BEFORE THE BELL: Trump tariff threats hit markets once again; crude prices dip on planned output increase
Global markets are starting the week weighted by trade war worries. As a new stream of tariff threats flows from Donald Trump’s twitter account, analysts say the markets are feeling the effects.
Overnight, the Nikkei plummeted nearly 1 per cent to close at 22,338 as Trump took aim at Asian technology last week.
Trump has also threatened European autos and is warning of retaliation against countries putting tariffs on US products. In North America, the downward trend is continuing with Apple shares down 2 per cent and Boeing dropping by 2.5 per cent in pre-market trading.
Over the weekend OPEC officials suggested they were pushing for a crude output of 1 million barrels per day to meet the global oil demand. This is weighting all crude prices, except in the US where gas demand is expected to jump with the upcoming US holiday next week. US crude is steady at 68.49 a barrel this morning.
The Loonie continues to slip to 77.12 cents US.