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Global Markets: Morneau says federal deficits will balloon

By MarketsFarm

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

– Canadian Minister of Finance Bill Morneau said the country’s economy is “sound and growing” during his economic update on Monday. Morneau pointed to lower unemployment, growing wages and other key factors highlighting the strength of the economy. However, federal deficit projections for this year ballooned from C$19.8 billion to C$26.6 billion, and from C$19.7 billion to C$28.1 billion in 2020 before coming down. Morneau cited pension and benefit adjustments, the new Hibernia revenue-sharing agreement and middle class tax cuts for the larger deficits.

– Clashes between protesters and police continue across India over the country’s Citizenship Amendment Bill. The legislation would fast track Indian citizenship for Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who fled Muslim-majority countries such as Pakistan, Bangladesh and Afghanistan prior to 2015. Most of the protests have been in reaction to bill for excluding Muslims who also faced persecution. Critics accused India’s nationalist government of attempting to further marginalize the country’s Muslim minority.

– Boeing announced on Monday that it has suspended manufacturing of the 737 Max 8 passenger jet. All of the 737 Max 8’s were grounded earlier this year following two crashes of the jet, which were blamed on glitches in the flight computer system. While no country has yet to lift its grounding of the jet, Boeing continued to build 42 of them per month. The company has 400 of the planes waiting to be delivered. Boeing said they don’t expect to lay-off any of its employees.

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