A look at Wednesday morning’s market action
Tech earnings continue Wednesday with results from Facebook parent Meta Platforms after the end of trading.
Elsewhere, Teck Resources holds its shareholder meeting to vote on a contentious proposal to split the company in two. The vote comes amid efforts by Swiss mining giant Glencore to acquire the Canadian company. Glencore has said that it is prepared to improve its US$23-billion merger offer, representing a 22-per-cent premium, if the vote goes against Teck.
Overseas, the pan-European STOXX 600 was down 0.64 per cent in morning trading. Britain’s FTSE 100 fell 0.24 per cent. Germany’s DAX lost 0.48 per cent and France’s CAC 40 slid 0.56 per cent.Crude prices recouped some of the previous session’s losses after new U.S. inventory figures suggested solid demand.
Late Tuesday, the American Petroleum Institute reported that U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21. Analysts had expected a decline of about 1.5 million barrels.Gold prices, meanwhile, traded in a narrow range as markets await next week’s rate decision by the U.S. Federal Reserve.
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