TSX rises as US data firms Fed rate cut bets
Updated at 10:11 a.m. ET/ 1511 GMT
By Nikhil Sharma
Nov 13 (Reuters) -Canada's main stock index roseslightly on Wednesday after a rally in the previous session, as U.S. inflation data reinforced expectations for a Federal Reserve interest-ratecut next month.
The S&P/TSX composite index .GSPTSE was up 15.64 points, or 0.06%, at 24,983.65, hovering near a record high it hiton Tuesday.
Markets focused on data from the U.S.consumer price index (CPI) that rose 0.2% for the fourth straight month. In the 12 months through October, the CPI advanced 2.6% after climbing 2.4% in September.
Traders see an 82.8% likelihood of a 25-basis-point rate cut at the Fed's December policy meeting, up from 63% bets seen earlier in the day. 0#FEDWATCH
However, global investors expect President-elect Donald Trump's proposed economic policies to stokeinflation, potentially impeding the Fed's path to lower interest rates.
Wall Street's main indexes also inched upon Wednesday after the inflation data. .N
"I think we're mostly following the U.S.market today," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
"Things just seem to be kind of settling out after all the humongous moves we've seen over the last week."
Trump's reelection sparked a globalstock market rally last week, on the hopes that hisproposed tax cut policiesand looser regulations could benefitcorporations.
Canada'stechnology sector .SPTTTK rose 1.2%, after it hit arecord high in the previous session followingShopify's SHOP.TO strong quarterly results.
The energy sector .SPTTEN became thebiggest decliner, sliding0.5%, after oil prices fell to near a two-week lowon a gloomy global demand outlook. O/R
At least nine sectors nursed losses on the index.
Among individual stocks, Loblaw Companies' L.TO shares fell 1% after the retailer missed third-quarter revenue estimates, hurt by aslowdown in demand.
Finning International FTT.TO dropped 11% to the bottom of the index after the Caterpillar dealer alsomissed its third-quarterrevenue estimates.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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