WINNIPEG, Feb. 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– The Royal Canadian Mounted Police (RCMP) have offered to leave Wet’suwet’en territory but will remain in the nearby British Columbia town of Houston. Hereditary chiefs have said they will not meet with government officials until the RCMP leave. Public Safety Minister Bill Blair said he hopes the RCMP’s offer to leave will encourage barricades and rail blockades across the country to come down. “By making this gesture in good faith, we are not only supporting efforts towards a peaceful and sustainable solution, but also facilitating them,” said Jennifer Strachen, RCMP Deputy Commissioner, in an internal email obtained by Global News.
– Iranian citizens are taking to the polls today for their country’s eleventh parliamentary election. Supreme Leader Ali Hosseini Khamenei has called for higher voter turnout, encouraging Iranians “to participate in elections if they were interested in the country’s national interests,” according to Al Jazeera. The election comes in the wake of escalating geopolitical tension, economic concerns, and ongoing uncertainty regarding the COVID-19 coronavirus.
– Oil prices have pared back on gains from earlier in the week due to prolonged concerns that the impact of the COVID-19 coronavirus will outweigh China’s economic stimulation efforts. Although the rate of infection has slowed considerably at the epicenter of the outbreak, global markets continue to be skittish as the virus continues to spread globally. “Commodities are poised for a sell-off,” said Jeff Currie, head of commodities research at Goldman Sachs in London, to Bloomberg. The Chinese “economy has yet to materially restart, creating significant surpluses in key markets.”
Futures Prices as of February 21, 2020
Prices are in Canadian dollars per metric ton