Oct 8 (Reuters) - Canada's main stock index fell on Tuesday led by a decline in energy and mining stocks tracking lower oil and metal prices, while focus remained on domestic and U.S. economic data expected later in the week.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), was down 60.3 points, or 0.25%, at 24,042.41 and was set to extend losses from Monday.
The energy sector (.SPTTEN), led the decline with a 2.6% fall due to losses in oil prices, partly because of a pause in the conflict between Israel and Iran.
Crude prices rallied last week on concerns that an escalation in the conflict could disrupt supplies from the Middle East.
The materials sector (.GSPTTMT), was also among the top losers, down 1% as it tracked lower gold and copper prices.
Copper prices hit a two-week low as investors were disappointed after the Chinese government held back on fresh fiscal stimulus to boost the country's economy.
"Today we saw a selloff in everything that was banking on a better Chinese economy," says Colin Cieszynski, chief market strategist at SIA Wealth Management.
Canada's information technology (.SPTTTK), helped limit overall losses as it advanced 1.1%, partly supported by 2.8% rise in Converge Technology Solutions (CTS.TO).
The biggest individual decliners on the TSX were First Quantum Minerals Ltd (FM.TO), Mattr Corp (MATR.TO), opens new tab, and Capstone Copper Corp (CS.TO), opens new tab, declining over 4% each.
Focus is also on the U.S. Consumer Price Index (CPI) figures and Canada's unemployment data, expected later in the week, as it could provide clues for potential interest rate cuts in both countries.
UK stocks tumble as China's buying frenzy wears off.
Markets are pricing in 88% chance of a 25-basis points cut at the Federal Reserve's November policy meeting, while expectations for a quarter-point-cut by the Bank of Canada later in the month stood at 73.7%. ,
Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo
