Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 29 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– As the Russian advance on the Ukrainian capital of Kyiv remained at a virtual standstill, the Russian deputy defence minister announced on Tuesday that combat operations around the city will be curtailed. The Russian push to take Chernihiv to the north will be scaled back as well. These moves followed Ukraine’s proposal to become a neutral state in exchange for security guarantees from Russia. Peace talks got underway today in Turkey with President Recep Tayyip Erdogan stating it’s time for “concrete results.”
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. –…
– India, the world’s third largest consumer of oil, has increased its oil imports from Russia. As international sanctions bite into Russian oil exports, the price of Ural crude has dropped sharply. One analyst speaking to the BBC speculated that India was likely paying US$30 per barrel less than the price for Brent crude. Estimates put India being set to import almost four million barrels from Russia in April. However, India will still purchase the vast majority of its oil from the Middle East, the United States and Nigeria.
– Ahead of the Australian general election in May, the Liberal-National government is set to spend additional billions of dollars in fuel tax cuts, cash giveaways, and on public works. In tossing aside the government’s fiscal restraint, Treasurer Josh Frydenberg tabled the government’s latest budget on Tuesday in hopes of wooing back supporters. The opposition Labour Party leads the latest polls with more than 50 per cent support. The still-to-be called election must be held before May 22.
