Global Markets: Canada’s GDP plummets

Protests in Minneapolis, Louisville

By MarketsFarm

WINNIPEG, May 29 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Friday that Canada’s gross domestic product shrank 8.2 per cent in the first quarter of 2020, due to the COVID-19 pandemic. That made for the largest decline in the country’s economy since the economic crisis of 2008-09. Fueling the downturn was a record nine per cent drop in household spending. The federal agency also released preliminary data that suggested the economic picture will become grimmer over the second quarter.

– China could back away from its Phase One trade deal pledge to buy US$40 billion of agricultural products from the United States this year. The Chinese government issued the warning on Friday. U.S. President Donald Trump is scheduled to make a statement later today about possible repercussions for China because of its new national security laws for Hong Kong to quell pro-democracy demonstrations. One suggested measure is to eliminate Hong Kong’s favoured trading status with the U.S.

– Protests against police violence have been shaking up the U.S. in recent days. Demonstrations in Minneapolis, MN. over the officer-related death of George Floyd spurred a third night of arson, looting and vandalism. Floyd, an African-American was pinned by a white police officer’s knee until he couldn’t breathe despite begging for his life. Then in Louisville, KY. on Thursday, a large demonstration protesting the police shooting of paramedic Breonna Taylor at her home in March, became violent when seven people were shot. A Louisville police spokesperson said none of the department’s officer at the demonstration fired their weapons. Nobody was killed, although one person is in critical condition.

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