Global Markets: Downpour hits Chinese coal area, at least 15 dead

By MarketsFarm

WINNIPEG, Oct. 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Heavy rains in the northern Chinese province of Shanxi have reportedly killed at least 15 people, with an estimated 120,000 displaced by the downpours which triggered floods and housing collapses. The state is a major coal producing area, with at least 60 coal mines suspending operations at a time when China is already dealing with an energy crisis.

– Tensions are brewing between Japan and Russia, as Russia disputes Japan’s claim over a chain of islands between the two countries. Japan’s new prime minister Fumio Kishida has laid claim to four islands – Iturup, Kunashir, Shikotan and Habomai – which lie to the north of Japan’s northernmost main island, Hokkaido. Meanwhile, Russia maintains that the Kuril Islands, as they’re known in Russia, are their territory. The islands are currently home to about 20,000 people and Russia operates military bases.

– The International Monetary Fund has cut its outlook for global economic growth, citing persistent supply chain disruptions. The IMF now pegs global growth in 2021 at 5.9 per cent, from an earlier estimate of 6.0 per cent. The 2022 projection was left unchanged at 4.9 per cent.

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