BEFORE THE BELL: Global markets bounce back as trade war fears ease; Canadian big business retail numbers expected this week
Global markets appear to be coming back from a hard hit last week as investors feared a major trade war sparked by US and China tensions. But, as the US is granting tariff relief to South Korea after the two sides came to an auto trade agreement, experts say investors believe China and the US could work out deals as well. The US had threatened about $60 billion in trade tariffs, which was retaliated with $3 billion in threats from China.
Overnight, the Nikkei struggled in the first half of the Monday trading in Japan, but grew 7 per cent in the second half to close at 20,766.
This morning gold, which has been the big winner as it acts as a safe haven for investor dollars, is down slightly to 1,347 an ounce.
Oil was rallying last week, and has also dipped just a bit to 65.67 a barrel.
The Loonie is up to 77.64 cents US.
This week will be a big indicator for the health of Canadian retail as companies like Lululemon, Hudson’s Bay and Dollarama prepare to release their earnings reports. Ontario-based Blackberry is also releasing its quarterly report on Friday.