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Global Markets: Oil futures fall after OPEC+ announcement

By MarketsFarm

WINNIPEG, July 2 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Oil futures fell 1.2 per cent on Tuesday, following the decision by the Organization of Petroleum Exporting Countries and its allies to continue supply cuts. The decision was made in order to reduce stockpiles. Slowed manufacturing data from the United States, China, and Europe weighed on global oil demand.

– A tentative truce has been called in the U.S.-China trade war following the G20 summit in Japan. U.S. President Donald Trump agreed to hold off on new tariffs, though the taxes on $250 billion in Chinese imports will remain in place. Experts believe existing tariffs won’t be reversed any time soon. “Restarting trade talks does not mean that the United States and China will reach a deal any time soon,” said Tommy Wu of Oxford Economics to CNN Business. “Negotiations will continue to be difficult, given the tough stance that the two sides would likely assume.”

– German authorities have fined Facebook US$2.6 million for distorting key statistics about illegal content on the social media platform. Germany’s network transparency law requires social media platforms to report the number of complaints of illegal content they have received. Facebook reported receiving just over 1,000 complaints relating to illegal conflict during the second half of 2018. By contrast, transparency reports from Twitter and YouTube both reported over a quarter of a million complaints for the whole year. The German government believes Facebook under-reported violations in order to bolster its flagging reputation.

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