TSX futures rebounded from Thursday’s losses before Friday’s market open, reflecting gains in gold, as demand continues to readjust following a mild correction, and offset by losses in oil, as industry leaders Iran and the USA sit down for talks in Oman to hash out their commercial relationship, most recently strained by Iran’s nuclear program and violent response to widespread government protests.
Market numbers
TSX: Down (1.77%), 31,994.60.
TSXV: Down (6.63%), 969.65.
DOW: Up (0.74%), 49,142.6.
NASDAQ: Up (1.90%), 24,700.7.
FTSE: Up (0.58%), 10,314.66.
In the headlines
As Bitcoin nurses a nearly 25 per cent drop year-to-date and more than 40 per cent drop over the past six months, pure-play companies are increasingly seeing the brighter side of diversification. This includes first-mover Bitcoin miner Bitfarms (TSX:BITF), which is ditching the cryptocurrency altogether, renaming itself Keel Infrastructure and redomiciling to the US in a bid to expedite the company’s shift into AI and high-performance computing.
In other commodity news, merger talks between Glencore and Rio Tinto have failed to land on a mutually beneficial deal, which would have created the largest mining company in the world at an enterprise value of more than US$260 billion. Key points of contention were Rio Tinto (NYSE:RIO) insisting on controlling the chairman and CEO roles, as well as retaining proforma ownership of the overall company, which Glencore felt to undervalue its role in the potential merger.
Currencies
US: Up (0.29%), US$0.7310.
Euro: Up (0.17%), €0.6202.
GBP: Down (0.20%), £0.5376.
AUD: Down (0.50%), $1.0471.
JPY: Up (0.30%), ¥114.897.
Bitcoin: Up (5.13%), C$90,710.20.
(Conversion to C$1)
Commodities
Natural Gas: Up (3.93%), US$3.649.
WTI: Down (1.43%), US$62.69.
Gold: Up (2.48%), US$4,898.41.
Copper: Up (1.61%), US$5.8560.
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