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Canadian Financial Close: Loonie firm as trade talks boost markets

By MarketsFarm

WINNIPEG, August 13 (MarketsFarm) – The Canadian dollar was virtually unchanged at market close on Tuesday, despite a major development in the United States/China trade war.

The loonie finished the day at US$0.7555 or US$1=C$1.3236, which compares with Monday’s close of US$0.7556 or C$1.3234.

The North American markets shot up after top trade negotiators for the U.S. and China participated in a teleconference today. Following the call, U.S. President Donald Trump agreed to delay a 10 per cent tariff hike on more than US$300 billion of Chinese imports that was scheduled to take effect on September 1. Also, negotiators agreed to another round of telephone talks within the next two weeks. The trade war between the two economic superpowers had been threatening to push the global economy into a recession.

The TSX/S&P Composite Index rose 113.07 points to close at 16,350.84 today. In the U.S., the Dow Jones gained 382.20 at 26,279.91 points. The NASDAQ grew 152.95 points at 8,016.36 and the S&P 500 was up 43.06 at 2,926.15.

Benchmark oil prices increased Tuesday, as the thaw in the U.S./China trade war provided support. Brent crude oil jumped US$2.74 to close at US$61.31 per barrel. West Texas Intermediate (WTI) crude oil leapt US$2.14 to close at US$57.07 per barrel.

As of Monday, Western Canadian Select (WCS) crude oil gained US$1.91 at US$44.05 per barrel. On August 12, the WCS/WTI price differential narrowed US$1.48 at US$10.88 per barrel.

Gold was down US$3.40 on Tuesday to close at US$1,513.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.80
Linamar Corp. up $ 1.67 at $ 39.48
Maple Leaf Foods up $ 0.61 at $ 33.26
Nutrien Ltd. dn $ 0.30 at $ 66.44
Ritchie Bros Auctioneers Inc. unchanged at $ 50.70
Rocky Mountain Dealerships Inc. dn $ 0.23 at $ 6.81
(All figures are in Canadian dollars.)

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