A perfect storm of economic issues is spreading across global markets this morning. A global selloff is underway as tension between Saudi Arabia and the US grows. Donald Trump has threatened major economic sanctions against the country for its alleged role in the death of an American journalist. This is causing concern Saudi’s oil exports may start to dry up, although the country has vowed to keep a responsible role on that front.
Disappointment over earnings reports from Japanese companies is also causing weight in Asia and EU and Brexit stress continues to hammer European markets.
Gold is reigning as the safe haven of choice as the precious metal climbs to 1,237 an ounce.
The price of crude is slipping to 68.27 a barrel.
The Loonie is falling to 76.27 cents US.