Index inches lower as utility losses counter energy gains
Updated at 10:25 a.m. ET/ 1425 GMT
By Nikhil Sharma
Oct 7 (Reuters) -Canada's main stock index was subdued on Monday as losses in utility companies' shares were countered by gains in the energy sector, while investors awaited domestic and U.S. economic data later in the week.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 17.56 points, or 0.07%, at 24,145.27.
Expectations of a larger cut by the Federal Reserve have diminished after Friday's strong U.S. jobs data that allayed concerns about a slowdown in the world's largest economy.
Markets are still "digesting the employment numbers from last Friday in the US and what that may mean for interest rate expectations for the US Federal Reserve moving forward," said Macan Nia, co-chief investment strategist at Manulife Investment Management.
Focus is now on the U.S. Consumer Price Index (CPI) figures on Thursday for clues to the Fed's policy adjustment cycle.
Markets currently see an 85.4% chance for a 25-basis-point rate cut by the Fed in November, with another similar-sized cut expected in December. 0#FEDWATCH
Spotlight will also be on Canada's unemployment data on Friday as investors look for clues on the Bank of Canada policy decision later in the month.
Among sectors, rate-sensitive utilities .GSPTTUT was the worst hit with a 1.1% decline, hurt by 3% drop in shares of energy providerEmera EMA.TO, while the materials sector .GSPTTMT also fell significantly.
The energy sector .SPTTEN gained 1.3%, continuing its rally as oil prices extended gains on fears of a wider Middle East conflict causing potential disruption to exports from the region. O/R
The week also marks the beginning of earnings season on Wall Street, with major banks including JP Morgan Chase JPM.N, Wells Fargo WFC.N and BlackRock BLK.N expected to report their quarterly results on Friday.
Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo
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