Global Markets: Deadly earthquake hits Afghanistan

By MarketsFarm

WINNIPEG, June 22 – The following is a glance at the news moving markets in Canada and globally.

– An earthquake in a remote mountainous region of eastern Afghanistan near the Pakistan border has killed at least 1,000 people and injured many more, according to reports out of the country. The 6.1-magnitude quake marked the deadliest earthquake in the country in 20 years. Relief efforts are expected to be complicated as the country is still dealing with the Taliban takeover and exit of United States forces.

– U.S. President Joe Biden is expected to make a request to Congress on Wednesday to suspend federal gasoline and diesel taxes for the next three months. He will also call on states to suspend their own taxes in an effort to ease the financial pressures of high fuel prices. There is currently an 18.4 cents-per-gallon federal tax on gasoline and 24.4 cents-per-gallon on diesel in the country, where prices are averaging US$5 per gallon.

– Canada’s annual rate of inflation hit 7.7 per cent in May, according to a report from Statistics Canada. That marks the fastest pace in nearly 40 years. Gasoline prices were up by 48 per cent on the year, while food prices rose by 9.7 per cent.

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