Global Markets: Brexit deal on the horizon

By MarketsFarm

WINNIPEG, Oct. 17 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United Kingdom and European Union have reached a tentative deal that could lead to a timely Brexit on Oct. 31. However, Northern Ireland’s Democratic Unionist Party may not support the deal. A vote on the deal will be held in Parliament on Saturday, Oct. 19. U.K. Prime Minister Boris Johnson Johnson called the deal “a reasonable, fair outcome that reflects the large amount of work undertaken by both sides.”

– The International Monetary Fund (IMF) said the global economic outlook is likely to worsen due to uncertainty regarding trade, according to World Bank President David Malpass. “I think there are possibilities for improvement in the outlook into 2020,” Malpass told Bloomberg reporters in Washington on Wednesday. Improvements would include clarity on U.S.-China trade and Brexit, as well as growth-boosting policy changes in other countries. On Tuesday, the IMF cut its global growth forecast to three per cent, which is the slowest pace in decades. The World Bank also cut its forecast to 2.6 per cent.

– Home building in the United States fell by 9.4 per cent in September. This rate drop comes after overall home building rates hit a 12-year high in August, fuelled by lower mortgage rates. In September, the rate of single-family home buildings increased by 0.3 per cent, while the construction of new apartments plummeted by 28.3 per cent.

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