FX.co ★ TSX Struggles for Direction at Week's Start

The S&P/TSX Composite Index remained slightly below its previous closing, stabilizing around the 30,330 mark on Monday, as market participants turned their attention to new economic data emerging from both Canada and the United States. In Canada, the annual inflation rate softened to 2.2% in October. Core inflation measures, closely monitored by the Bank of Canada (BoC), remained near 3%, aligning with the central bank's expectations and suggesting a halt in further interest rate reductions. Among the day's weaker performers was the tech giant Shopify, which saw a decline of approximately 2%, while Brookfield fell by around 1.5%. Conversely, Barrick Mining, a leading gold producer, gained nearly 2%, offsetting some of the index's losses as its board considers restructuring the company into two distinct entities. Concurrently, the resolution of the extended US government shutdown paves the way for the resumption of critical US economic reports, particularly those related to employment, which will provide essential guidance for the Federal Reserve.