By Ketki Saxena
Investing.com – The TSX tracked Wall Street later in afternoon trading, as risk-aversion dominated and treasury yields rose ahead of a busy week of big cap earnings, with rate- sensitive big tech stocks set to report this week, including Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Meta, and Amazon.com (NASDAQ:AMZN).
The commodity heavy Canadian index gained some support from crude prices on expectations that travel during China’s upcoming May Day holiday would boost demand in the world’s top importer of crude.
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Chrystia Freeland, Canada’s deputy prime minister, commented today on Glencore’s US$23 billion offer to buy Canadian miner Teck Resources (TSX:TECKa) Ltd., days ahead of a key shareholder vote to approve Teck’s plan to spin off its coal business. Freeland sounded a positive note, writing a letter to the Vancouver trade board (which opposes the deal) and noting that “Teck is Canada’s largest diversified mining company, with assets of central importance to our country as we expand our critical minerals value chain and build a clean economy.”
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No major Canadian economic data expected