Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Russia went on the accusation offensive on Sunday as the country pulled out of the agreement that allows Ukraine to export grain out of its Black Sea ports. Russian leveled allegations that Ukraine, with help from the United Kingdom, used drones to attack its Black Sea fleet based in Sevastopol. As well, Russia accused the U.K. of masterminding the recent sabotage to the Nord Stream pipelines. With Russia providing no evidence to support its claims, Ukraine and the U.K. denounced the accusations. On Monday, Russia resumed its campaign to destroy Ukraine’s power infrastructure with several missile strikes that included Kyiv. The latest moves by Russia pushed North American wheat prices up sharply.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– In a stunning comeback, leftist Luiz Ignacio Lula da Silva won the Brazil presidential run-off on Sunday, narrowly defeating far-right incumbent Jair Bolsonaro with 50.9 per cent of the valid votes cast. Widely known as Lula, da Silva had been president from 2003 to 2010. In 2018, he was found guilty of taking bribes when he was president and after 580 days in prison his conviction was annulled. Although Bolsonaro lost, his political allies in Brazil’s congress scored a majority. Also, the Bolsonaro camp have suggested they would not accept any results that showed a Lula victory. Lula is scheduled to be sworn in on Jan. 1.
– In a CBC report published on Sunday, Bank of Canada (BoC) Governor Tiff Macklem stated the central bank’s independence from the government of the day is not under threat. Macklem has faced strong criticism from the opposition in Parliament, with Conservative leader Pierre Poilievre stating he would fire Macklem. More recently, New Democrat leader Jagmeet Singh warned Canadians cannot afford further interest rate hikes by the BoC and future increases will have a “serious impact on families.” Last week, Finance Minister Chrystia Freeland defended the BoC’s independence from government interference.
