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Global Markets: Pandora Papers leaked

By MarketsFarm

WINNIPEG, Oct. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The details of millions of leaked financial documents, known as the Pandora Papers, were revealed by the International Consortium of Investigative Journalists over the weekend. The documents uncover financial secrets of 35 current and former world leaders, including Russia’s Vladimir Putin and former United Kingdom Prime Minister Tony Blair. Hundreds of other politicians and public figures were also involved in the leak, with notable Canadians including former race car driver Jacques Villeneuve and figure skater Elvis Stojko.

– The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will stick with its existing plan to increase oil output by 400,000 barrels per day in November, according to reports. The move caused oil prices to rise, as some had called for a larger production in increase in order to help ease surging fuel costs.

– A massive oil spill off the southern coast of California has led to an oil slick covering about 20 square kilometres of the Pacific Ocean. The spill was caused by a breach of a line connected to an oil rig operated by the Amplify Energy Corporation. Local officials have described the spill and resulting contamination of wetlands as an environmental catastrophe.

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