Global Markets: Liberals re-elected to minority government

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Justin Trudeau will remain Prime Minister of Canada as his Liberal Party was elected to a third straight term and second consecutive minority government on Monday. The election, which was controversially called by Trudeau in an attempt to gain a majority in the House of Commons, was largely an exercise in the status quo with no party making sweeping gains. As of 8:34 a.m. CDT, the Liberals were elected or leading in 158 seats, gaining three seats. The Conservatives, led by Erin O’Toole, had 119 seats, losing two. The Bloc Quebecois, led by Yves-Francois Blanchet, added two more seats at 34, while Jagmeet Singh’s New Democratic Party gained a seat to sit at 25. Annamie Paul’s Green Party held steady at two seats while the populist right-wing People’s Party of Canada, led by Maxime Bernier, failed to win a seat for the second straight election. Mail-in votes and special ballots will be counted on Tuesday.

– The White House announced on Monday the United States will allow foreign travelers to enter the country as long as they are fully vaccinated against COVID-19. The new rules, which are set to come into effect in early November before U.S. Thanksgiving, will replace a patchwork of bans preventing foreign travelers from certain areas to enter the country. However, the U.S. is still maintaining its ban on people crossing its land borders for non-essential travel.

– The U.S. Labor Department announced on Tuesday that non-farm payrolls increased by 943,000 in July, its largest gain since August 2020. Data from May and June were revised to show 119,000 more jobs than previously reported. As a result, the country’s unemployment rate dropped to a 16-month low of 5.4 per cent. Hiring was fueled by demand for workers in the services sector, as well as pandemic relief funds and COVID-19 vaccines.

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