Global Markets: China charges Canadians with spying

China to step up U.S. ag imports

By MarketsFarm

WINNIPEG, June 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Michael Kovrig and Michael Spavor have been formally indicted with espionage-related charges by Chinese prosecutors on Friday after 18 months of being detained. The two Canadians were arrested in China following the arrest of Huawei executive Meng Wanzhou in Vancouver by Canadian authorities at the request of the United States. The laying of charges against the two Michaels came just over three weeks after Meng lost her bid to have her extradition hearing stopped. Kovrig is a former diplomat who was working as an advisor for the International Crisis Group. Spavor specialized in arranging travel to North Korea.

– China said on Friday that it will step up its purchases of U.S. agricultural goods, including soybeans, corn and ethanol. The announcement came after high-level talks between the U.S. and China this week in Hawaii. Under the Phase One trade deal signed earlier this year, China was to import US$40 billion in farm products from the U.S., but has only made a fraction of that so far.

– The number of reported cases of COVID-19 around the world surpassed 8.5 million on Friday, according to Johns Hopkins University. The U.S. has led the world with almost 2.2 million cases as Brazil has been quickly approaching 1 million. The number of COVID-19 deaths was almost 455,000 and recoveries were nearly 4.2 million.

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