MONEY IN BRIEF
OTTAWA (CP) — These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Friday. Quotations in Canadian funds. Australia dollar 0.8946 Brazil real 0.3211 China renminbi 0.1858 Euro 1.4629 Hong Kong dollar 0.1695 India rupee 0.01861 Indonesia rupiah 0.000094 Japan yen 0.01251 Malaysia ringgit 0.3161 Mexico peso 0.06627 N.Z. dollar 0.8376 Norway krone 0.1459 Peruvian new sol 0.3916 Russia rouble 0.01995 Saudi riyal 0.3545 Singapore dollar 0.9579 South Africa rand 0.08741 South Korean won 0.001099 Sweden krona 0.1353 Switzerland franc 1.3433 Taiwanese dollar 0.04244 Thailand baht 0.04345 Turkey lira 0.2282 U.K. pound 1.6185 U.S. dollar 1.3295 Vietnam dong 0.000057
The markets today
TORONTO (CP) — Canada’s main stock index finished in the black ahead of the long weekend, while markets south of the border were mixed. The S&P/TSX composite index rose 57.58 points to 16,442.07. In New York, the Dow Jones industrial average advanced 41.03 points to 26,403.28. The S&P 500 index gained 1.88 points to 2,926.46, while the Nasdaq composite fell 10.51 points to 7,962.88.
The Canadian dollar averaged 75.22 cents US, up from an average of 75.21 cents US on Thursday.
The October crude contract shed US$1.61 to US$55.10 per barrel and the October natural gas contract dropped about a penny to roughly US$2.29 per mmBTU.
The December gold contract lost US$7.50 to US$1,529.40 an ounce and the December copper contract retreated by about three cents to US$2.55 a pound.
Global stocks rose Friday on hopes that next month’s U.S.Chinese talks might produce progress toward ending a costly tariff war over trade and technology.
Investors were encouraged by a Chinese government statement Thursday that its penalties on U.S. products are adequate. That suggested Beijing might be pausing in a tit-for-tat cycle of tariff hikes by both sides that has fueled fears the global economy might tip into recession.
The comment was “temporary relief for markets,” Jingyi Pan of IG said in a report. However, Pan cautioned it was in line with the view that Beijing “may delay a deal until the 2020 U.S. elections.”
Some analysts say Beijing might be waiting for U.S. President Donald Trump’s re-election campaign in hopes he will feel pressure to strike a deal
– or is holding out to negotiate with his successor if he loses. “This could still make for prolonged trade uncertainty,” Pan said.
Anxiety about the U.S.-Chinese trade fight fueled market volatility this month. Washington and Beijing are deadlocked in talks over U.S. complaints about China’s trade surplus and industry plans, which its trading partners say are based on stealing or pressuring companies to hand over technology. Negotiators are to meet next month in Washington after the latest round of talks in July in Shanghai produced no sign of progress.