UPDATE 1-Toronto stocks slide after surprise rate decision
(Adds details, comment)
*Bank of Canada leaves interest rate steady
*Inflation concern may mean rate-cut cycle over
*Materials producers lead TSX fall
*Fed's inflation warning hits global markets
By Jonathan Spicer
TORONTO, June 10 (Reuters) - The Toronto Stock Exchange's main index was undercut on Tuesday after the Bank of Canada left interest rates steady, surprising a market that was expecting to benefit from at least one more cut.
The central bank said inflationary pressure caused it to leave its key overnight rate at 3 percent. The move helped slice 0.75 percent off the Canadian benchmark stock index, which had risen to record highs throughout the latest cycle of monetary relief. For details, see: [nN10336555]
Potash Corp of Saskatchewan POT.TO was the biggest decliner, off 1.7 percent, while the wider materials sector skidded 1.6 percent. Continued...