Glacier FarmMedia COVID-19 & the Farm

Global Markets: Houthi rebels attack Saudi Arabian oil facility

By MarketsFarm

WINNIPEG, Jan. 29 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Yemen’s Houthi rebels are claiming responsibility for an attack on an oil facility in Saudi Arabia. The 400,000 barrel-per-day refinery, owned by Aramco, wasn’t operating at its full capacity. The attack boosted crude futures by as much as 1.7 per cent, aiding to recovering commodity prices as market participants assess the impact of China’s coronavirus outbreak.

– There are nearly 6,000 confirmed cases of the new coronavirus in China, and 132 deaths. The World Health Organization will hold a press conference in Geneva at 10 a.m. CST. Last week, the agency did not call the outbreak a global health emergency. Air travel to certain regions in China has been restricted in order to quell the spread of the virus.

– Canadian cannabis company Canopy Growth has posted stronger sales data recently, according to analysts at BMO Capital Markets. The company has focused on offering cheaper cannabis products, which is a trend that has been adopted by several other cannabis retailers. The analysts upgraded Canopy Growth’s stock shares on the TSX from “speculative market perform” to “speculative outperform.”
The stock rose by over eight per cent on Wednesday morning.

– Today, United States President Donald Trump is expected to sign the U.S.-Mexico-Canada Agreement, or USMCA. Following that, Canada’s Prime Minister Justin Trudeau will introduce the deal to Parliament for ratification. The deal will replace the current North American Free Trade Agreement, or NAFTA.

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