Loonie's Weakening Boosts Canada's TSX Composite Index

Canada's S&P/TSX Composite index rose by 1% on Tuesday, driven by gains in base-metals miners and energy producers. The index closed at 35,502.65, with base metals leading the way, up 3%. Energy stocks also performed well, increasing by 1.4%, while industrials rose by 1.5%. However, healthcare and telecom sectors declined.

The mixed signals from commodities were evident in oil prices, which saw November WTI crude fall 1.9% to $91.11 a barrel, while December Brent rose 0.5% to $102.86. The Canadian dollar weakened against the US dollar, with the greenback reaching an 18-month high of 1.4252.

Domestic updates were mixed, with auto sales rising 3.4% year-over-year in September, but Calgary's benchmark home price falling 0.8% from a year ago to CA$566,700 and sales slipping 3.9%. The weaker loonie can have a significant impact on TSX commodity earnings, as many large miners and energy companies sell products priced in US dollars but report results in Canadian dollars.