12:14 PM EDT, 10/22/2025 (MT Newswires) -- The Toronto Stock Exchange, which has been see-sawing all morning, is down 20 points at midday.

Miners, down 2.5%, is the biggest decliner, as gold mining stocks drop, followed by healthcare (-0.9%.)

Leading gains are telecoms (+1%) and industrials (+0.9%).

Veteran market watcher, David Rosenberg said there was "less than met the eye" in yesterday's above-expected Canadian CPI report for September. According to him, the Bank of Canada should still be on track to cut rates at next week's meeting, which is not yet fully priced in. He said what tilts the balance for lower rates and a weaker Canadian dollar (stuck at C$1.40) is the Business Outlook Survey that was published by the central bank. The corporate sales outlook eroded to its weakest level in two years, he noted.

Rosenberg also commented on the U.S. Fed's Beige Book on the drop off in tourism activity, including the "large and growing" slowdown in Canadian travel to the United States, and the general decline in the U.S. tourism sector. "This is now clearly having a negative macroeconomic effect, as the latest Beige Book shows," Rosenberg said, adding: "The tourism slowdown was clearly present across regions, with Canada mentioned specifically several times."