Shutterstock photo(RTTNews.com) - Canadian stocks inched higher Tuesday, after Airbus agreed to acquire a majority stake in Bombardier Inc.'s (BBD_B.TO, BBD_A.TO) C Series Aircraft Limited Partnership.
This comes after U.S. President Donald Trump imposed import duties of 300 percent on the C Series, following a complaint by Boeing Co.
Bombardier said today that CSALP's headquarters and primary assembly line and related functions will remain in Québec, with the Final Assembly Line in Canada and additional C Series production at Airbus' manufacturing site in Alabama.
"We are very pleased to welcome Airbus to the C Series programme....This partnership should more than double the value of the C Series programme and ensures our remarkable game-changing aircraft realizes its full potential," said Alain Bellemare, President and Chief Executive Officer of Bombardier Inc.
Bombardier share were up fractionally. Looking at the broader market, the TSX Composite Index added 14.20 points to 15,816.90, and is now about 100 points from February's record highs.
In corporate news, Enbridge's (ENB.TO) cross-border Line 67 crude pipeline won approval from the Trump administration. Shares slipped 0.5 percent.
Noted investor Marc Faber has left the board of assett manager Sprott Inc. (SII.TO) amid uproar over his remarks that "the U.S. would look like Zimbabwe" if it had been settled by black people instead of whites.
Apparel fad Roots (ROOT.TO) is set to price its IPO below target range at $12 per share.
Crude oil futures were lower Tuesday following a report saying OPEC compliance with its supply quota plan was only 86% last month.
Fatih Birol, the executive director of the International Energy Agency (IEA), tells Reuters:
"Their compliance is about 86 percent, higher than in the past... whether or not they will continue with this plan in November it's up to them. "If they do so, we may see, sometime next year, a rebalancing of the markets, as we still see a significant amount of stock in the markets which is higher than historical averages.
The American Petroleum Institute is out with its industry survey this afternoon, while the Energy Information Administration reports the government's figures Wednesday morning.
WTI light sweet crude oil was down 23 cents at $51.64 a barrel, easing from 3-week highs.
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