Things in Toronto and New York City were off to a hot start this morning, but seem to have evened out some.
Oil production cuts and a trade war truce had the TSX up over 100 points earlier and the Dow Jones up over 400 points before settling down. OPEC is expected to announce cuts to its production later this week with Alberta announcing cuts last night.
Over the weekend the world’s two biggest economies agreed to a trade war ceasefire. The United States and China won’t be slapping each other with any more tariffs for the next 90 days while negotiating out existing trade disputes.
At press time the TSX is up 26 points to 15,223, while the Dow Jones is up 201 points to 25,740. Oil is up $1.68 to $52.61 U.S. per barrel, gold is up $13.50 to $1,239.50 an ounce, and the loonie is up four fifths of a cent to 75.84 cents U.S.