The mar­kets to­day

The Prince George Citizen - - Money -

A pos­i­tive day on North Amer­i­can mar­kets came to an abrupt end Thurs­day af­ter­noon when one pres­i­den­tial tweet threat­en­ing more tar­iffs on Chi­nese im­ports sent stock mar­kets and oil prices plung­ing. North Amer­i­can mar­kets rose in early Thurs­day trad­ing un­til U.S. Pres­i­dent Don­ald Trump said he would im­pose “a small ad­di­tional tar­iff of 10 per cent tar­iffs on the re­main­ing US$300 bil­lion of goods and prod­ucts from China” as of Sept. 1.

Mar­kets, es­pe­cially in the United States, promptly tanked on height­ened trade anx­i­ety. The new tar­iffs are on top of 25 per cent tar­iffs on US$250 bil­lion of Chi­nese im­ports. This comes after mar­kets re­treated Wed­nes­day as in­vestors were dis­ap­pointed by the Fed­eral Re­serve’s in­ter­est rate cut of 0.25 per cent.

But they picked up early the next day after PMI man­u­fac­tur­ing data in July fell to its low­est level in nearly a decade, giv­ing in­vestors hope that the Fed would cut rates again in Septem­ber.

The S&P/TSX com­pos­ite in­dex closed down 29.52 points at 16,377.04, after hit­ting an in­tra­day high of 16,505.92. Health care was the worstper­form­ing sec­tor on the day, falling 3.08 per cent as shares of sev­eral cannabis pro­duc­ers fell, in­clud­ing Cronos Group Inc. which was off by 7.6 per cent and Aurora Cannabis Inc. dropped by 5.6 per cent. The key en­ergy sec­tor was down 2.2 per cent with oil com­pa­nies such as Husky En­ergy Inc. and Cana­dian Nat­u­ral Re­sources falling as crude oil prices plunged 7.9 per cent.

The Septem­ber crude con­tract was down US$4.63 at US$53.95 per bar­rel and the Septem­ber nat­u­ral gas con­tract was down 3.1 cents at US$2.20 per mmBTU.

Ma­te­ri­als was also higher as the spot price of gold rose by US$17.

Nonethe­less, the De­cem­ber gold con­tract was down $5.40 at US$1,432.40 an ounce and the Septem­ber cop­per con­tract was down half a cent at US$2.66 a pound.

In New York, the Dow Jones in­dus­trial aver­age was down 280.85 points at 26,583.42. The S&P 500 in­dex was down 26.82 points at 2,953.56, while the Nas­daq com­pos­ite was down 64.30 points at 8,111.12. The Cana­dian dol­lar traded at an aver­age of 75.66 cents US, down com­pared with Wed­nes­day’s aver­age of 76.06 cents US.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.