Global Markets: Soleimani mourners killed at funeral stampede

By MarketsFarm

WINNIPEG, Jan. 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– A sea of mourners stampeded the funeral of Iranian General Qassem Soleimani, resulting in approximately 50 deaths and hundreds of injuries. The burial was subsequently postponed indefinitely. The commander was killed in a United States drone strike late last week, and the U.S. and its allies are on alert for retaliation. Iran has since abandoned promises made in the 2015 nuclear deal, and neighbouring Iraq has called for U.S. troops to leave the country.

– Oil prices have come off of previous highs, as traders are cautious due to the continued tension between the U.S. and Iran. Following the Friday airstrike, Brent Crude futures were over US$70 per barrel for the first time in several weeks. Values have retreated slightly, but still remain approximately three per cent higher than before the attack. The U.S. has deployed additional forces to the region, but so far oil supply chains have not been impeded. Gold values have also held around six-year highs, as risk-averse investors carefully appraise geopolitical tensions.

– The French government and unions appear to be no closer to reaching a deal, as record-setting train strikes continue to hobble the nation. The strikes have gone on for several weeks, making commutes difficult for Parisians. The government and unions will continue to negotiate on proposed pension reforms. Prime Minister Edouard Philippe said the pension reform bill will be presented to the Cabinet on Jan. 24, and will be up for for parliamentary debate beginning Feb. 17.

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