TSX Falls As Inflation Heats Up -- Canadian Commentary

(RTTNews) - Canadian stocks tumbled Friday amid indications a rate hike from the Bank of Canada is in the cards.

Headline inflation rate rose to 1.2 percent from June's 20-month low of 1.0 per cent, matching analysts' expectations, and core inflation stripping out energy prices were also higher, Statistics Canada said.

The loonie surged higher on the news, denting exporters.

The TSX Composite Index was down 81.31 points to 14,952.33, as rising oil prices failed to drive gains in the broader market.

Crude oil futures spiked after industry data showed the U.S. rig count fell this week. The total U.S. rig count fell by 3 to 946 following last week's decrease of 5, according to the latest weekly survey from Baker Hughes.

Sept. WTI oil rallied $1.42, or 3%, to settle at $48.51/bbl for the session, but were down 0.6% for the week.