Global Markets: Zaporizhzhia nuclear plant loses power

By MarketsFarm

WINNIPEG, Oct. 12 – The following is a glance at the news moving markets in Canada and globally.

– Russian missile strikes have caused a Ukrainian nuclear reactor to lose external power for the second time in the past five days, raising concerns over a possible radiation disaster at the Russian-occupied Zaporizhzhia plant. The six reactors at the plant have already been stopped for some time due to the ongoing war, but still need electricity to prevent overheating and a meltdown. The International Atomic Energy Agency called the situation at the plant a “deeply worrying development.”

– Leaders of the Group of Seven, including Canada, met with Ukrainian President Volodymyr Zelensky via video conference on Tuesday, pledging to stand firmly with the embattled country “for as long as it takes.” The G7 leaders condemned the latest Russian missile strikes and pledged to continue to provide support to Ukraine.

– United States President Joe Biden announced Tuesday that “there will be consequences” for U.S. relations with Saudi Arabia over cuts to oil production targets announced by OPEC+ last week. Details of what those consequences may include were not immediately made clear.

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