WINNIPEG, June 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Former Minneapolis police officer Derek Chauvin has been charged with second-degree murder for kneeling on George Floyd’s neck, upgraded from the initial charge of third-degree murder. The three police officers who watched it happen are also charged with aiding and abetting second-degree murder and manslaughter. Approximately 10,000 people have been arrested across the United States for protesting police brutality this week.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) have yet to confirm a date for their June meeting, and are struggling to agree on co-ordinated production cuts. Saudi Arabia and Russia have agreed to extend production cuts for at least another month, but other countries in the cartel have not committed yet.
According to a recent report from Statistics Canada, the country’s merchandise trade deficit more than doubled in April from the month prior, due to exports falling to the lowest level in over a decade. April’s deficit totalled C$3.3 billion in April, compared to C$1.5 billion in March.
The U.S. trade deficit hit eight-month highs in April, totalling US$49.4 billion, compared to US$42.3 billion the month prior. Exports from the U.S. fell by over 20 per cent, and imports dropped by almost 14 per cent.