By Ketki Saxena
Investing.com – The TSX tracked Wall Street lower at midday, as investor sentiment remains depressed ahead of Big Tech earnings, with Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) set to report earnings after the close today. Investors will be watching for forecasts that are expected to reflect lower consumer spending amid high interest rates.
The commodity heavy Canadian index was also pressured by a slide in crude prices as risk-aversion and worries of an economic slowdown dominated, outweighing optimism around Chinese demand during the upcoming May Day holiday.
The Biggest Stories on Bay Street
Canadian National Railway (TSX:CNR) Co. announced an agreement with Union Pacific (NYSE:UNP) and Mexican railroad operator GMXT that will create a new North American container shipping service. The new service will connect CN's tracks cross-Canada railroad - which traverses the country from Vancouver to Halifax - with the UPR line in Chicago and GMXT terminals north of Mexico City. The agreement comes just two weeks after the launch of the Canadian Pacific Kansas City Ltd., which created the only railway stretching from Canada through to the U.S. and Mexico through the merger of two North American operators including Canadian Pacific.
H&R REIT, which is amongst Canada’s largest real estate investment trusts, has reached a deal with activist investor K2 & Associates Investment management. Under the agreement,Instead, K2 and H&R will support the election of two additional independent trustees that have been mutually agreed on by both parties, Lindsay Brand and Leonard Abramsky. K2 will also withdraw the nomination for four trusteed contested by H&R. New trustees will be appointed at a meeting on June 15.
The Ontario Teachers’ Pension Plan will be closing down its Asia equity investment team in Hong Kong, stating that the Asian country-specific stock operation will be delivered from its Toronto head office. Teachers’ noted that it will continue to invest in private and public assets in China via fund partners, and in public companies through its global investment teams. Teacher’s has paused direct investing in China as of January.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
No Major Canadian Data Expected