A look at Wednesday morning’s market action
in two next week. In an open letter pitched Wednesday morning to Teck’s Class B shareholders, who own almost all the equity but few of the votes, Glencore CEO Gary Nagle said that, should the vote go against Teck, his company would open negotiations directly with shareholders.
Crude prices were down despite a decline in U.S. inventories with concerns about the path of Fed rate hikes weighing on sentiment. “Outside of the China deflation risk, oil’s other significant downside risk is an extension of the Fed tightening cycle beyond the 25 basis points markets expect in May,” Stephen Innes, managing partner with SPI Asset Management, said.
Markets have now priced in a more than 80-per-cent chance of a quarter point increase by the Fed at its meeting next month.
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