WINNIPEG, June 25 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– The rate of rising home prices increased by less than expected in the United States. A recent report from Standard & Poor said the national home price index posted a 3.5 per cent year-over-year increase in April. “We expect home price growth to continue in the low single digits for the remainder of the year as inventory rises,” said Ruben Gonzalez, chief economist at Keller Williams, in a statement to Yahoo Finance.
– Lawyers for Huawei Technologies Co.’s chief financial officer Meng Wanzhou urged Canada’s justice minister David Lametti to end extradition proceedings. In a letter to Lametti, Wanzhou’s defence said it was “in Canada’s national interest to reject the U.S. request,” according to Bloomberg. Wanzhou faces many criminal charges in the U.S., including bank and wire fraud, money laundering and conspiring to obstruct justice. She is currently on house arrest in Vancouver.
– Trade talks will be at the top of the agenda at this week’s Group of 20 meeting. Though most of the focus will be on whether U.S. President Donald Trump and Chinese President Xi Jinping will resume negotiations or not, other global leaders will be vouching for their own countries. Global commerce is “being hit by new trade restrictions on a historically high level,” World Trade Organization Director-General Roberto Azevedo said in a report on Monday.
– Oil prices have jumped nearly 10 per cent since mid-June thanks to rising tensions between the U.S. and Iran, spurring fears of disruptions to global energy flows. This has reversed declines driven by trade conflicts between the U.S. and China, which slowed global demand. “The geopolitical risk premium is partly offset by another stand-off, namely between the U.S. and China,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. to Bloomberg.
– Zimbabwe, Mozambique and Kenya are all expected to import more white corn than usual, as extreme weather has ravaged their crops. The countries may import from Tanzania, as the nation has received formal requests from Zimbabwe and Kenya to supply 700,000 tonnes and one million tonnes, respectively. “Most of this shortfall could be covered by a shift in regional and continental trade flows,” said Alessandro Costantino, an East Africa economist for the United Nations’ Food & Agriculture Organization, to Bloomberg.