Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– After two decades the United States pulled out of Afghanistan on Tuesday, making it the longest war the superpower has fought. During the extensive airlift, the U.S. military estimated they evacuated more than 123,000 civilians, including many who co-operated with U.S.-led coalition forces following the 9/11 attacks. As celebratory gunfire was heard throughout Kabul, an uncertain future faces Afghanistan as the brutal and harsh Taliban are once again ruling the country.
– Statistics Canada reported on Tuesday that Canada’s gross domestic product (GDP) contracted by 0.3 per cent in the second quarter as the third wave of COVID-19 curtailed economic activity. A slowdown in the housing market was one of the key factors in creating the slump, one that overpowered the boom in house building and home renovations. The decline was the first contraction following the initial economic recovery from the pandemic.
– The U.S. continued on Tuesday to assess the damage inflicted by Hurricane Ida. Much like Hurricane Katrina 16 years ago, Ida’s devastation has knocked out electrical power and caused extensive flooding along the Gulf Coast states. Some estimates predicted power in some areas may take up to four weeks to fully restore. Oil production across the region ground to a halt as rigs in the Gulf of Mexico remained evacuated and refineries attempted to come back online. Gasoline prices in the U.S. are expected to jump five to 15 cents per gallon going into the Labour Day long weekend.