Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain
At the site of a former cocoa factory in Canada’s Quebec province, tiny holes punctured in the walls of a warehouse allow fresh air to cool thousands of whirring processors connected by a tangle of wires. Yessoulou Coulibaly watches over the sea of 7,000-odd computers hidden away in this industrial park at a center operated by Bitfarms, one of the emerging players of the cryptocurrency “mining” boom. Unlike the dollar or the euro, cryptocurrencies are not issued by central banks. Instead they are “mined” or created thanks to server “farms” like the one in the Montreal suburb of Saint-Hyacinthe — which crack increasingly complex computer codes in order to unlock new batches, or blocks of virtual coins. Mining on a large scale requires massive computing power, which in turn requires a lot of electric power. That is where Quebec comes in the picture: luring miners with its plentiful, cheap electricity and below average temperatures — akin to Iceland, where a sister cry