Canada's main stock index opened lower on Wednesday, led by gains in mining shares, after softer-than-expected U.S. inflation data reduced expectations that the Federal Reserve will raise interest rates again next month.
The TSX was negative 45.76 points to begin the midweek session at 35,414.51.
The Canadian dollar gained 0.05 cents to 70.52 cents.
The benchmark index was set to snap ?a five-month winning ?streak following a turbulent September marked by rising global bond yields, a Fed rate hike and escalating ?Canada-U.S. trade tensions
Still, the index was on track to post a ninth straight quarterly gain, its longest such streak on record.
Prime Minister Mark Carney said Canada will hold Cleveland-Cliffs accountable for its commitments ?after the steelmaker announced plans to idle production at an Ontario facility, putting hundreds of jobs at risk.
ON BAYSTREET
The TSX Venture Exchange recovered 1.94 points, to 889.30.
Eight of the 12 subgroups were lower Wednesday, as health-care swooned 2.1%, materials were down 1.4%, and financials dipped 0.6%.
The four gainers were led by energy, up 1.2%, telecoms, better by 0.6%, and information technology gained 0.2%.
ON WALLSTREET
Stocks gained on Wednesday, the final day of September, after new U.S. economic data showed inflation slowed last month, sending Treasury yields lower.
The Dow Jones Industrials regained 87.88 points to 51,437.80
The S&P 500 index recovered 41.37 points to 7,712.21.
The NASDAQ Composite hiked 252.76 points to 27,048.41.
Strong private sector data offset the light inflation data with ADP saying 90,000 jobs were added in September, much better than the 68,000 consensus estimate from economists.
Micron led tech shares higher in early trading, up 1% before its results after the bell. Nvidia and Alphabet were also in the green.
Wednesday marks the last day of September and the third quarter. Market performance has been mixed in both timeframes.
The personal consumption expenditures price index for August increased at a 3.4% annual rate, down from 3.7% the month prior.
Economists surveyed by Dow Jones had been looking for inflation to remain steady at 3.7%.
Even more encouraging was core PCE, excluding food and energy, which rose 3% year on year, down from 3.3% the month before and also lower than economists had forecast.
The 10-year Treasury yield retreated from its highest since 2007 following the slowing inflation data and was last at 5.23%. The 30-year Treasury yield fell from levels not seen since June 2002. Higher yields have pressured stocks all month with the S&P 500 in the red for September by 0.2% through Tuesday.
Prices for the 10-year Treasury regained lost some ground, putting yields up to 5.26% from Tuesday’s 5.25%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.18 to $90.56 U.S. a barrel.
Gold prices jumped $34.10 to $4,213.80 U.S. an ounce.
