US-China Trade Optimism Pushes Markets Higher | Canadian Employment Data Due
Published October 11, 2019
President Trump has stated that the first day of high-level trade talks with China has gone “very well” and that he plans to meet with Chinese Vice Premier Liu He today. There are no expectations for a major deal announcement, however, equity markets have reacted positively to the sufficient progress. Talks could lead to a partial accord that would suspend tariff increases planned for October 15.
An Iranian oil tanker was struck by missiles near the Saudi port of Jeddah, which has significantly damaged the vessel and caused a major oil spill. The missiles were suspected, by the Iranian company, to have come from Saudi Arabia — a claim the company later withdrew. West Texas Intermediate futures jumped slightly in the wake of the attack, to trade above $54.20 a barrel.
The loonie is expected to make minor advancements against the greenback today, as Canadian Employment data is released this morning. The consensus for the employment change is an addition of 11,200 jobs to the Canadian economy, while the consensus figure for the unemployment rate is 5.7. The employment change is therefore expected to drop from 81,000 job additions recorded the previous month.