From mint · · 1m
TSX Drops as Financials and Metal Miners Fall
Canada's stock market dips after financials and metal miners slide amid fears of Bank of Canada rate hike.
In brief
Canada's stock market dips after financials and metal miners slide amid fears of Bank of Canada rate hike. Canada's stock index fell 0.7% as investors worried a potential Bank of Canada rate hike could slow the economy. Originally reported by mint.
TSX Drops
Canada's main stock index fell 0.7% on Monday as financials and metal miners declined.
Inflation Rises Slightly
Canada's annual inflation rate rose to 3.1% in September, below expectations.
Rate Hike Fears Grow
Investors expect a Bank of Canada interest rate hike next week after Governor Tiff Macklem warned of persistent inflation risks.
Economist Warns of Slowdown
Allan Small, senior investment adviser at Allan Small Financial Group, said a rate hike would slow an economy already moving at a snail's pace.
Sector Performance
Financials dropped 0.6%, industrials fell 1.1%, and metal miners declined 1.1% as gold prices dropped 0.5%.
The main idea
Canada's stock index fell 0.7% as investors worried a potential Bank of Canada rate hike could slow the economy.
