Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– The ‘Three Amigos’ consisting of Canadian Prime Minister Justin Trudeau, United States President Joe Biden and Mexican President Andres Manuel Lopez are scheduled to meet late Thursday afternoon in Washington at the North American Leaders’ Summit. Trudeau is concerned Biden’s recently passed infrastructure bill, which provides incentives for electric vehicles, will cripple Canada’s auto industry and violate the new NAFTA. The bill will give buyers a US$12,500 rebate when they purchase a new, made in the U.S. electric vehicle. The summit marks the first ‘Three Amigos’ meeting in more than five years.
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. –…
– As another wave of COVID-19 hits Europe, Germany has found itself facing the country’s highest case numbers since the pandemic began. On Thursday, Germany announced it had 65,371 new cases, which has led its upper house of parliament, the Bundesrat, to consider stricter lockdown measures to control the outbreak. This comes after Chancellor Angela Merkel warned the fourth wave is “hitting us with full force.” Also, the World Health Organization (WHO) stated Europe is in for a “hard winter ahead.”
– The Turkish lira continued to be hard hit on Thursday, tumbling 4.1 per cent against the U.S. dollar, now at an 11 to one ratio. Since December, the lira has lost about a third of its value. Also inflation in Turkey vaulted to 20 per cent in October, the highest in three years. Under pressure from President Recep Tayyip Erdogan, the country’s central has slashed interest rates by 400 basis points in two months, but that has effectively driven the lira’s real yield to below zero, according to reports.
