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Global markets were mixed in cautious trading as the latest threats in the U.S. tariff wars kept investors on edge, though there were still hopes it would prove to be mostly bluster by U.S. President Donald Trump.
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Trump said on Saturday he would impose
a 30-per-cent tariff on most imports from the European Union and Mexico from Aug. 1, adding to similar warnings for other countries. The EU responded yesterday, saying it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement.
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Wall Street futures were in negative territory after major North American markets closed down on Friday.
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TSX futures followed sentiment lower.
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“It is hard to say whether the muted market response is best characterized by resilience or complacency,” said Taylor Nugent, a senior markets economist at NAB.
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“But it is difficult to price the array of headlines purportedly defining where tariffs will sit from August when negotiations are ongoing.”
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Overseas, the pan-European STOXX 600 was down 032 per cent in morning trading. Britain’s FTSE 100 advanced 0.38 per cent, Germany’s DAX gave back 0.73 per cent and the CAC 40 declined 0.48 per cent.
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In Asia, Japan’s Nikkei closed 0.28 per cent lower, while Hong Kong’s Hang Seng rose 0.26 per cent.
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Oil prices rose and reached their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while higher oil imports by China also offered support.
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Brent crude futures climbed 0.8 per cent to US$70.94 a barrel. West Texas Intermediate (WTI) crude futures gained 0.9 per cent to US$69.04.
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In other commodities, spot gold gained 0.4 per cent to US$3,367.51 an ounce. U.S. gold futures rose 0.5 per cent to US$3,379.30.
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The Canadian dollar strengthened against its U.S. counterpart.
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The day range on the loonie was 72.93 US cents to 73.13 US cents in early trading. The Canadian dollar was down about 0.8 per cent against the greenback over the past month.
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The U.S. dollar index, which weighs the greenback against a group of currencies, rose 0.02 per cent to 97.87.
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The euro rose 0.04 per cent to US$1.1695. The British pound declined 0.04 per cent to US$1.3487.
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In bonds, the yield on the U.S. 10-year note was last up at 4.426 per cent.
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G20 finance ministers and central bank governors meet all week in Zimbali, South Africa
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China trade surplus for June
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830 am ET: Canada wholesale trade for May
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With Reuters and The Canadian Press
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