MID-DAY: Dow and TSX turn red on reports Trump unwilling to make deal with China; US jobs growth points to another interest rate hike
Donald Trump may have wiped out what started as a good day for North American markets. Bay Street and Wall Street are both in the red on reports the US President is not willing to make a deal with China in the ongoing trade war. The TSX is down 7 points to 15,143 and the Dow has slipped 61 points to 25,319. This follows reports the US was preparing to unleash a fresh round of tariffs on Chinese products in December.
Meanwhile, analysts are predicting another interest rate hike coming in December from the Federal Reserve as the US added another 250,000 jobs keeping the unemployment down at 3.7 per cent.
Across the border, the picture isn’t as clear for the Bank of Canada. While the unemployment rate slipped .1 per cent, wages remained status quo and the increase in employment was minor with just over 11,000 new jobs added. Experts say this doesn’t give any strong indication the BoC will raise the rate before the end of the year.
The price of US crude is down to 63.24 a barrel.
The Loonie is gaining to 76.29 cents US.