Canada Stocks-Canada's TSX falls as miners drag; rising oil, yields also weigh

Canada's main stock index lost ground on Wednesday, dragged down by heavy losses in materials shares, while oil prices and bond yields rose without any end to the US-Iran conflict in sight.

The S&P/TSX Composite Index .GSPTSE was down 1% at 35,959.38 points by 10:29 a.m. ET (1429 GMT), and set for its biggest one-day decline in about two weeks.

Seven of the index's 10 main sectors were in the red.

• Mining stocks, contained in the TSX's materials sector .GSPTTMT, came under pressure as gold XAU= fell more than 1%. Silver prices XAG= tumbled over 3%. GOL/
• Americas Gold and Silver Corp USA.TO lost 8.2%, while NovaGold Resources NG.TO was down 7.5%. Endeavour Silver EDR.TO bottomed the TSX with a 11.8% decline after CIBC downgraded its rating on the stock.
• The first shuttle talks between the US and Iran raised hopes of progress towards ending the ongoing conflict, but neither side spelled out any change in its position.

• Oil prices rebounded after five sessions of declines, topping the crucial $100 a barrel level again, bringing inflation concerns back to the forefront. O/R
• Yields on global government bonds inched upwards again, with the one on the benchmark 10-year US Treasury at 5.047%, its highest since 2007. Yield on the Canadian benchmark CA10YT=RR was up at 3.90%.
• "We had oil into the $100s, the 10-year at 5%, a rather hawkish Fed with a rate hike, AI fears, and no sign of the Iran situation ending, and yet the market was consolidating and coiling not too far off its highs," said Ken Mahoney, president and CEO at Mahoney Asset Management.
• "Now we've made a nice move. So that coiled-spring-to-the-upside idea could be playing out," said Mahoney.