BEFORE THE BELL: Market regains ahead of more trade tariffs next week; Trump reportedly threatens to pull from WTO
World markets started bouncing back this morning, but that could change next week.
In overnight trading the Nikkei was boosted by a recovering Asian market, growing .15 per cent to close at 22,304.
However, the markets could dip again next week when the US kicks in $34 billion in tariffs against Chinese imports. Canada is also expected to enact its retaliatory tariffs against the US on Sunday. Ottawa will be unveiling the full list of those tariffs today.
US-based Axios is reporting Donald Trump wants to take his trade war further. The media outlet says Trump has threatened numerous times to pull out of the World Trade Organization. Although, the report suggests Trump’s threats have not been taken seriously by his administration so far.
Oil prices are slipping despite an expected increase in gas demand in both the US and Canada over the long weekend. US crude is down to 73.36 a barrel. Crude flow has also been slowed globally due to geopolitical issues in Iran and Libya and a stoppage in production in Northern Alberta.