BEFORE THE BELL: US-China trade tensions escalate further, investors move to safer options
China’s recent retaliation against US tariffs is leading to global market turmoil. Analysts say Wall Street will likely get hit hard when the markets open this morning after Chinese officials announced $50 billion in trade tariffs against 106 US products. Boeing, which has big business in China, is one of the hardest hit companies as its stock dropped 6.4 per cent this morning.
The tech sector is dropping as well as Apple shares slide to 2.4 per cent and Netflix plummets to 2.75 per cent.
The price of crude is sliding on trade war concerns, down to 62.36 a barrel as energy demand drops.
The Loonie is pulling back from its Tuesday gains, down to 77.94 cents US.
Gold is once again acting as an investor safe haven as the precious metal jumps 10 dollars to 1,347 an ounce.