BEFORE THE BELL: The trade deal formerly known as NAFTA brings life to markets; Tesla shares gain after Musk settles with SEC
As the ink dries on a new trade deal, global markets are feeling the positivity. The new NAFTA deal, renamed the USMCA, was reached hours before a US-set deadline and is expected to benefit all three countries involved.
However, trade tension between the US and China is still weight heavily on Asian markets. A new report showed Chinese manufacturing slowed down in September. China’s market is closed for a holiday, but the Nikkei was held back, only growing about .5 per cent.
The oil rally continues this week as the price for US crude spikes to 73-43 a barrel.
Boosted by healthy crude gains and positive trade news, the Loonie is growing to 78.09 cents US.
Tesla stock is powering up this morning after Elon Musk agreed to settle a SEC complaint, by paying a $20 million penalty. He’s also stepped down as chair of the board. Tesla shares are gaining 18 per cent to nearly $50.