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Futures Drop As China Unleashes Retaliatory Tariffs
(MENAFN- Baystreet)
Canadian stock index futures fell on Friday, as a global selloff triggered by U.S. President Donald Trump's sweeping tariffs deepened after China announced counter measures.
The TSX Composite Index sank 971.41 points, or 3.8%, to conclude Thursday to 24,335.77, a three-week low.
June futures slipped 2.7% Friday.
The reciprocal tariffs announced by Trump on Wednesday triggered a plunge in world financial markets, signaling the end of a decades-long era of trade liberalization.
The Canadian dollar stepped back 0.55 cents to 70.45 cents U.S.
In news economic, Statistics Canada reports employment fell by 33,000 (-0.2%) in March and the unemployment rate rose 0.1 percentage points to 6.7%.
ON BAYSTREET
The TSX Venture Exchange subtracted 16.87 points, or 2.7%, Thursday to 614.28
ON WALLSTREET
The stock market was headed for another pounding Friday after China retaliated with new tariffs on U.S. goods, raising fears a trade war will tip the globe into a recession.
Futures for the Dow Jones Industrials let go of 1,080 points, or 2.7%, to 38,696.
Futures for the S&P 500 index sank 144 points, or 2.7%, to 5,288.75.
Futures for the tech-heavy NASDAQ gave up 535.25 points, or 2.8%, to 18,140.25.
China's commerce ministry said Friday the country will impose a 34% levy on all U.S. products. This matches the tariff on Chinese goods coming into the U.S. unveiled by President Donald Trump on Wednesday.
Apple shares tumbled another 5% in premarket trading after China announced retaliatory tariffs against the U.S.
Investors on Friday morning are focused on the closely watched jobs report for March, which showed the economy created 228,000 last month, hiking the jobless rate to 4.2%.
Economists polled by Dow Jones expect nonfarm payrolls to rise by 140,000 jobs and the unemployment rate to hold steady at 4.1%.
In Japan, the Nikkei 225 index sank 2.8% Friday, while in Hong Kong, markets were closed for a public holiday.
Oil prices sank $4.67 to $62.19 U.S. a barrel.
Gold prices dipped $4.40 to $3,117.30 U.S. an ounce.
Canadian stock index futures fell on Friday, as a global selloff triggered by U.S. President Donald Trump's sweeping tariffs deepened after China announced counter measures.
The TSX Composite Index sank 971.41 points, or 3.8%, to conclude Thursday to 24,335.77, a three-week low.
June futures slipped 2.7% Friday.
The reciprocal tariffs announced by Trump on Wednesday triggered a plunge in world financial markets, signaling the end of a decades-long era of trade liberalization.
The Canadian dollar stepped back 0.55 cents to 70.45 cents U.S.
In news economic, Statistics Canada reports employment fell by 33,000 (-0.2%) in March and the unemployment rate rose 0.1 percentage points to 6.7%.
ON BAYSTREET
The TSX Venture Exchange subtracted 16.87 points, or 2.7%, Thursday to 614.28
ON WALLSTREET
The stock market was headed for another pounding Friday after China retaliated with new tariffs on U.S. goods, raising fears a trade war will tip the globe into a recession.
Futures for the Dow Jones Industrials let go of 1,080 points, or 2.7%, to 38,696.
Futures for the S&P 500 index sank 144 points, or 2.7%, to 5,288.75.
Futures for the tech-heavy NASDAQ gave up 535.25 points, or 2.8%, to 18,140.25.
China's commerce ministry said Friday the country will impose a 34% levy on all U.S. products. This matches the tariff on Chinese goods coming into the U.S. unveiled by President Donald Trump on Wednesday.
Apple shares tumbled another 5% in premarket trading after China announced retaliatory tariffs against the U.S.
Investors on Friday morning are focused on the closely watched jobs report for March, which showed the economy created 228,000 last month, hiking the jobless rate to 4.2%.
Economists polled by Dow Jones expect nonfarm payrolls to rise by 140,000 jobs and the unemployment rate to hold steady at 4.1%.
In Japan, the Nikkei 225 index sank 2.8% Friday, while in Hong Kong, markets were closed for a public holiday.
Oil prices sank $4.67 to $62.19 U.S. a barrel.
Gold prices dipped $4.40 to $3,117.30 U.S. an ounce.
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