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Global Markets: U.S.-China trade war looms large

By Commodity News Service Canada

July 5 (CNS Canada) — The following is a glance at the news moving markets in Canada and globally.

– Chinese officials say they will respond instantly if United States’ tariffs on Chinese goods goes into effect as expected at 12:01 a.m. ET Friday, or 11:01 p.m. CT tonight. U.S. President Donald Trump’s administration placed tariffs on US$34 billion of Chinese imports and said it would escalate the situation if China retaliated.

– Canadian pipeline company Enbridge has sold C$4.3 billion of its natural gas holdings to an investment group led by Brookfield Asset Management Inc. It brings Enbridge’s asset sales to C$7.5 billion for the year. The latest sale includes natural gas drillers in Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta.

– Toronto home sales made their biggest jump in almost a decade last month, with sales in June rising 2.4 per cent from the same period a year earlier and 18 per cent from May. It is seen as a sign that Canada’s largest housing market is rebounding following new regulations on borrowing instituted earlier this year and higher interest rates. The average home in Toronto costs C$807,871, an increase of two per cent from the same period in 2017.

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