Toronto stocks drop as miners and energy stocks slide
TSX down 1.5%
Materials and energy lead the sectoral losses
Canadian manufacturing activity lifts to a five-month high
Updated at 11:02 a.m. ET/ 1502 GMT
By Nikhil Sharma
Sept 3 (Reuters) -Canada's main stock index fell more than 1% on Tuesday, tracking major declines in materials and energy stocks, while investors awaited the Bank of Canada's monetary policy decision on Wednesday.
At 11:01 a.m. ET (15:01 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 354.76 points, or 1.52%, at 22,991.42, looking at its worst day since August 2.
The materials sector .GSPTTMT led sectoral losses and dropped 4.4%as gold prices declined. Copper prices also fell to a two-week low hurt by weak Chinese economy. GOL/ MET/L
The energy sector .SPTTEN fell 3.4% after oil prices dropped more than 3% due to sluggish economic growth in China. O/R
At least nine major sectors pared losses. The healthcare .GSPTTHC and capped communications .GSPTTTS sectors were the only outliers, rising 0.2 and 0.3%,respectively, with Bausch Health Companies' BHC.TO 3% gain supportinghealthcare stocks.
On Wall Street, the main indexes fell more than 1% as investors assessed latest factory activity data that edged up in August from an eight-month low in July. .N
The Bank of Canada is set to hold its policy meeting on Wednesday, in which it is widely expected to lower its policy rates by 25 basis points for the third time in a row. 0#BOCWATCH
"Lending rates are still very high. So, to me, it's the start of an interest rate decreasing cycle that will continue going forward, until the Bank of Canada finds that neutral rate whatever that may be," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
Canadian manufacturing activity rose to a five-month high to 49.5 in August as production and new orders fell at slower rates.
In other news, China said it plans to start an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese electric vehicles.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas and Janane Venkatraman
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