BEFORE THE BELL: Global markets still feel drag from trade war concern; Ontario-based company to co-develop self driving system
Donald Trump’s trade war threats are still echoing in investors ears this morning. Although analysts say the global markets aren’t feeling the full effect of investor fears. The Nikkei struggled in overnight trading, but still closed 0.1 per cent higher. The drag came from the machinery sector as there are concerns US tariffs on China will affect the purchase of Japanese-built equipment by Chinese industries.
This morning, the price of oil is up to 61.11 a barrel. Experts say the high global demand for crude is still offsetting the stubborn over production by US companies.
Gold has slipped to 1,323 an ounce.
The Loonie continues its struggle falling to 77.10 cents US.
There is good news on the horizon for Canada’s economy as Ontario-based auto parts maker Magna International has partnered with US-based Lyft to begin building systems to run self-driving vehicles. Magna will be taking advantage of Lyfts ridesharing map data to create the system.