Markets boosted by higher oil prices, Valeant... Trudeau government budget under fire... CPPIB buys $2.5 billion stake in Glencore agriculture business... Former Scotiabank investment banking head joins TD...
North American and European equities ended Wednesday’s session higher as oil prices rebounded following US government data showing a larger than expected draw on domestic stockpiles. Together with optimism of an output freeze the news pushed both US and Brent crude prices up 5 per cent.
Canadian pharma firm Valeant was also in focus as activist investor Bill Ackman said that the wait for a new CEO would not take as long as expected; weeks not months.
Asian markets had closed their session mixed earlier in the day with many markets hit by the sell-off on Wall Street in the previous session.
The S&P/TSX Composite Index closed up 42.57 (0.32 per cent)
The Dow Jones closed up 112.7 (0.64 per cent)
Oil is trending higher (Brent $39.79, WTI $37.79 at 4.15pm)
Gold is trending lower (1225.20 at 4.15pm)
The loonie is valued at U$0.7638
Trudeau government budget under fire
The first federal budget from Justin Trudeau’s government has been criticized by the Parliamentary Budget Officer. Jean-Denis Frechette said Wednesday that the fiscal plan is less transparent and overstates growth in the labour market. With certain data not included in the budget the PBO says it is not able to give a comprehensive report to MPs.
CPPIB buys $2.5 billion stake in Glencore agriculture business
The Canadian Pension Plan Investment Board has acquired a minority stake in the agriculture business of Glencore plc. CPPIB paid $2.5 billion for 40 per cent of the unit, which comes as Glencore works to reduce its debt.
Former Scotiabank investment banking head joins TD
David Skurka is joining TD Securities as deputy chair of investment banking. A familiar Bay Street name, he spent 14 years at Scotiabank as head of its investment banking division before it restructured last year with a number of executives leaving.