Investing.com
Published Aug 03, 2022 09:40
By Ketki Saxena
Investing.com – At 9:40 a.m in Toronto, the S&P/TSX Composite Index was at 19,562.17 points, up 0.39% in the day’s trading, with investor sentiment stabilizing as U.S. House of Representatives speaker Nancy Pelosi exited Taiwan following a brief visit in which she pledged solidarity to Taiwan, hailed its democracy, and thoroughly riled the fury of Beijing.
The escalation in U.S. - Chinese tensions, which saw Chinese warplanes buzz over the straits of Taiwan - sharply heightened risk-off sentiment yesterday and weighed on global equities, causing the TSX to close down 0.95% in yesterday’s trading.
Further gains on the commodity-heavy Canadian index were capped by a reversal in crude following a (small) output hike from OPEC+ announced at its meeting today. Crude prices had gained earlier in the session after the OPEC+ hike turned out to be relatively small, despite OPEC+ member Kazakhstan’s comments prior to the meeting calling for a large output increase to avoid the market overheating.
The big news on Bay Street this morning after the UK’s competition regulator ordered Canadian cloud-based software firm Dye & Durham (TSX:DND) to sell UK-based TM Group following an investigation that identified competition concerns. In an emailed statement to Reuters, TM Group said it “respects the decision made and will continue to fully cooperate with the CMA as we work with both them and Dye & Durham to identify a long-term investor.”
Other Bay Street news includes Semiconductor supplier Semtech’s planned acquisition of Canada's Sierra Wireless in an all-cash deal valued at $1.2 billion.. Semtech will acquire all shares of Sierra Wireless for $31 per share.
No Major Canadian Economics Data is expected today.
Written By: Investing.com
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