By MarketsFarm
WINNIPEG, May 13 (MarketsFarm) – The Canadian dollar was lower at market close on Monday, amid global turmoil as the United States/China trade war heated up.
The dollar finished Monday at US$0.7431 or US$1=C$1.3457, which compares with Friday’s close of US$0.7453 or C$1.3418.
The North American stock markets took a tumble on Monday, resulting in some of the largest losses so far in 2019.
China retaliated against the U.S. in the economic superpowers’ trade war. China announced tariffs on US$60 billion of U.S. imports of five to 25 per cent, effective June 1. This was in response to the U.S. hiking tariffs on US$200 billion of Chinese imports from 10 to 25 per cent on May 10, and possibly imposing new tariffs on Chinese goods currently exempt. Trump stated he would meet with Chinese President Xi Jinping next month at the G20 Summit in Japan to discuss trade.
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The TSX/S&P Composite Index was down 104.14 points or 0.64 per cent on Monday to finish at 16,193.41 points.
In the U.S., the stock markets lost 2.5 to 3.5 per cent in trading on Monday. The Dow Jones dropped 617.38 points to close at 25,324.99 points. The NASDAQ fell 269.92 points to finish at 7,647.02 points. The S&P500 lost 69.53 points to end the day at 2,811.87 points.
Benchmark oil prices were also down on Monday, due to U.S/China tensions as well. West Texas Intermediate crude oil lost 80 cents to close at US$60.86 per barrel. Brent crude oil was down 73 cents to close at US$69.89 per barrel.
Gold was up on Monday as it gained US$13.40 to close at US$1,300.80 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Linamar Corp. dn $ 1.03 at $ 45.08
Maple Leaf Foods up $ 0.42 at $ 33.13
Nutrien Ltd. dn $ 2.42 at $ 67.50
Ritchie Bros Auctioneers Inc. dn $ 1.28 at $ 43.64
Rocky Mountain Dealerships Inc. dn $ 0.03 at $ 8.60
(All figures are in Canadian dollars.)
