CANADA STOCKS-TSX falls as miners take a hit, hot US inflation weighs

Oct 14 (Reuters) - Canada's main stock index closed in the red on Wednesday, as weaker metal prices weighed on miners, while hot US inflation data increased odds of a Federal Reserve rate hike later this month.

The S&P/TSX Composite Index .GSPTSE closed down 1.11%, at 35,584.46, falling from a three-week peak.

• US consumer prices accelerated in September on higher gasoline costs, boosting expectations for a rate hike later this month.

• Increased bets that the Fed will hike rates further to tame inflation also weighed on US indexes.

• In Canada, the materials sector .GSPTTMT was the biggest drag on the index, declining 4.3% as precious metal prices fell further after the data.

• The rate-sensitive financial sector .SPTTFS, which includes heavyweight banks, also fell 0.5%. Technology shares .SPTTTK fell 2.4% with Celestica CLS.TO down 9.2% and Shopify SHOP.TO falling 2.2% .

• "Canada will join other global central banks in hiking interest rates, but I don't think they're going to deliver as much as futures or the bond market is currently expecting," said Angelo Kourkafas, senior global investment strategist at Edward Jones

• The energy sector .SPTTEN gained just 0.07%, as oil prices held firm over $100 per barrel O/R

• Reuters reported that Iran was using new tactics to target ships, seeking to keep oil prices high and influence the US midterm elections

• Yields on the Canadian benchmark 10-year bond rose to 3.872%.

• Canada is pursuing a trade pact with India and closer EU ties to reduce reliance on the US, ahead of Indian PM Narendra Modi's visit in December

• Canada's Fairfax Financial Holdings FFH.TO will buy a majority stake in India's IDBI Bank IDBI.NS in a deal worth 528.78 billion Indian rupees ($5.56 billion), the Indian government said. Fairfax shares were flat.