Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Prior to appearing before the United States Senate Banking Committee on Tuesday, U.S. Federal Reserve Chair Jerome Powell publicly acknowledged that inflation has exacted a toll on “those less able to meet the higher costs of essentials like food, housing and transportation.” The committee will question Powell today as part of his confirmation process to remain as the head of the Fed. In November, President Joe Biden re-nominated Powell as chair of the country’s central bank. Reports said Powell is very likely to win bipartisan support from the Senate, but members of the House of Representatives are expected to give him a rough time over rising inflation.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Canadian Minister for International Trade Mary Ng met with a Taiwanese cabinet minister on Monday for “exploratory discussions” about increasing trade between the two countries. Both countries are looking to diversify their international trade, with Taiwan wanting to reduce its reliance on trade with China. In turn, China criticized Canada for not respecting its ‘one-China’ principle, as the People’s Republic refuses to recognize Taiwan as an independent country.
– After the U.S. and Russia began talks over Ukraine on Monday, Olga Stefanishyna, Ukraine’s Deputy Prime Minister for European Affairs, stated the country’s proposed membership in NATO should not be used as a bargaining chip. Ukraine has long wanted to join the western alliance as a bulwark against Russian domination. “We have our own inherent, sovereign right to choose our own security arrangements,” Stefanishyna commented.
