12:16 PM EST, 11/13/2024 (MT Newswires) -- The Toronto Stock Exchange is up 42 points, with info tech, up 2%, the main gainer.

Miners is the biggest decliner, down 1%.

Oil was little changed, settling into a narrow trading range early on Wednesday amid weak demand from China and the threat of higher supply.

Gold prices rose following three losing sessions as the dollar and yields weakened after a report showed U.S. inflation rose in line with expectations last month

But natural gas prices weakened as forecasts see mild weather continuing for big Eastern markets, checking heating demand.

National Bank in its Monthly Equity Monitor for November, said that after a "challenging" October, global equities have moved back into positive territory for the quarter, with market optimism driven by the U.S. election results and expectations of monetary policy easing. However, it added, not all major regions are benefiting equally in the face of an uncertain geopolitical landscape

National noted the S&P 500 is "soaring", driven by the U.S. election results in which Donald Trump reclaimed the Presidency. While U.S. corporate profit growth is likely to benefit from this Republican 'red wave', the bond market could introduce headwinds as rising government debt and higher import tariffs keep inflation resilient, the bank said.

The S&P/TSX, National also noted, reached a new record high in November, driven by strength in Financials, Energy, and IT. Meanwhile, sectors like Utilities, Real Estate, and Communication Services have struggled in Q4 due to rising long-term Treasury yields.

National added: "Although our asset mix remains prudent, we are easing our defensive stance this month to reflect a more favorable outlook for U.S. corporate profits following the election results. However, we are cautious about going long on equities until there is more clarity on the new U.S. administration's policies, particularly regarding potential protectionist measures."

On today's key U.S. economic data, CIBC said there weren't any surprises in the CPI report for October, which leaves the Fed on track to cut rates by another quarter point in December. Headline and ex. food/energy CPI rose by 0.2% m/m and 0.3% m/m, respectively, in October, matching the pace seen in both of the previous two months. That left the annual pace of headline inflation two ticks higher on base effects at 2.6%, while ex. food/energy CPI remained at 3.3% y/y, as expected by the consensus.

Over at Desjardins, Tiago Figueiredo agreed, saying there was "nothing spooky" in October's U.S. CPI release, as excluding food and energy, price growth was in line with consensus.

TD Economics said with inflation progress stalling but the economy still holding up, November's employment report will carry added significance for whether the FOMC continues cutting at its next meeting in December or opts to pause. Following this morning's release, markets are pricing a 70% probability that the Fed cuts next month, it noted.