The TSX dipped Monday morning, easing after last week’s highs, while global markets held steady as investors looked ahead to U.S. inflation data. Headlines were dominated by a $53 billion copper mega-merger as Anglo American and Teck Resources agreed to combine.
Market numbers
TSX: Down (0.08%), 29,027.73
TSXV: Up (0.78%), 863.93
DOW: Up (0.04%), 45,596.00
NASDAQ: Up (0.14%), 23,828.75
FTSE: Up (0.22%), 9,244.00
In the headlines
Anglo American and Teck to merge copper businesses – The two companies will combine to create one of the world’s largest copper producers, valued at more than $53 billion. Anglo American PLC (AAL.L) shareholders will own around 62.4 per cent of the new Anglo Teck, while Teck shareholders will hold 37.6 per cent. Annual production is estimated at 1.2 million tons of copper, with output set to climb 10 per cent to 1.35 million tons by 2027. The new entity will be headquartered in Vancouver, with additional offices in London and Johannesburg.
Core & Main plunges on weaker outlook – U.S. water infrastructure firm Core & Main (NYSE: CNM) dropped sharply after reporting lower Q2 revenue and cutting its full-year guidance. The update raised concerns about demand in construction and infrastructure sectors.
Currencies
USD: Down (0.15%), $0.7231
GBP: Down (0.22%), $0.5333
EUR: Up (0.06%), $0.6163
JPY: Down (0.53%), ¥106.291
Bitcoin: Up (0.53%), 112,661.10
(Conversion to C$1)
Commodities
Natural Gas: Up (1.17%), 3.119
WTI: Up (1.31%), 63.613
Gold: Up (0.39%), 3,649.88
Copper: Down (0.35%), 4.5576
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