By MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – The Canadian dollar was down at market close on Friday, as fears continue over the United States/China trade war causing a global economic slowdown.
The dollar finished the day at US$0.7393 or US$1=C$1.3577, which compares Thursday’s close of US$0.7407 or C$1.3501.
China will raise tariffs by 20 to 25 per cent on more than 5,100 different imports from the U.S. come June 1, further intensifying the trade war between the world’s two largest economies.
Also regarding tariffs, U.S. President Donald Trump threatened to impose a five per cent tariff on all Mexican imports starting June 10, unless Mexico take measures to curtail the flow of Central American migrants making their way to the U.S. Mexican President Andres Manuel Lopez Obrador denounced Trump’s threat.
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The TSX/S&P Composite Index was down 51.75 points on Friday to finish at 16,037.49, due to lower energy and financial stocks along with the fears over the U.S./China trade war.
Benchmark oil prices were down on Friday, also because of the trade war and Trump’s threat to Mexico. Brent crude oil dropped US$2.40 to close at US$64.47 per barrel. West Texas Intermediate crude oil fell US$3.30 to close at US$53.29 per barrel.
As of May 30, the price differential between WTI and Western Canadian Select crude oil increased 49 cents at US$17.15 per barrel. Also, the price of WCS was down US$2.71 yesterday at US$39.44 per barrel.
Gold was up US$18.60 on Friday to close at US$1,311.00 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Linamar Corp. dn $ 1.51 at $ 43.11
Maple Leaf Foods dn $ 0.30 at $ 30.40
Nutrien Ltd. dn $ 0.19 at $ 65.92
Ritchie Bros Auctioneers Inc. up $ 0.33 at $ 45.10
Rocky Mountain Dealerships Inc. dn $ 0.29 at $ 8.41
(All figures are in Canadian dollars.)
