By Ketki Saxena
Investing.com -- The TSX reached a near one-week high today, driven by optimism surrounding today's US CPI data that boosted bets that the U.S. Federal Reserve may pause interest rate hikes. Last month's U.S consumer prices showed only a modest increase, resulting in the smallest annual gain observed in over two years; however, underlying price pressures remained robust.
The likelihood of the U.S Federal Reserve abstaining from an eleventh consecutive interest-rate hike on Wednesday increased following this data release, boosting North American equities.
The commodity-heavy Canadian index was also supported by a boost in commodities, also supported by easing inflation and Fed expectations.
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Teck Resources (TSX:TECKa) hit a one-week high after Nippon Steel expressed continued interest in its steelmaking coal assets regardless of Glencore’s latest bid for their coal business.
BRP Inc (TSX:DOO) shares gained after D.A Davidson raised its target price on their shares.
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Canada's net foreign asset position increased by $212.0 billion to reach $1,103.7 billion at the end of the first quarter, the highest level since the fourth quarter of 2021 and marking the second consecutive significant quarterly gain.