Canada's main stock index opened lower on Monday, dragged down by commodity-linked stocks, while investors braced for domestic inflation data and a slew of interest rate decisions from major central banks this week.
The TSX Composite lost 29.87 points to kick off the day’s trading at 19,356.01.
The Canadian dollar doffed 0.31 cents to 75.11 cents.
On the economic slate, Statistics Canada said its industrial product price index declined 1.2% month over month in August. Year over year, the index increased 10.6%, while its raw materials price index fell 4.2% in August and increased 17.6% year over year.
ON BAYSTREET
The TSX Venture Exchange let go of 2.34 points to 627.72.
Eight of the 12 TSX subgroups lost ground in the first hour, with energy backpedaling 1.3%, health-care off 0.8%, and consumer staples, falling 0.7%.
The four gainers were led by consumer discretionary stocks, up 0.9%, materials improving 0.5%, and utilities, ahead 0.4%.
ON WALLSTREET
Stocks fell on Monday, building on last week’s steep losses, as interest rates surged ahead of the Federal Reserve’s two-day meeting this week.
The Dow Jones Industrials tumbled 75.85 points to begin Monday and the week at 30,746.57
The S&P 500 sank 10.2 points to 3,863.13.
The NASDAQ Composite subtracted 21.49 points to 11,426.15.
Investors are focused on the Fed’s latest policy meeting slated to begin Tuesday. The central bank is expected to raise interest rates by another three-quarters of a point, though investors are also watching for guidance about corporate earnings before the next reporting season begins in October.
Beyond the Fed meeting, there are just a few economic data releases on deck this week, including August housing starts on Tuesday and initial jobless claims on Thursday. discretionary moved slightly higher amid gains from cruise and travel stocks.
Shares of Norwegian Cruise Line improved 1.2%,, Royal Caribbean rose 3.1% and Carnival climbed 2.3%. Marriott, Hilton and Wynn Resorts also added more than 1% each, along with airline stocks United, Delta and JetBlue. American Airlines gained 2.8%.
Treasury prices lost ground, raising yields to 3.5% from Friday’s 3.45%. Treasury prices and yields move in opposite direction.
Oil prices staggered $1.60 to $83.51 U.S. a barrel.
Gold prices dipped $7.50 to $1,676 U.S. an ounce.
