TSX retreats from two-month high as US inflation data spooks investors
TLT•Canada’s S&P/TSX Composite Index fell 0.8% to 36,170.45 on Tuesday, retreating from Monday’s highest close since September 4. Metal mining shares led declines as hotter-than-expected US inflation raised expectations for Federal Reserve rate hikes.
1. Index falls 0.8%
Canada’s main stock index fell 275.81 points, or 0.8%, to 36,170.45, after reaching its highest closing level since September 4 on Monday. The materials sector fell 3.9%, the biggest drag, as gold dropped 2.6% and copper traded 1.8% lower.
2. Inflation and sectors
Hotter-than-expected US consumer prices in October strengthened expectations for a Federal Reserve rate hike next month and fueled concerns about more aggressive increases. Energy gained 1.1%, while consumer discretionary fell 0.8% and real estate declined 0.7%.
3. GFL shares decline
GFL Environmental shares fell 7.2% after the waste management firm said it had rejected buyout proposals and would remain public. US crude oil futures settled 0.9% lower at $86.04 a barrel.
