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Title : The Market, Energy, And Political Page, T+69 -- August 8, 2018
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The Market, Energy, And Political Page, T+69 -- August 8, 2018

Saudi Arabia turns up the heat: Canadian - Saudi "spat": makes Trump's trade wars look like child's play; Trudeau can't get a break; couldn't happen to a nicer guy; and, at Financial Times, Saudi Arabia turns up the heat:

Saudi Arabia is selling Canadian assets as the kingdom escalates its response to Ottawa’s criticism of the arrest of a female activist.

The Saudi central bank and state pension funds have instructed their overseas asset managers to dispose of their Canadian equities, bonds and cash holdings “no matter the cost”.

Third-party managers are estimated to be mandated to invest more than $100bn of Saudi funds in global markets. While the proportion of that figure invested in Canadian holdings would be “fairly small in absolute terms”, the asset sale sent a strong message.

The sell-off began on Tuesday and underlines how the Gulf monarchy is flexing its financial and political muscle to warn foreign powers against what it regards as interference in its sovereign affairs.

“This is severe stuff,” said one banker.

To repeat: severe.

Meanwhile, Canadians have started a "boycott America" movement. #CPM -- Canadian Products Matter.

What Saudi has now done:

• begun a sell-off of Canadian holdings 
• expelled the country’s ambassador 
• frozen new trade and investment with Ottawa 
• suspended a student exchange programme to Canada 
• halted Saudi Arabian Airlines flights to Canada 
• ended all medical treatment programmes in Canada

https://ift.tt/2dZyQXu

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