Canada stocks-TSX hits nearly six-week low as bond yields climb on inflation worries

• "What's worrying people is pressure on inflation," said Michael Sprung, president at Treegrove Investment Management. "The oil prices plus inflation are putting pressure towards more raising rates than not."
• The European Central Bank raised interest rates for the second time this year, while investors increased bets on a Federal Reserve rate hike next week after the release of U.S. producer price data for August.
• "In terms of the equity markets, what we're seeing here is they're still at high levels and high valuation and yet interest rates are trying to push valuations the other way," Sprung said.
• U.S. crude oil futures CLc1 settled 6.7% higher at $102.48 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries about further disruptions to already tight supplies.

Canada's main stock index fell to its lowest level in nearly six weeks on Thursday as surging oil prices raised expectations for interest rate hikes from major central banks to tackle inflation, with metal mining shares leading broad-based declines.

The S&P/TSX Composite Index .GSPTSE ended down 400.28 points, or 1.1%, at 35,506.28. It marked the fourth straight daily decline for the index, which is the longest such streak since April, and the lowest closing level since July 31.

• The materials group .GSPTTMT, which includes metal mining shares, lost 3.6% as gold and copper prices fell.