Global Markets: Climate change poses huge cost to economy

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Aug. 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Climate change could lead to a C$139 billion loss in the Canadian economy over the next 30 years, according to a report released on Monday by global engineering firm GHD. Titled ‘Aquanomics’ the report stated water is a key element in climate change, by having too much or too little. Also, the report said agriculture, banking, energy and retail will be the most affected sectors in the Canadian economy.

– At least 23 people are dead as political instability increased in Iraq on Tuesday. The violence that started on Monday, came after Shia Muslim cleric and leading political figure Moqtada al-Sadr announced he has quit politics. His supporters clashed with not only Iraqi security forces, but also militias aligned with Iran. After Sadr’s political bloc won the most parliamentary seats in last year’s elections, they haven’t been able to form a government, particularly with Iranian back political parties.

– Stock markets were poised to make gains on Tuesday as the declines generated from recent comments made by United States Federal Reserve Chair Jerome Powell were wearing off. Last week, Powell indicated that the Fed would continue to hike interest rates to combat rising inflation. The turnaround was reported to be led by cryptocurrencies and European banks.

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