WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Russia has let a deal allowing Ukraine to export its grain through the Black Sea lapse on Monday, causing a blow to food security in places such as Africa, Asia and the Middle East. The Black Sea Grain Initiative was brokered last year between Russia, Ukraine, Turkey and the United Nations. Russia had said in the past few weeks it would not renew the deal unless concessions were made to its country such as lifting export bans on food and fertilizer despite record wheat shipments. On the same day, a section of the Kerch bridge, connecting Crimea to Russia’s mainland, was blown up, killing two people. It is unknown whether the blast was connected to Russia’s withdrawal from the Black Sea Grain Initiative.
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– Europe is still in the middle of a record-breaking heat wave and temperatures in parts of Italy are expected to exceed 40 degrees Celsius this week. Greece and Spain are also experiencing dangerous temperatures with the latter also dealing with forest fires. In Canada, the number of hectares burned reached an unprecedented 10 million hectares over the weekend. Smoke from the fires is causing air quality warnings in the United States and one firefighter from the Northwest Territories died on Saturday while fighting a fire in B.C.
– China’s economy grew 6.3 per cent in the second quarter of 2023, a lower figure than the seven per cent analysts had expected. The economy is expected to slow even more later this year due to lower consumer demand and less demand for Chinese exports. Exports declined 12.4 per cent from one year ago.
