Market Open: Fairfax Buys Majority of IDBI Bank as Hot Inflation Rattles Stocks | Oct 14th

Stocks traded mixed on Oct. 14 as hotter-than-expected inflation pushed bond yields higher and kept investors cautious. The TSX fell 0.49% and the TSX Venture Index dropped 1.20%, while the Nasdaq slid 0.85%. The Dow edged up 0.14% and the FTSE 100 gained 0.33% after bank earnings supported sentiment. U.S. inflation came in at 3.7%, lifting the 10-year Treasury yield and the U.S. dollar. Oil rose 0.61% following reported Iranian attacks on ships in the Strait of Hormuz, while gold dropped 1.59% and copper fell 0.55%. Bitcoin was roughly flat, up 0.01% to just above C$118,000. Key headlines included Fairfax Financial’s plan to buy a majority stake in India’s IDBI Bank and a $1.2 billion fine against Bank of America for anti-money laundering control failures.