22:17:28 EDT Thu 16 May 2024
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Globe/wire say TSX moves lower ahead of Aug. inflation

2023-09-19 08:54 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canada's main stock index fell on Monday, as the technology and health care sectors led broad-based declines ahead of domestic inflation data that could help guide expectations for the Bank of Canada's interest-rate outlook. A Reuters dispatch to The Globe says that U.S. indexes were nearly unchanged as investors awaited the U.S. Federal Reserve's monetary-policy decision Wednesday. The S&P/TSX Composite Index ended down 129.51 points at 20,492.83. Canada's consumer price index report for August, due on Tuesday, is expected to show the annual rate of inflation rising to 3.8 per cent from 3.3 per cent in July. "There's no doubt that inflation is going to continue to show a tick higher on a year-over-year basis," said Philip Peturrson at IG Wealth Management. "The question is whether the BoC will recognize that this is more [due to] base effects, or if they will feel that they need to respond to this." The Toronto market's 10 major sectors lost ground, with tech down nearly 2 per cent as shares of Shopify lost 5.4 per cent. The health care group was pressured by a 14.2-per-cent decline in cannabis player Tilray after Kerrisdale Capital said it was short the stock.

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