metal prices fell further after the data The rate sensitive financial sector, which constitutes heavyweight banks also fell 0.8% "Canada will join other global central banks in hiking interest rates, but don't think they're going to deliver as much as futures or the bond market is currently expecting," said Angelo Kourkafas, senior global investment strategist at Edward Jones Energy sector, up 0.4%, limited losses, as oil prices held firm over $100 per barrel O/R Reuters reported that Iran was using new tactics to target ships, seeking to keep oil prices high and influence the US midterm elections Yields in the Canadian benchmark 10-year bond rose to 3.91% Canada is pursuing a trade pact with India and closer EU ties to reduce reliance on the US, ahead of Indian PM Narendra Modi's visit in December Canada's Fairfax Financial Holdings will buy a majority stake in India's IDBI Bank in a deal worth 528.78 billion Indian rupees ($5.56 billion), the Indian government said.
Shares were down 1.3% (Reporting by Anand Gopal in Bengaluru; Editing by Shailesh Kuber) ((AnandGopal.R@thomsonreuters.com)