Jan 15 (Reuters) – Canada’s main stock index rose on Wednesday as investors welcomed a U.S. inflation print that lifted hopes for more rate cuts this year by the Federal Reserve.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE), was up 0.76%, or 186.04 points, at 24774.62.
Eleven of thirteen sectors were trading higher, with information technology stocks leading with a 1.9% rise.
U.S. consumer prices data showed headline inflation in the world’s largest economy rose marginally above forecasts in December, while the core number came in softer than expected on an annual basis.
The heavyweight financial sector (.SPTTFS), gained over 1% after strong earnings from some of Wall Street’s biggest banks buoyed sentiment.
“The U.S. market is clearly what’s driving global markets today, with slightly easing inflation numbers and strong bank earnings definitely benefiting the TSX,” said Ian Chong, portfolio manager at First Avenue…
