Canada's main stock index was muted on Wednesday, mirroring global stocks, ahead of the US Federal Reserve's policy outcome that is likely to signal a quicker end to the central bank's stimulus measures.
Later in the day, the Fed is expected to announce that it is speeding up the end of its pandemic-era bond purchases and signal a turn to interest rate increases next year as a guard against surging inflation.
"The Fed decision may also give an indication on whether other central banks meeting this week could make hawkish moves or hints of their own," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
At 9:37 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 11.71 points, or 0.06%, at 20,636.86.
Commodity stocks pull Toronto index lower in run-up to fiscal update
The energy sector dropped 1.1% as oil prices fell for a third day straight on growing signs that supply growth will outpace demand next year.
While the materials sector, which includes precious and base metals miners and fertilizer companies, lost 1%.
On the economic front, the country's annual inflation rate remained at 4.7% in November, the highest since March 2003, as supply chain disruptions continued to exert upward pressure on prices, Statistics Canada said.
Highlights
The largest percentage gainer on the TSX was Blackberry Ltd , which jumped 4.1%, after it entered into a multi-year agreement with automobile manufacturer BMW to collaborate and develop technology for its next-generation vehicles.
The TSX posted three new 52-week highs and 11 new lows.
Across all Canadian issues there were 12 new 52-week highs and 33 new lows, with total volume of 22.80 million shares.
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