Mega Mining Merger Tops Today’s Trading News

Two mining giants have agreed to merge overnight. Canada’s Teck Resources and the UK’s Anglo American have agreed to combine into Anglo Teck, a company with a $53 billion combined market cap and interests in copper, platinum, diamonds, iron ore and other resources. The company plans to be headquartered in Canada with its primary stock listing in London. The Street seems to be seeing this deal as favorable for both parties, as Anglo American shares are up 8.4% today in London, and Teck Resources shares are up 16.8% in US premarket trading.

Consolidating yesterday’s all-time high in the NASDAQ, US index futures are trading flat to up 0.2% with NASDAQ futures leading the way higher. The morning after France’s government lost a non-confidence vote over planned budget cuts finds European markets mixed with the DAX down 0.6% while the FTSE and CAC are both up about 0.2%. Asia Pacific trading saw Hong Kong gain 1.2%, but Tokyo and Shanghai lose 0.4%-0.5%.

Gold is up another 0.3% today, while Copper is down marginally. Crude Oil is up another 0.9% as traders continue to respond favorably to OPEC+ slowing its pace of production increases.

The economic calendar is quiet today. US producer prices are due tomorrow morning. On the earnings side, Oracle* reports results after the close today.

*Shares of Oracle are held in some portfolios managed by SIA Wealth Management.

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