BEFORE THE BELL: Trump calls out China over trade talks; CIBC beats expectations in Q2 earnings report
Trade tensions are escalating again as Donald Trump announces his displeasure with China. This time the US President says he’s unhappy with China and North Korea having secret trade meetings and how trade talks are progressing between China and the US.
This follows China’s announcement yesterday that it would lower trade tariffs on auto imports from the US. Investors are flocking to safer options in bonds as experts say trade war fears have returned.
In Canada, CIBC has kicked off the Big Bank Q2 reports with better than expected earnings. Analysts say the bank increased profit by 25 per cent compared to a year ago up by $1.3 billion.
TD and RBC will release their Q2 earnings reports tomorrow. Scotiabank, BMO and National Bank will all release their reports next week.
Oil is edging back from its rally this week, US crude is down 0.62 per cent to 71.75 a barrel.
The Loonie is falling to 77.48 cents US.