BEFORE THE BELL: China eases auto import duties; Big Six Bank Q2 report releases start this week
Automaker stocks are rallying as China has eased its import duties on passenger cars coming from the US. Chinese officials announced this morning the import duties would be dropped to 15 per cent from 25 on the auto trade. This is part of ongoing negotiations between the two countries as the big economies attempt to ease trade war tensions. Experts say all the major automakers are trending following the news.
Oil continues its own rally as analysts predict a downturn in production from Venezuela due to the country’s presidential election. The price of US crude is gaining to 72.52 a barrel this morning.
This is boosting the Loonie, which is up to 78.32 cents US.
Traders will be watching Canada’s Big Six Banks as Q2 reports start to roll out this week. CIBC is kicking off the Q2 reports on Wednesday.