WINNIPEG, Oct. 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Some progress was made in resolving the Canada/China dispute, according to Glacier Farm Media. Officials from both countries met privately in Geneva on Tuesday under the auspices of the World Trade Organization. Following the arrest of Huawei executive Meng Wanzhou, China largely stopped buying canola from Canada, with China accounting for 40 per cent of Canada’s canola exports. China claimed some of the canola was contaminated with a fungal disease. Canada said its own tests didn’t find the disease. Also, Canada’s new ambassador to China recently met with the two Canadians who have been detained by China since December.
– Two major North American central banks will make their respective announcements on their benchmark interest rates on Wednesday. At 9 a.m. CDT, the Bank of Canada is widely expected to continue its freeze on its rate of 1.75 per cent. If so, that would give Canada the highest rate among the world’s major economies. Later at 1 p.m. CDT, the United States Federal Reserve is believed to be set to cut its rate by a quarter of a point.
– There is regime change in the Middle East. Lebanon President Saad Hariri resigned on Tuesday after two weeks of mass demonstrations across the country. Economic issues, a lack of basic services, and government corruption fueled the protests. Meanwhile in Iraq, Prime Minister Abel Abdul Mahdi lost the backing of most of his main supporters on Wednesday. This came after large demonstrations demanding clean water, adequate health care, education, electricity, and for more oil revenues to be invested in the country. Iraqi opposition leaders called for early elections.