FX.co ★ TSX Eases From Record High

On Monday, the S&P/TSX Composite Index dipped by approximately 0.3%, slipping below the 31,300 threshold. This decline marks a retreat from its record highs, as trading sentiment became cautious in anticipation of impending major bank earnings and several significant U.S. economic reports. Among these is the postponed September PCE data, all preceding the upcoming FOMC decision next week. The technology sector led the downturn; notably, Shopify, a prominent mega-cap, fell by over 4%, Constellation Software decreased by about 2%, while Celestica experienced a sharper decline of more than 5%, positioning it at the lower end of the index. Financial sector leaders were also firmly in negative territory ahead of quarterly earnings reports, as banks continue to face challenges related to reserve requirements amid ongoing delinquencies. Conversely, the energy sector provided some support to the index, buoyed by major producers benefiting as oil prices reached one-week highs. On the economic front, Canada’s manufacturing PMI fell to 48.4 in November, down from 49.6 in October, indicating a slight worsening and marking the sector’s tenth consecutive month of contraction.