MONEY IN BRIEF

The Prince George Citizen - - Money -

Cur­ren­cies

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.

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