By Commodity News Service Canada
Aug. 8 (CNS Canada) — The following is a glance at the news moving markets in Canada and globally.
– Saudi Arabia is working to transfer home all Saudi patients in hospitals in Canada in retaliation for Ottawa urging Saudi to free human rights activists. Saudi Arabia has already frozen all new investment, suspended educational exchange programs, halted flights to and from Toronto and will no longer accept grains of Canadian origin.
– United States tariffs on Chinese goods appear to be having little effect, at least at this early stage. Data released today showed China’s exports for July rose 12.2 per cent compared to July 2017, which is more than expected. China’s trade surplus with the U.S. decreased slightly to US$28.09 billion in July from US$28.97 the previous month. The U.S. hit US$34 billion of Chinese goods with tariffs on July 6 and is set to collect 25 per cent tariffs on another US$16 billion in two weeks.
– Fire-fighting crews in California received a break thanks to cooler temperatures yesterday, enabling them to make headway in the state’s largest ever blaze. The fire, known as the Mendocino Complex, one of 17 in the state, has killed seven people and encompasses about 295,000 acres
Meanwhile, cooler temperatures and forecasts for rain in parts of the Okanagan, are expected to help fire-fighting efforts there, but a new wildfire in northern B.C. has forced hundreds of people to flee near Telegraph Creek.
Northern Ontario also received rain in parts, but many fires there continues to burn out of control.