23:50:54 EDT Thu 16 May 2024
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Globe/wire say TSX ends lower as inflation data bites

2023-10-13 09:24 ET - In the News

The Globe and Mail reports in its Friday edition that Canada's main stock index fell on Thursday, giving back some of this week's rally, as hotter-than-expected U.S. inflation data pushed up long-term borrowing costs. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 163.60 points at 19,500.24 after five straight days of gains. "We saw a couple of days of pullback in bond yields and markets liked it. And the reverse is happening," said Barry Schwartz at Baskin Financial Services. "Yesterday's PPI [data], today's CPI number, just too hot, too spicy, to call inflation dead yet and to say that things are cooling off." Surging shelter costs pushed consumer prices higher last month while the annual increase in the core figure, excluding volatile food and energy components, was the smallest in two years. Interest-rate-sensitive sectors were among the biggest decliners on the Toronto market. Utilities, real estate and heavily weighted financials all ended lower. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.7 per cent as gold and copper prices fell. Barrick shares, however, ended in the green after releasing upbeat production news.

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