Global Markets: Trade war affecting globe, Canada

By MarketsFarm

WINNIPEG, Aug. 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil prices were down Wednesday morning as the United States/China trade war has raised concerns about the global economy and the demand for oil. Since U.S. President Donald Trump heated up the trade war with his threat to hike tariffs on Chinese imports by another 10 per cent on September 1, oil prices have fallen, hitting seven-month lows. Even Trump’s comments that the trade dispute won’t be drawn out further had little effect on the markets.

– The effects of the U.S./China trade war continued to be felt in Canada, with the TSX/S&P Composite Index on its worst streak in almost a year. The TSX on Tuesday lost 0.8 per cent, which extended the market’s slump for a sixth consecutive session, according to BNN Bloomberg. Besides Trump’s tariff threat, on Monday China dropped the value of yuan to undermine the U.S. dollar, which sent markets plummeting.

– As protests continue in Hong Kong, the head of China’s Hong Kong and Macau Affairs said it’s the worst crisis since the former United Kingdom colony was returned to Chinese rule in 1997. He accused pro-democracy protesters of becoming more violent and warned the central government could intervene. For the last 22 years, Hong Kong has been autonomous within China under the ‘one country, two systems’ model.

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