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Oct 30 - Canada's main stock index seemed on track to snap an eight-day losing streak as TSX moved higher on Monday after Air Canada's annual profit forecast lifted the industrial sector while investor sentiment was optimistic ahead of a week full of scheduled economic data.
Air Canada said it expects 2023 core profit towards the higher range of its previous forecast after strong demand for international travel helped the carrier beat third-quarter profit estimates. Markets will closely monitor Canada's GDP for August and manufacturing data for October slated for later in the week.
Investors will also be keeping tabs on the U.S. Federal Reserve's crucial monetary policy meeting on Wednesday, where the central bank is widely expected to keep interest rates unchanged, boosting shares of rate-sensitive sectors.Consumer staples sector made the most gains, up 1.7%, while the materials sector was the only outlier, down 2.4% as a sell-off in First Quantum shares weighed on the sub-index.
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