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.