Global Markets: U.S. GDP falls record 32.9% in second quarter

By MarketsFarm

WINNIPEG, July 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United States gross domestic product fell by a record 32.9 per cent in the second quarter of 2020, according to data from the Bureau of Economic Analysis. The decline was at the higher end of expectations and comes after a five per cent drop the previous quarter.

– U.S. President Donald Trump floated the idea of delaying the country’s presidential election in a tweet this morning. He claimed that mail-in-voting would lead to “the most inaccurate and fraudulent election in history.” There is no evidence to back up that claim, with mail-in-voting already a common practice in many states. The election is scheduled for November.

– Canadian Prime Minister Justin Trudeau along with his chief of staff, Katie Telford, will appear before a House of Commons committee today to answer questions about the decision to award a federal contract to the WE Charity. The contract that would have seen the charity administer a C$900 million student grant program has since been cancelled amid conflict of interest allegations.

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