Glacier FarmMedia COVID-19 & the Farm

Global Markets: Debt payments top priority for Canadians

By MarketsFarm

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

– Paying down household debt is a top priority for Canadians a survey conducted by CIBC found. This marked the tenth consecutive year debt repayment topped the bank’s survey. Also, Bloomberg reported on Monday that the average Canadian owes about C$1.76 for every C$1 of disposable income. Added to that, about 15 cents of the latter goes towards the principal and interest. Other priorities in the poll were inflation and saving for retirement.

– The United States trade deficit is the smallest it has been in three years; according to data released by the U.S. Department of Commerce on Monday. The report found the trade deficit dropped from US$66.8 billion in October to US$63.2 billion in November. The report noted exports increased by 0.7 per cent while imports decreased by 1.3 per cent. Forecasts from economic analysts predicted the deficit to have jumped to US$68.7 billion.

– Scores of bushfires continue to plague Australia as every state in the country has been forecast to hit 40 Celsius on Monday. The BBC reported that a volunteer firefighter died battling a blaze in New South Wales, bringing the death toll to 10 since the bushfire crisis began in September. Also on Monday, approximately 30,000 people were evacuated from Australia’s popular holiday region of East Gippsland. A meteorological phenomenon over the Indian Ocean known as a dipole was said to be causing the extreme heatwave. As well, lightning from fire-generated thunderstorms started at least 70 new fires.

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