TSX closes flat as oil rebounds, Fed keeps options open
The main index of the Toronto Stock Exchange closed flat Wednesday as oil prices, which had reversed overnight, rebounded to close 0.45 per cent higher.
Meanwhile, the highly-anticipated minutes of the Fed’s FOMC July meeting were released and revealed that members were keeping options open for at least one interest rate rise before the end of the year.
The news subdued markets and put gold prices under pressure.
Wall Street closed slightly higher while Asian markets closed ahead of the Fed and were boosted by stability for the yen which helped the Nikkei climb.
European markets closed lower before the Fed minutes but with regional earnings in focus. Germany led the losses.
The S&P/TSX Composite Index closed down 5.84 (0.04 per cent)
The Dow Jones closed up 21.92 (0.12 per cent)
Oil is trending higher ($49.82, WTI $46.87 at 4.20pm)
Gold is trending lower (1353.00 at 4.20pm)
The loonie is valued at U$0.7774
Brookfield to acquire Brazil’s Odebrecht Ambiental
Brookfield Asset Management
is reportedly buying the controlling stake in the water and sewerage business of Brazilian engineering conglomerate Odebrecht Ambiental.
Reuters reports that the deal will complete by the end of 2016 and is based on an equity value of 5.3 billion real ($1.65 billion). Sources say that Brookfield will acquire the 70 per cent stake owned by the Odebrecht Group; retirement fund FGTS owns the remainder.
Bauer hockey manufacturer under SEC investigation
Performance Sports Group, the firm which makes Bauer hockey equipment, is under investigation by the US securities regulator.
The firm announced earlier this week that it was launching an internal probe into its financial statements and that it would miss the Aug 15 deadline for its annual return.
PSG stocks fell 15 per cent Wednesday on news of the SEC probe and possible investigations by Canadian authorities. It lost half of its value Monday following the previous announcement.
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