Here are five things you need to know this morning
Stocks set for rebound: North American stock markets are poised for a cautious rebound, following a day of steep losses. The TSX composite and the S&P 500 both lost more than one per cent Thursday, with the NASDAQ plunging more than two per cent. Speculative assets have been hit especially hard -- bitcoin has now shed about a quarter of its value this month. Stock market futures rallied this morning after the President of the New York chapter of the U.S. Federal Reserve Board said he expects the central bank can lower its key interest rate from here as labour market weakness poses a bigger economic threat than higher inflation.
UAE to invest US$50B in Canada: The United Arab Emirates has committed to investing US$50 billion in Canada. The investment will be in vital sectors including energy, artificial intelligence, logistics and mining. Prime Minister Mark Carney is visiting UAE officials in Abu Dhabi to strengthen bilateral trade.
Feds pressure Anglo: Bloomberg News is reporting Ottawa is pressuring Anglo American to make stronger commitments to executive and managements jobs at its proposed Vancouver base as a condition for taking over Teck Resources. Anglo has promised to move its global headquarters from London to Vancouver to win government approval – but will officially remain a foreign company. Industry Minister Melanie Joly is reviewing the mining companies’ consolidation plan.
Bloomberg: Plantro makes bid for Dye & Durham: Bloomberg News is also reporting Plantro has placed a bid on Toronto-based Dye & Durham for $384 million. The report says the offer was sent to D&D’s special committee and proposes to pay over double the stock’s closing price on Thursday. Dye and Durham’s shares have dropped 85 per cent this year, largely due to concerns over its $1.6 billion debt load. The legal software company faces a potential default due to late financial disclosures.
Celebrity collabs boost The Gap: Shares of Gap Incorporated traded higher in the pre-market after the clothing retailer reported a beat on sales and profit in its latest quarter. CEO Richard Dickson has introduced new collaborations, including one with celebrity Gwyneth Paltrow and her daughter. The new initiatives have attracted higher-income consumers, according to Dickson. Gap managed to sell more products at full price, even raising the price of denim, which offset the impact of tariffs.
