The Daily Chase: Equity markets point to positive open; Port strike continues
BNN Bloomberg
Good morning! Here are five things you need to know to start your day.
Chinese stimulus: Equity markets are generally higher this morning after China announced they would help the real estate sector. China will now allow more time for loans to be repaid. Chinese stimulus has been the only comfort to global investors watching the deteriorating economic data out of the country. It’s worth noting that as the global economy has been on shaky ground, gold is at a three-week high.
Port strike: As the port strike enters its 11th day, RBC is quantifying how disruptive this is becoming. Right now there are about 63,000 shipping containers waiting on the water to be unloaded. RBC estimates that by July 31 that figure will balloon to 245,000. That equates to about $16 billion in goods unable to make landfall. So who is most affected?
Speaking of Fertilizers: Shares of Nutrien are under pressure in the pre-market after the company said it would curtail potash production in part because of the ongoing port strike. Nutrien also blamed lower global potash prices and the company is warning this will hit the bottom line. Paul Bagnell has the file and will lead our coverage.
