Over the weekend, Trump said that trade negotiations with China would continue to move along, but ruled out any tariff relief. That announcement may well be strategic, but it pressured American markets Monday morning, though New York indices closed the day close to flat. The TSX was flat, too.
Volumes were relatively light, and there was general sentiment that after an impressive run-up last week that investors on Monday hit the pause button. Among the big gainers was Canada Goose, which rose 3.9%, nearly recovering losses from last week when it was downgraded by an analyst, fearing declining sales. Perhaps Monday’s snowstorm across eastern Canada boosted the stock of the winter coat retailer.
Meanwhile, ongoing political violence in Hong Kong made Asian investors nervous and pressured Asian markets in Monday trading. That didn’t stop Alibaba. China’s e-commerce giant sold US$38.4 billion (with a “B”) of merchandise over 24 hours on Monday ($12 billion per hour) on Singles Day, a leap of 26% over 2018. Alibaba is up 36% for the year, but actually slipped 0.25% Monday, because investors had anticipated a blockbuster day. (Singles Day is the biggest shopping day in China and celebrates single people, like western Valentine’s Day salutes couples.)