Global markets are tanking today as investors react to the growing trade dispute between China and the United States.
Chinese stocks are down almost four per cent and the yuan hit a five-month overnight low. This is in the wake of U.S. President Trump’s newest round of tariff threats.
We could see a similar sell-off in Toronto and New York when the markets open as North American investors digest the fluctuating trade dispute. Wall Street was lower yesterday, but the TSX closed up as energy shares gained.
Energy was up despite lower crude prices. It’s expected that OPEC will announce a boost to production after a meeting later this week. Oil is down 92 cents to $64.77 U.S. per barrel, gold is up $1.30 to $1,281.40 an ounce, and the loonie is down a half a cent to 75.38 cents U.S.