Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.
– Russia launched drones and missiles across Ukraine on Wednesday, killing at least six people, including two children according to Ukrainian officials. Russia also launched another attack designed to cripple Ukraine’s energy infrastructure before winter, which caused blackouts and injured 18 people. The attacks come a day after the White House said there was no imminent meeting between United States President Donald Trump and Russian President Vladimir Putin.
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– U.S. Agriculture Secretary Brooke Rollins said to Fox News on Tuesday the U.S. Department of Agriculture will distribute billions of dollars in aid for farmers and re-open some services despite the ongoing federal shutdown. While Rollins said an aid package to farmers will be delayed until the end of the shutdown, she added on social media that “Thursday, USDA will resume FSA core operations, including critical services for farm loan processing, ARC/PLC (commodity) payments, and other programs.” All FSA offices will also be re-opened.
– An economic outlook released by Desjardins said the federal government’s decision to cut income taxes and drop counter tariffs has worsened Canada’s fiscal position ahead of the Nov. 4 federal budget. The report estimated the federal deficit will hit C$74.5 billion, C$6 billion higher than the parliamentary budget officer’s own estimate. While dropping taxes and tariffs could boost economic growth, the report said it won’t be enough to offset the potential loss of tax revenue.
– The price of gold took a plunge on Tuesday, falling by more than six per cent, its biggest drop in 12 years. As of 9:18 a.m. CDT, gold was down an additional 0.6 per cent today. The selloff was due to profit-taking as the metal was up 55 per cent compared to last year. Gold became ideal for investors as they stayed away from sovereign debt and currencies affected by government budget deficits.
