BEFORE THE BELL: Trump administration reaching out for talks with Beijing; oil slides as demand grows
There may be a glimmer of hope coming in the trade standoff between the US and China. The Trump administration is reportedly reaching out to Beijing as a possible start to the reopening of negotiations between the two countries. This comes after Trump said he would be keeping a tough stance on China’s trade practices. Reports suggest US companies with ties in China are putting pressure on US officials to ease off. Experts say this is giving investors hope and is expected to help boost markets today.
Meanwhile, central bank policy decisions are the hot topic in Europe. Turkey is taking center stage as the country raised its key interest rate from 17 to 24 per cent to try and stem its runaway inflation rate.
Oil demand is now pushing back the price of crude as analysts expect a dip in crude stocks. This comes from a combination of a cut in flow from Iran due to US sanctions and a spike in gas demand in the US as Hurricane Florence nears the east coast. US crude is down to 69.41 a barrel.
The Loonie is flat at 76.86 cents US.