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Global Markets: Kishida is Japan’s PM-designate

Defeats popular rival Kono

Compiled by Glen Hallick, MarketsFarm

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

– Former Japanese foreign minister Fumio Kishida is set to become the country’s next prime minister, succeeding Yoshihide Suga who resigned on Sept. 3. In an upset to win the presidency of the Liberal-Democratic Party on Wednesday, the politically moderate Kishida defeated Minister of Administrative Reform and Regulatory Reform Taro Kono, who was seen as the most popular choice. Kishida is to be sworn in on Oct. 3 and will lead the LDP into a general election expected to be called in November.

– China-based property giant Evergrande announced on Wednesday that it’s sold its 20 per cent stake in the Shengjing Bank for US$1.5 billion as it attempts to raise money to help cover its massive debt and overdue interest payments. The financial debacle that Evergrande created rocked not only China’s economy, but that of the world as well. Evergrande is believed to be more than US$300 billion in debt and has lost about 80 per cent of its value this year.

– United States Senator Elizabeth Warren stated on Tuesday that she will oppose any attempt to re-nominate Jerome Powell as the chair of the Federal Reserve. Warren, one of the highest ranking Democrats, accused Powell of weakening bank oversights that could lead to a repeat of Great Recession of 2008. Powell, a Republican, was originally nominated by President Donald Trump and his term expires in February 2022. So far, President Joe Biden has not indicated whether he plans to keep Powell on or replace him.

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