TSX Tumbles on Mining Equities Weakness

The S&P/TSX Composite fell around 1.6% to below the 29,950 mark on Tuesday, underperforming US counterparts as weaker mining equities and the prospect of more restrictive monetary policy weighed on the index.

Canada’s headline inflation rose to a seven-month high of 2.4% in September, above expectations, while BoC core gauges stayed elevated, curbing bets that the central bank will cut its rate next week.

Gold retreated from recent record highs as investors took profits and easing US China trade tensions removed a bid for the metal.

That pressured miners such as Agnico Eagle, Wheaton and Barrick, which plunged roughly 7.5% to 8%.

Meanwhile, the financial sector managed to hover in the green.

On the earnings front Waste Connections, trading mostly flat, is expected to report EPS of C$1.38 and revenue of C$2.45 billion after the close and UBS trimmed its price target to C$190 citing softer sector fundamentals for 2025.