Global Markets: House votes on rules of impeachment today

By MarketsFarm

WINNIPEG, Oct. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Members of the United States House of Representatives will vote today on the rules of impeachment. Democrats undertook impeachment proceedings after it was revealed President Donald Trump allegedly pressured Ukrainian President Volodymyr Zelensky to investigate former Vice-President Joe Biden and his son Hunter, who had been a board member on one of Ukraine’s largest energy companies. Trump was said to have threatened to hold back US$400 million in military aid to Ukraine if there wasn’t an investigation. Setting the rules of impeachment only requires a simple majority in the House, which the Democrats control.

– The Bank of Canada continued its freeze of its key interest rate on Wednesday. The country’s central bank kept the rate at 1.75 per cent, citing concerns over slower economic growth and the threat the U.S./China trade war poses to the global economy. In the U.S., the Federal Reserve cut its key rate by a quarter of a point, to 1.50 per cent as means to strengthen that country’s economy.

– Following the cancellation of next month’s APEC summit in Chile on Wednesday, the U.S. and China will have to sign their partial trade deal elsewhere. It was planned for U.S. President Trump and Chinese President Xi Jinping to sign the agreement during the Nov. 16 to 17 summit in the Chilean capital of Santiago. Chinese and U.S. officials are now working to find alternative locations. Massive anti-poverty protests, including violent clashes between demonstrators and police, led President Sebastian Pinerea to cancel the APEC summit as well as December’s COP25 summit.

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