Glacier FarmMedia COVID-19 & the Farm

Global Markets: Fireworks mark New Year, new decade

By MarketsFarm

WINNIPEG, Dec. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Australia and numerous other countries already rang in the New Year. Australia proceeded with its massive fireworks spectacle at the habourfront in Sydney despite drought conditions. Hundreds of bushfires have been raging across Australia since September, causing at least a dozen fatalities. Fireworks also highlighted the start of the New Year and a new decade in New Zealand, Hong Kong, South Korea and Samoa.

– With the retirement of Bank of Canada Governor Stephen Poloz scheduled for June, the country’s central bank announced on Monday that it begun the task of finding a replacement. Frontrunners for the position include Deputy Governor Carolyn Wilkins; former Deputy Governor Tiff Macklem who’s the dean of a business school; and BlackRock Inc.’s Jean Boivin, who heads its London research operation. A life-long economist who kept his distance from the federal government, Poloz was a change of pace from his predecessor, Mark Carney, who was far more actively involved in managing the Canadian economy. One of Poloz’s most notable policies was maintaining a freeze on interest rates since October 2018 when other central banks around the globe lowered their rates.

– Following air attacks over Iraq and Syria by the United States, hundreds of protestors stormed the U.S. embassy in Baghdad on Tuesday. Reports stated the protestors were organized by the pro-Iranian Popular Mobilization Units. The U.S. air attacks had been in response to attacks on U.S. installations in Iraq, reportedly carried out by Iran-backed Kataib Hezollah. In addition, the Iraqi Prime Minister condemned the U.S. for its actions, but also warned protestors attacks on embassies would be severely dealt with by security forces.

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