US Markets Close for the Day; China Matches US Start Date for Tariffs
Published July 4, 2018
US financial markets will be closed today in observance of Independence Day; trading volumes will be light as the New York Stock Exchange and other major financial institutions take leave on this US national holiday.
FX markets will remain open as usual, though volumes will be less than normal. There are also no major economic data announcements coming from the US or Canada today.
The Chinese government has opted to match the Trump Administration by implementing their own respective round of tariffs on July 6; the two nations are seemingly on an inevitable course for open trade conflict after several rounds of negotiations failed to resolve US complaints. Global stocks moved lower on the news as Chinese stocks fell lower into bear market territory. European stocks also fell, with technology stocks leading the decline in reaction to a Chinese court banning a US microchip company from selling some of its products in China.
Oil prices are moving higher again after a report from the American Petroleum Institute showed that US oil inventories fell by 4.5 million barrels last week. Ongoing outages in Libya and Canada and the Trump Administration’s pledge to dramatically lower Iranian oil exports are all helping keep oil prices high.