Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported on Wednesday that the country’s GDP grew by an annual rate of 3.3 per cent in the second quarter following loosening of COVID-19 restrictions. For June, the federal agency said economic growth was 0.1 per cent, largely due to the hospitality sector. However, early data for July pointed to a slight contraction by the same amount, citing declines in manufacturing, retail, wholesale and utilities.
Read Also
Global Markets: Carney imposes tariffs to protect Canadian steel industry
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Gazprom, the Russian state-owned energy conglomerate, announced on Wednesday that it’s again cutting gas shipments through the Nord Stream 1 pipeline. In retaliation for western Europe’s support for Ukraine, Russia has been reducing the amount gas it sends, with the pipeline operating as little as 20 per cent capacity. The Putin regime denies it’s using energy supplies as a weapon. Gazprom said the new restrictions will be implemented for three days.
– Mikhail Gorbachev, the last leader of the Soviet Union, died Tuesday at the age of 91. Gorbachev came to power in 1985 and implemented reforms known as ‘glasnost’ and ‘perestroika’ to revitalize the stagnant Soviet economy. In 1990, he was awarded the Nobel Prize for Peace for his efforts in ending the Cold War. Despite widespread popularity in the West, Gorbachev was reviled in the former Soviet Union for its demise and the chaos that followed. He was ousted in a 1991 coup attempt that led to Boris Yeltsin becoming the first elected president of Russia.
