Sept 18 Reuters Canada39;s main stock index fell on Wednesday due to losses in energy shares, even as markets braced for the U.S. Federal Reserve39;s monetary policy decision due later in the day.
The Toronto Stock Exchange39;s SPTSX composite index was down 105.02 points, or 0.44, at 23,572.68.
At the upcoming U.S. Fed39;s policy decision at 1400 ET, investors expect the Fed to announce its first interestrate cut in more than four years. They will look for clues on the central bank39;s future rate trajectory.
The policy rates are at a more than twodecade high and traders are betting on a 59 chance for a 50basis point reduction and a 41 chance of 25basis point cut.
Wall Street39;s main indexes were flat on Wednesday ahead of the Fed policy decision, providing cues to stocks in Toronto.
Markets wouldn39;t be completely shocked by a 50 basis points move because the overall macro data has been all looking up, Shailesh Kshatriya, director, investment strategies at Russell Investments Canada.
Lower U.S. interest rates tend to benefit zeroyield gold and other dollardenominated commodities, and that could boost Canada39;s resourceheavy stock market.
The TSX has risen 12.6 this year following three rate cuts by the Bank of Canada as well as hopes of Fed39;s policy easing.
Energy companies led losses among sectors with a 1.1 fall tracking oil prices, while TSX39;s economically sensitive industrials sector declined 0.7. Among individual stocks, shares of Rogers…