By Ketki Saxena
Investing.com -- Canada’s main stock index the S&P/TSX composite index was set for its worst day in a month after hotter-than-expected CPI data raised worries that the Bank of Canada may need to raise interest rates further to quell inflation.
Markets are now pricing in 42% chances of a rate hike in October.
Wall Street indices meanwhile also slipped as investors await a decision from the US Federal Reserve this week.
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Canadian Stock Market News
Shares of Equinox Gold Corp (TSX:EQX). slid after the company announced a deal to raise US$150 million in an offering of convertible debt. Equinox announced that it has finalized a deal to issue US$150 million in 4.75% unsecured convertible senior notes due 2028.
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In Canadian Economics
Canada’s annual inflation rate in August came in hotter than expected. Headline inflation jumped to 4.0%, compared to analyst expectations for a 3.8% reading, and compared to a 3.3% reading in July. Two of the three core inflation metrics, the Canadian central bank's preferred measure of inflation, also rose.
For all Canadian economic releases, view our economic calendar.