Glacier FarmMedia COVID-19 & the Farm

Global Markets: Canada’s unemployment rate rises in July

By MarketsFarm

WINNIPEG, August 9 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported Friday morning that approximately 24,200 jobs were lost in July, largely in the retail and wholesale sectors. Overall, 11,600 full-time jobs were gone along with 12,600 part-time positions. Canada’s unemployment rate was up from 5.5 per cent in June to 5.7 per cent in July.

– To quell protests, India’s federal government has continued a strict curfew in the country’s Kashmir region for a fifth-consecutive day, said Reuters. Earlier in the week, the ruling conservative Hindu nationalist Bharatiya Janata Party announced it would end the Muslim-majority Kashmir’s special constitutional status and downgrade its statehood. Together with a communications blackout hundreds of people in Kashmir were arrested. Both India and Pakistan claim Kashmir as their territory. Since gaining independence in 1947, the two countries fought wars and a series of military clashes over the region.

– United States President Donald Trump boasted he has a number of means to intensify the U.S./China trade war, reported BNN Bloomberg. Trump tweeted the U.S. Federal Reserve could cut interest rates to lower the U.S. dollar. Last week, China devalued its yuan, which sent U.S. markets tumbling. Trump also said he could hike tariffs on Chinese imports by 10 to 25 per cent on September 1. The two countries have been locked in a trade war for more than a year, imposing stiff tariffs on each other’s imports.

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