Here are five things you need to know this morning
Lest we forget: Stock markets in Canada and the U.S. will operate as normal today, but bond markets on both sides of the border will be closed in observance of Remembrance Day. BNN Bloomberg will carry the National Remembrance Day ceremony live from Ottawa, beginning shortly before 11 a.m. eastern time.
U.S. government shutdown nears end: A record-setting 41-day U.S. government shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure backed by a group of eight centrist Democrats. The Senate’s 60-40 vote Monday comes amid escalating flight disruptions, food aid delays and frustrations in a federal workforce that has mostly gone without pay for more than a month. The Republican-controlled House must still approve the spending package, which keeps most of the government open through Jan. 30 and some agencies through Sept. 30. But Speaker Mike Johnson said he expects it will pass quickly.
Teck takeover intrigue: Before it agreed to merge with Anglo American, Teck Resources had been in parallel talks with a rival suitor for two years. From May 2023 to May 2025, Vancouver-based Teck held discussions with a “strategic counterparty” referred to as Party X in documents sent to shareholders ahead of the Dec. 9 vote on its sale to London-based Anglo American. They considered a no-premium, all- share transaction, but were stalled by disagreements over valuation and “governance considerations,” according to the documents published Monday. Brokerage house Jefferies says “By process of elimination, we believe Party X may have been Freeport or Rio Tinto.”
Softbank sells Nvidia stake: Shares of Nvidia traded lower in the pre-market on news that Softbank has sold its entire stake in the chipmaker for over US$5.8 billion. The multinational investment holding company made the sale to help bankroll AI investments. Softbank has plans to invest in open AI and acquire U.S. chip designer Ampere Computing. The company says the sale had nothing to do with Nvidia and was a necessary financial measure.
GWL merging European assets: Winnipeg-based Great-West Lifeco is merging its European asset management units to set up a money manager headquartered in the City of London. The new business, Keyridge Asset Management, will combine the European divisions of Canada Life Asset Management, Setanta Asset Management and Irish Life Investment Managers. The enlarged entity will oversee more than US$178B in assets and continue to cater to institutional and wholesale clients offering products including multi-asset, fundamental equities and systematic quant funds.
