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China to Impose Additional Tariffs on US | Canada Retail Sales Shine

Published August 23, 2019

  • The Chinese government announced on Friday that they would impose an additional tariff of 10 percent (up from 5 percent) on 5,078 US products worth about US$75 billion, in response to the US announcement to impose additional duties on Chinese imports.
  • Canada retail sales rose 0.0 percent in June, beating the forecast of -0.3 percent on month to month basis. Excluding volatile car sales, the Canadian retail sales index jumped to 0.9 percent, well above the expectation of 0.0 percent. The Canadian dollar was trading flat at 1.3311 after the release.
  • WTI oil prices fell around 3 percent this morning after China said it will slap an additional tariff on US crude oil imports starting next month. WTI oil was trading lower, at $53.67/barrel on the day.
  • This morning, the US Dollar Index was trading at 98.33 levels. All eyes will be on Federal Reserve Chairman Jerome Powell today, who is scheduled to speak at 10 am EST about the challenges of monetary policy. Investors are hoping for assurance of further interest rate cuts and more clarity on economic growth.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.