The Globe and Mail reports in its Wednesday edition that Canada's main stock index consolidated some recent gains on Tuesday as financial and energy shares lost ground. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 136.50 points at 20,109.97, after posting on Monday its highest closing level since Sept. 18. U.S. indexes were also modestly lower. The market is "working off some overbought levels," said Brandon Michael, senior investment analyst at ABC Funds. "There was a slowdown in Canadian inflation and investors are now leaning towards [rate] cuts. It's not a matter of if central banks are going to cut but its when and its how much. And that's going to be a tailwind for stocks in the future." Canada's annual inflation rate eased to 3.1 per cent in October, close to expectations, and core inflation measures edged down to their lowest levels in about two years. Money markets are betting that the Bank of Canada's tightening campaign is at an end and the central bank will shift to rate cuts as soon as April. Nevertheless, a Reuters poll released Tuesday found experts are predicting that Canada's main stock index is set to rise less than previously thought over the coming year.