Canadian Market Down In Negative Territory Despite Soft Inflation Data

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(RTTNews) - Despite soft inflation data, the Canadian market is down in negative territory a little past noon on Tuesday, weighed down by losses in consumer discretionary, industrials and utilities sectors.

Technology and consumer staples shares are also weak. Materials shares are gaining, lifted by higher bullion prices.

The benchmark S&P/TSX Composite Index is down 97.09 points or 0.48% at 20,149.38 a few minutes past noon.

Stelco Holdings (STLC.TO) is down 7.6%. George Weston (WN.TO) is down 4% after reporting a 31.4% drop in third quarter net earnings.

Bombardier Inc (BBD.B.TO), Magna International (MG.TO), Linamar Corporation (LNR.TO), Precision Drilling Corporation (PD.TO) and Waste Connections (WCN.TO) are down 3 to 4%.

BRP Inc (DOO.TO), Stantec Inc (STN.TO), Restaurant Brands International (QSR.TO) and WSP Global (WSP.TO) are lower by 1 to 2.5%.

Alamos Gold (AGI.TO), Eldorado Gold Corporation (ELD.TO), Osisko Gold Royalties (OR.TO) and Wheaton Precious Metals (WPM.TO) are up 3 to 5%.

Newmont Corporation (NGT.TO), Agnico Eagle Mines (AEM.TO), Sprott Inc (SII.TO), Cargojet Inc (CJT.TO) and Colliers International (CIGI.TO) are also notably higher.

Data from Statistics Canada showed the annual inflation rate in Canada fell to 3.1% in October of 2023 from 3.8% in the previous month. The result was softer than the Bank of Canada's forecast that inflation is likely to remain close to 3.5% through the middle of next year.

The core inflation rate fell slightly to 2.7%, while the closely-watched trimmed-mean core rate dropped to 3.5%, compared to expectations of 3.7%. From the previous month, consumer prices edged 0.1% higher.

Meanwhile, new home prices in Canada fell by 0.8% from the previous year in October, following a 1% drop in September and marking the seventh consecutive decrease since November 2019.

New home prices in Canada remained unchanged month-on-month in October 2023, following a 0.2% drop in September and in line with market forecasts.

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Monday, following the broadly positive cues from Wall Street on Friday, on an improved outlook for interest rates after US Fed Chair Jerome Powell's dovish comments at the conference in Jackson Hole on Friday. Powell said economic risks are 'shifting' and a rate cut may be warranted. Asian markets closed mixed on Friday.

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Sensex, Nifty Seen Higher On Dovish Fed Comments

Indian shares are seen opening higher on Monday as traders react to Fed Chair Jerome Powell's dovish comments at the conference in Jackson Hole.

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Thai Shares Tipped To Open To The Upside On Monday

The Thai stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had slumped more than 40 points or 3.5 percent. The Stock Exchange of Thailand now sits just above the 1,250-point plateau and it's poised to extend its gains on Monday.

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Japanese Market Notably Higher

The Japanese stock market is trading notably higher on Monday, extending the gains in the previous session, following the broadly positive cues from Wall Street on Friday, with the Nikkei 225 moving well above the 42,850 level, with gains across most sectors led by index heavyweights and technology stocks.

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Indonesia Stock Market May End Losing Streak On Monday

The Indonesia stock market has moved lower in two straight sessions, slipping almost 85 points or 1.1 percent along the way. The Jakarta Composite Index now sits just shy of the 7,860-point plateau although it's likely to stop the bleeding on Monday.

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Australian Market Notably Higher

The Australian stock market is notably higher on Monday, recouping the losses in the previous session, following the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is moving well above the 9,000.00 mark, with gains across most sectors led by mining and technology stocks. Financial stocks were the only weal spot.

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Hong Kong Shares Tipped To Open In The Green

The Hong Kong stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had fallen more than 480 points or 1.7 percent. The Hang Seng Index now rests just beneath the 25,340-point plateau and it's expected to open higher again on Monday.

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China Stock Market May Extend Winning Streak

The China stock market has moved higher in three straight sessions, advancing almost 100 points or 2.9 percent along the way. The Shanghai Composite Index now sits just above the 3,825-point plateau and it's expected to add to its winnings again on Monday.

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EURUSD	1.17037	GBPUSD	1.35077	AUDUSD	0.64846
USDJPY	147.344	USDCAD	1.38358	USDCHF	0.80276