By Ketki Saxena
Investing.com – The TSX traded on a moderately positive note this afternoon, even as US stocks fell after mixed corporate earnings, and worries of further rate hikes from the US Federal Reserve weighed on risk sentiment.
The commodity heavy Canadian index meanwhile was boosted by rising crude prices, as Eurozone economic data indicated signs of recovery, quelling worries of demand destruction to some degree - although both crude and WTI remain set for a weekly loss.
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Another twist in the saga of Glencore’s pursuit to acquire Teck Resources (TSX:TECKa). As Teck and Glencore (LON:GLEN) both court Teck shareholders for approval of their respective, rival proposals (Teck wants to spin off its coal and metals business, while Glencore proposes to acquire Teck and combine them), British Columbia Premier David Eby has voiced opposition against the deal. Eby says he’s concerned Glencore will be unable to meet BC’s environmental, social and governance standards, and plans to encourage the federal government to block the foreign takeover.
As the Shaw-Rogers Communications (TSX:RCIa) integration gets underway way, Rogers has hired former Industry Minister Navdeep Bains as its new chief corporate affairs officer. Bains will leave CIBC (TSX:CM) to take on the new role. He joined the Canadian bank in investment banking after stepping away from politics in 2021. Rogers closed its $20 billion acquisition of Shaw earlier this month after receiving regulatory approval from Industry Minister François-Philippe Champagne (Bains’s successor).
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In Canadian Economics
Canadian retail sales fell 1.4 % in March, according to a preliminary estimate released by Statistics Canada, following a 0.2% decrease in February and marking the biggest drop since July. The reading indicates that Canadian consumers are feeling the pressure of rising interest rates on their discretionary spending, as the effect of the Bank of Canada’s rate hike spree trickle the economy.