The world’s second largest economy appears to be sputtering, and it’s having a ripple effect on global markets.
According to Reuters, China has set its GPD target to between six and 6.5 percent in 2019, compared with last year’s target of “around” 6.5 percent.
Among the biggest factors behind China’s slowing economy are higher U.S. tariffs and flagging domestic demand.
Even with the news out of China and a drop in oil prices, the TSX managed to climb 35 points with increases in 10 of 11 sectors.
Health care led the gains by moving up three percent with marijuana producers Canopy Growth, Aphria, and Aurora Cannabis rising between 1.9 and 7.4 percent.
Despite tightened supply, oil was unable to move up for a ninth straight day. Oil fell 97 cents to $51.62 US a barrel, weighted mostly by profit-taking among investors.
In New York, the U.S. government’s partial shutdown is starting to take a toll.
The Dow’s five-day win streak came to an end with the index edging five points lower as the shutdown reaches its 21st day, matching the longest such closure in U.S. history.
The shutdown is having a major impact on American workers, 800,000 of whom have been either off the job or forced to work without pay for the past three weeks.
Some of the Dow’s bellwethers fell into the red today including Caterpillar, Apple, Chevron, and Exxon Mobile.
The Nasdaq was off by 14 points, despite Netflix’s stock jumping 3.9 percent after analysts gave the video streaming service a buy rating.
The Canadian dollar was lower by 18/100ths of a cent to $0.7536 US, while gold moved up 70 cents to $1,288 an ounce.