BEFORE THE BELL: China reportedly preparing to hit back against US; HBC partners with SIGNA in European operations
After a bit of silence, China may invoke the economic wrath of Donald Trump once again. Beijing reportedly plans to ask for permission from the WTO to move forward with sanctions against the US over anti-dumping duties according to Reuters. The move comes as Trump has been surprisingly quiet despite having another tariff attack opportunity on Chinese imports to the tune of $200 billion. Experts say this may weigh on the markets this morning, especially if Trump takes time from his 9/11 visit to Pennsylvania to respond to the threat.
The price of crude is getting a boost as Iran’s petroleum market suffers from the weight of US sanctions. US oil is gaining to 67.80 a barrel.
The energy sector-linked Loonie is also gaining strength from this growth, pushing to 75.97 cents US.
Hudson’s Bay Company is partnering with European retailer SIGNA to strengthen its economic hold in Germany. SIGNA will take over 50 per cent of the company’s German real estate assets.