By Ketki Saxena
Investing.com – The TSX traded flat at midday, even as Wall Street indices traded in the red after the long weekend, with markets reacting to hotter than expected US non farm payrolls data released on Friday.
U.S. stock indexes fell, the dollar rose, and treasury yields jumped today, reflecting an uptick in risk-aversion as expectations rose for the US Federal Reserve to continue hiking rates in May after Friday’s strong jobs data.
Crude prices traded in the red, also hurt by expectations of Fed hikes, and subsequently reduced demand amid slowing global growth.
The Biggest Stories on Bay Street
Teck Resources (TSX:TECKa) Ltd. reiterated its rationale for its rejection of an unsolicited US$23 billion bid from Glencore (LON:GLEN), calling it a “non-starter” and urging investors to instead support Teck’s plan for splitting the business in two. Teck is proposing a restructuring that would spin off its steelmaking coal unit to focus on copper and other industrial metals. A shareholder vote on Teck's plan is scheduled for April 26. If it passes, the separation process will take a further 7-8 weeks to complete.
Scotiabank (TSX:BNS) has announced a new head to its International Banking business: Francisco Aristeguieta will now lead Scotia's International Banking business starting May 1, after the departure of Ignacio Deschamps following seven years at the bank. Scott Thomson, president and CEO of Scotiabank, said Aristeguieta’s 30 years of global banking experience with Citigroup (NYSE:C) and State Street (NYSE:STT) will serve to drive engagement and build its customer base across international markets.
Sleep Country (TSX:ZZZ) Canada has announced it will acquire Casper Sleep Inc.'s Canadian operations for US$20.6 million. Sleep Country will receive a US$4.5 million marketing transition fee from Casper over the next four years, as well as three year warrants that will convert into a 1% stake at Casper.
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In Canadian Economics
No major Canadian economic data expected