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Canada’s main stock index rose to a near one-week high on Tuesday, as the data showing U.S. consumer prices rose moderately in May boosted bets on interest rate pause by the Federal Reserve, while gains in energy stocks added to the sentiment.

At 9:47 a.m. ET (1347 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 157.93 points, or 0.79%, at 20,079.24.

U.S. consumer prices rose moderately in May, marking the smallest annual increase in more than two years, though underlying price pressures remained strong.

Traders’ bets of the U.S. Federal Reserve forgoing an 11th straight interest-rate hike on Wednesday shot up after the data, prompting gains in Wall Street’s main indexes. However, expectations of a rate hike in July remained intact.

“The Fed is more than likely to pause now,” said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

“If they’re pausing in June to raise again in July, that makes no sense to me. If Fed wants to keep raising, they’re now putting a lot of strain on the average person to carry debts.”

These expectations follow surprise rate hikes from the Bank of Canada and the Reserve Bank of Australia last week that sent jitters across global markets signaling the policy tightening by major central banks may last for longer.

Energy and materials rose 2.3% and 1.0%, respectively, as crude oil and metal prices extended gains following the inflation data.

Among major movers, Teck Resources advanced 3.8% to a one-week high with Nippon Steel remaining interested in the Canadian miner’s steelmaking coal assets, despite Glencore’s latest offer for its coal business.

BRP Inc soared 4% after D.A. Davidson raised its target price on the stock.

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