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Global Markets: Morneau to give economic update

By MarketsFarm

WINNIPEG, Dec. 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canadian Minister of Finance Bill Morneau is scheduled to give an update at 10 am CST on Monday about the country’s fiscal well-being. It’s expected Morneau will say the Canadian economy will continue to grow by one of the highest rates in the G7. As well, the update will likely include the government’s spending plans until the finance minister delivers his budget in the spring.

– The Canadian Federal Court of Appeal begins a three-day hearing in Vancouver regarding the Trans Mountain pipeline expansion (TMX) project. Indigenous groups, including the Coldwater Indian band, the Squamish Nation and the Tsleil-Waututh Nation, will argue they were not adequately consulted about the project. The TMX is to almost triple the pipeline’s capacity to 890,000 barrels per day. It runs from refineries near Edmonton to the port at Burnaby, B.C.

– Argentina’s new government hiked tariffs on soy, wheat and corn exports on Sunday. President Alberto Fernandez said the move is to collect additional revenue to avoid Argentina from defaulting on its burgeoning debt. Exports tariffs on soybeans, soymeal and soyoil were raised to 30 per cent from 25. Levies on corn and wheat nearly doubled from seven to now 12 per cent.

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