Global Markets: Super cyclone hits Bangladesh/India

By MarketsFarm

WINNIPEG, May 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Super cyclone Amphan, the largest storm to form in the Bay of Bengal in 21 years, made landfall on the border area between Bangladesh and India on May 20. Millions of people have evacuated ahead of the storm, which is expected to cause extensive damage to crops and property. Evacuation measures have been complicated by COVID-19 social distancing measures.

– Canada’s annualized rate of inflation fell to into negative territory in April, coming in at minus 0.2 per cent, according to the latest Statistics Canada data. The decline marked the first negative reading since September 2009, as the COVID-19 pandemic led to price declines in many categories.

– Andrew Scheer, outgoing leader of Canada’s Conservative Party, now says he will no longer renounce his United States citizenship, according to reports. Scheer had claimed to be in the process of renouncing his citizenship when campaigning to become Canadian Prime Minister in 2019. His father was originally from the U.S.

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