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Global Markets: Canadian detained in China

By Commodity News Service Canada
WINNIPEG, Dec. 11, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
A former Canadian diplomat, Michael Kovrig, has been detained in China, according to his employers, the International Crisis Group. The group is working to confirm that Kovrig has in fact been detained. This latest development comes amid the ongoing bail hearing for Huawei Chief Financial Officer Meng Wanzhou, who was detained in Canada on Dec. 1 at the request of United States authorities.
China has submitted a proposal to its Cabinet to reduce tariffs on cars made in the U.S. to 15 per cent from the current 40 per cent. This comes following U.S. President Donald Trump and Chinese President Xi Jinping’s meeting at the G20 a few weeks ago. Nothing is finalized and could still change. Top Chinese and American trade officials also spoke by phone Tuesday morning.

Escalating tensions between China and Canada are causing Canadian apparel company, Canada Goose’s, stocks to fall. Canada Goose’s stock has fallen nearly 20 per cent over the past four days, while its rival, Bosideng International, a Chinese company, stocks have rose nearly 13 per cent and hit a five-year high. Calls have gone out on the Chinese social media platform, Weibo, to boycott Canadian brands, including Canada Goose.

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