12:16 PM EDT, 10/11/2024 (MT Newswires) -- The Toronto Stock Exchange is above the 24,450 level despite mixed commodity prices and despite more economists than not seeing a 50 basis point cut to rates later this month after today's jobs data and Bank of Canada updates. The gains today follow two record closes for the index

Oil prices moved lower early on Friday as the market continues to await an Israeli strike on Iran while demand remains light amid rising supply.

But gold prices rose after another U.S. inflation measure eased last month.

All sectors are higher with info tech, up 1.5%, the biggest gainer.

On today's BoC Business Outlook Survey, CIBC's Ali Jaffery said the survey points to an economy clearly in need of rate relief, and leans towards the Bank needing to take a larger step. The next CPI print will be the last stop for Governing Council to decide whether they continue with gradual or larger cuts.

Meanwhile, CIBC's Katherine Judge on the BoC consumer expectations survey added that overall the ongoing pessimism is consistent with the need for much lower interest rates.

In terms of the reaction to today's Canada jobs data, which showed the economy added 47,000 jobs in September, causing the unemployment rate to fall to 6.5%, two banks (Desjardins and RBC) now expect 50 bps cut this month, and one (TD) sees a trim of 25 bps.

Meanwhile in terms of U.S. data, Matthew Martin, US Economist at Oxford Economics noted that after an upside surprise from the September CPI report, producer prices came in below expectations and provide support for a 25bps rate cut in November. Martin said the details of the two price reports signal the headline PCE deflator rose by 0.17% and core PCE prices increased by 0.25% in October, stronger than the prior month, but not an indication of accelerating inflation