BEFORE THE BELL: China claims it’s Trump vs everyone; Oil comes back again from slight dip
It’s Trump versus the world according to Chinese officials.
The comments come just ahead of $34 billion in tariffs expected to hit Chinese goods as of tomorrow. Chinese officials are vowing to retaliate and say Trump is opening fire on the rest of the globe with his tariff attacks.
Investor nerves are showing in the Asian markets as the Nikkei dropped 0.8 per cent to close at 21,546 in overnight trading. Traders will be watching to see how Wall Street reacts after the US market comes back into play after taking a day off for Independence Day.
Traders will also get a look a look behind the curtain at the decision to raise the interest rate in the US at the last Federal Reserve meeting as minutes get released today. This could give a better indication on the likelihood of two more rate hikes coming before the year ends.
Oil isn’t staying down for long after taking a hit yesterday. The drop came after Trump demanded OPEC drop prices after claiming it was manipulating crude output. US crude is back up to 74.55 a barrel this morning.
The lowly Loonie continues to float just above 76 cents US.