Global Markets: Spavor sentenced to 11 years in Chinese prison

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Canadian Michael Spavor was found guilty of espionage and providing state secrets to other countries by a Chinese court on Tuesday night and was sentenced to 11 years in prison, as well as deportation. Spavor and former diplomat Michael Kovrig were both detained by the Chinese government shortly after Huawei executive Meng Wanzhou was arrested in Vancouver in December 2018. Both the Canadian and United States Embassies to China have condemned Spavor’s sentence. Just one day earlier, another Canadian Robert Schellenberg was sentenced to death by a Chinese court after being found guilty of drug smuggling.

– U.S. President Joe Biden is urging OPEC+ and its allies to increase oil production in order to alleviate the ongoing rise in gasoline prices, which the U.S. believes poses a threat to the post-COVID-19 economic recovery. OPEC+ has been easing a record cut of 10 million barrels per day made in 2020 due to the pandemic. The organization will conduct a meeting on Sept. 1 to re-assess the situation.

– The U.S. Consumer Price Index (CPI) increased by 0.5 per cent in July, lower than the 0.9 per cent rise in June, according to the report released on Wednesday by the U.S. Labor Department. Over the past year, the CPI increased by 5.4 per cent, but excluding food and energy, it only rose by 0.3 per cent. While the rate of increase has slowed, the U.S. Federal Reserve is paying close attention due to the potential for long-term inflation.

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