WINNIPEG, June 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Demonstrations in the United State against police brutality have caught the world’s attention. Diplomats in the European Union have been “shocked and appalled” by the “abuse of power” of the excessive use of force used against demonstrators. Iran’s foreign ministry has also called on the U.S. to “stop violence against its own people,” after President Donald Trump announced that police will “dominate the streets,” and threatened to invoke the Insurrection Act of 1807.
The United Kingdom and the E.U. have continued negotiating the U.K.’s exit from the bloc. The transition period ends on December 31, and it’s possible that date will come without a free trade agreement in place. That could jeopardize an already fragile economy that was battered by the COVID-19 pandemic.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) will meet later this week to discuss further production cuts. Ahead of the meeting, producers seem to be favouring extending cuts for at least another month in order to prop up global crude oil prices.