Canadian Stocks Decline as Gold Prices Fall and Inflation Rises
Canada's stock benchmark plummeted on Tuesday, underperforming its US counterpart, as the country's inflation accelerated more than expected and falling gold prices impacted the mining sector.
The S&P/TSX Composite Index dropped as much as 1.8% as of 11:55 a.m. in Toronto, heading for its worst day since April 10.
In contrast, the US benchmark, the S&P 500, is gaining for a third-straight session.
Canada’s stocks benchmark tumbled Tuesday, under-performing its U.S. counterpart as inflation in the country quickened more than expected while falling gold prices weighed on the mining sector.
Authors: Geoffrey Morgan and Monique Mulima (Bloomberg)
Summary: Canadian stocks fell due to rising inflation and falling gold prices.
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