Global Markets
Canadian Markets
Canada’s TSX edged up as oil moved higher, as traders have become increasingly optimistic that the Bank of Canada should deliver an interest rate cut later this month following the recent signs of economic softening. Canadian miner, Teck Resources and UK miner, Anglo American announced a landmark merger, creating one of the largest mining entities globally and helping to push the commodities sector higher. Ericsson yesterday confirmed layoffs of its technical staff on Monday in Canada, part of its broader global restructuring aimed at streamlining costs and consolidating operations amid slower growth in the telecom infrastructure market.
American Markets
In the U.S., stocks moved higher while the U.S. dollar slipped, as investors digested a startling revision to employment figures: job growth through March was revised downward by 911,000 positions. The revision underscores that the U.S. labor market may be cooling faster than previously thought, fueling expectations for aggressive monetary easing by the Federal Reserve. Despite this, U.S. bankers noted that household finances remain resilient, supporting consumer demand even as labor data weakens.
European Markets
European markets traded mixed, with optimism from a wave of merger activity offset by persistent political uncertainty in France. Still, the French central bank maintained its forecast of 0.3% GDP growth in Q3, offering some reassurance to markets.
In the UK, stocks climbed on the back of strength in energy and mining shares. Retail activity also added to positive sentiment, as a BRC survey showed retail sales grew in August, suggesting that consumer demand remains resilient despite inflationary pressures.
Corporate Stock News
Anglo American & Teck Resources Ltd: Anglo American and Teck Resources announced a merger to create Anglo Teck, the largest mining sector M&A deal in over a decade with a combined market cap exceeding $53 billion. Anglo shareholders will own 62.4% of the new company, Teck shareholders 37.6%. Anglo Teck will be headquartered in Canada with a primary listing in London. Anglo shares jumped in early London trading, while Teck’s U.S.-listed stock rose pre-market. Anglo CEO Duncan Wanblad will lead the company, with Teck CEO Jonathan Price as deputy.
Bank of America Corp: CFO Alastair Borthwick said investment banking fees are expected to rise 10–15% in Q3, while trading revenue is set to climb for a 14th straight quarter. Consumer finances remain healthy with rising card spending and fewer long-term delinquencies. Bank of America will hold its first investor day in over a decade on November 5.
BBVA & Banco Sabadell: Spanish bank BBVA officially launched its €14.8 billion hostile takeover bid for Sabadell. Analysts suggest BBVA may need to raise its offer, as Sabadell shares have surged above the initial bid price.
Blackstone Inc: Alongside Permira, Blackstone acquired a $525 million minority stake in Dubai-based classifieds firm Property Finder. Early investor General Atlantic partially exited but remains a significant minority shareholder.
Boeing Co: The FAA has yet to decide whether to lift the 38-plane monthly production cap on Boeing’s 737 MAX. Boeing, pointing to CEO Kelly Ortberg’s earlier comments, expects to seek approval soon to increase to 42 planes per month.
Canada Goose Holdings Inc: TD Cowen upgraded the stock to Buy from Hold and raised its price target to C$25 from C$22, citing modernization in product, marketing, and services that could boost sales and margins.
ConocoPhillips & NextDecade Corp: ConocoPhillips will buy 1 mtpa of LNG from NextDecade’s Rio Grande export facility in Texas under a 20-year deal. The supply will come from Rio Grande’s fifth train. NextDecade shares rose in extended trading.
Dell Technologies Inc: CFO Yvonne McGill will resign on September 9 after nearly 30 years. David Kennedy, a 27-year company veteran, will serve as interim CFO. Shares slipped 1.8% after hours.
EQT Corp: EQT signed a 20-year deal to buy 1 mtpa of LNG from Commonwealth LNG’s Gulf Coast export facility in Louisiana. EQT said the deal expands its direct-to-customer strategy globally.
Ford Motor Co: The company is recalling 1.5 million U.S. vehicles from 2015–2019 due to faulty rear-view cameras causing distorted or blank images. Models include Lincoln Navigator, Mustang, F-series trucks, Expedition, Edge, Transit, and Ranger.
Fox Corp & News Corp: Rupert Murdoch’s son Lachlan Murdoch will cement control of the family’s media empire in a $1.37 billion deal. Siblings James, Elisabeth, and Prudence will each receive about $1.1 billion from share sales in Fox and News Corp at a ~4.5% discount to last close.
Freeport-McMoRan Inc: Operations at Indonesia’s Grasberg mine were partially halted after wet material blocked an underground access point, trapping seven workers in a safe location. Rescue crews are working to evacuate them.
Goldman Sachs Group Inc: CEO David Solomon said the firm’s up to $1 billion investment in T. Rowe Price is meant to broaden investor access to private markets. He noted Goldman could pursue further wealth or asset management deals, though only under strict conditions.
Intel Corp: Announced executive shakeup including the departure of product chief Michelle Johnston Holthaus, who will remain as adviser. New hires include Kevork Kechichian as EVP and GM of data center, and Srinivasan Iyengar to lead a new central engineering group and custom silicon business.
Microsoft Corp & Nebius Group NV: Microsoft signed a $17.4 billion, five-year deal with Nebius for GPU infrastructure capacity, which could expand to $19.4 billion. Services will be provided from Nebius’ new New Jersey data center starting later this year.
Nasdaq Inc & Gemini Exchange: Gemini, founded by the Winklevoss twins, secured Nasdaq as a strategic investor for its IPO, expected to raise $317 million. Nasdaq will purchase $50 million in shares via private placement. Gemini will trade under ticker GEMI.
OceanaGold Corp: TD Cowen upgraded the stock to Buy from Hold, raising its price target to C$30 from C$22, forecasting ~20% growth in fiscal 2026.
OraSure Technologies Inc: Altai Capital raised its stake from 3% to 5% and is preparing a boardroom fight to gain representation. OraSure is best known for its COVID-19 rapid tests.
Tourmaline Bio Inc: Novartis will acquire Tourmaline for $48 per share, valuing it at $1.4 billion. Novartis gains a late-stage asset, pacibekitug, a therapy for atherosclerotic cardiovascular disease.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
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The Teck–Anglo American merger is a big development, especially with commodities already gaining momentum from higher oil prices. What’s interesting is how both Canada and the U.S. are leaning on potential rate cuts to offset slowing growth—almost like the markets are being propped up by policy expectations as much as fundamentals. It’ll be worth watching if consumer demand can really hold steady if the labor market keeps cooling this fast.
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