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Markets Update — Friday, June 26, 2026: Global Tech Sell-Off Rattles Markets as TSX Holds Firm

  Friday, June 26, 2026 — Reporting on confirmed June 25 closing data. Asian and European figures reflect Friday session activity. 🇨🇦 Canada — TSX The S&P/TSX Composite Index closed Thursday at 34,850 , up 0.3% on the day — a relatively resilient showing while Wall Street struggled with a tech-driven selloff. Gains in the financial and mining sectors carried the index. The big Canadian banks were a bright spot: TD Bank added 0.9%, Royal Bank gained 0.4%, and BMO rose 0.9%. On the mining side, Agnico Eagle gained 1.7% as gold prices held near the $4,000 level. Technology names were the drag. Shopify fell 2.6%, Constellation Software lost 3.6%, and Celestica shed 0.7%, tracking the broader global selloff in tech stocks. Still, with Canadian tech making up a far smaller portion of the TSX than it does on U.S. indices, the damage was contained. Investors also parsed Thursday's Bank of Canada Summary of Deliberations, which confirmed policymakers are keeping monetary policy flexi...
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Anglo-Teck Merger Approved: Promise and Peril for Canada’s Mining Sector

 

Federal Industry Minister Mélanie Joly has approved a merger between Teck Resources Ltd. and Anglo American PLC. 


Canada’s federal government has officially approved the $53 billion merger between Teck Resources Ltd. and Anglo American PLC, creating one of the world’s largest copper producers. Industry Minister Mélanie Joly hailed the deal as a “significant win” for Canada, emphasizing legally binding commitments that include relocating the new company’s headquarters to Vancouver and investing at least C$4.5 billion over five years, rising to C$10 billion over 15 years.

The newly formed entity, Anglo-Teck, is expected to become a global heavyweight in copper production, a critical mineral for electrification and clean energy technologies. Shareholders from both companies overwhelmingly supported the merger, which was fast-tracked under the Investment Canada Act, signaling Ottawa’s shift toward a more pro-business stance in the mining sector.

Yet, despite Joly’s optimism, concerns linger. Analysts warn that Canada’s mining future could be increasingly shaped by foreign ownership, raising questions about sovereignty over critical minerals. While the headquarters move to Vancouver is seen as a symbolic victory, the company’s primary listing will remain in London, underscoring the delicate balance between domestic control and global capital.

Critics also point to the rapid approval process, completed in just three months, as evidence of Ottawa prioritizing investment attraction over thorough scrutiny. This has sparked debate about whether Canada is lowering its guard in the face of mounting U.S. tariffs and global competition for resources.

For now, Anglo-Teck represents both an opportunity and a risk: a chance to anchor Canada as a hub for critical minerals, but also a reminder of the challenges in safeguarding long-term national interests in a sector vital to the country’s economic and environmental future.


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