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2 Mergers In Focus -– 1 In Canada, 1 In U.S. – As Harvey Tade Unravels

By Colin CieszynskiMarket OverviewSep 05, 2017 08:58
ca.investing.com/analysis/2-mergers-in-focus--1-in-canada-1-in-us--as-harvey-trade-unravels-200196068
2 Mergers In Focus -– 1 In Canada, 1 In U.S. – As Harvey Tade Unravels
By Colin Cieszynski   |  Sep 05, 2017 08:58
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Summer's over and it's back to work for North American traders today. North Korea dominated sentiment in overseas trading to start the week, as traders digested the rogue nation's latest nuclear test and reports an ICBM test could be coming soon.

Overnight, the impact was seen more in Japan where the Nikkei fell 0.6%. In Europe, on the other hand, the DAX is up 0.6%, while the FTSE is steady. U.S. index futures are trading down 0.3% this morning.

It's a light day for economic news, so trading in stocks today may focus on two big corporate deals reached over the long weekend. In the U.S., aerospace and defence stocks could be active as United Technologies (NYSE:UTX) has agreed to acquire Rockwell Collins (NYSE:COL) for $23 billion. In Canada, Canadian Natural (TO:CNQ) has agreed to purchase heavy oil assets in the Pelican Lake area from Cenovus Energy (TO:CVE) for $975 million.

Energy-related markets may also be active as the Gulf Coast continues to dig out from Hurricane Harvey. The prospect of ports, pipelines and refineries reopening has last week's action being unwound. WTI is up 1.4%, while gasoline is down 3.2%.

In currency markets today, the U.S. dollar is trading down slightly relative to other major currencies, but up on gold. GBP continues to bounce back relative to EUR amid rumours of more Brexit talks being proposed to get things moving and preparations underway to start debate on the Great Repeal Brexit bill in Parliament.

CAD may also attract attention today between oil action, reaction to weekend NAFTA talks and anticipation of a hawkish Bank of Canada at tomorrow's meeting.

2 Mergers In Focus -– 1 In Canada, 1 In U.S. – As Harvey Tade Unravels
 

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2 Mergers In Focus -– 1 In Canada, 1 In U.S. – As Harvey Tade Unravels

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