WINNIPEG, Dec. 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Crude oil production from the Organization of Petroleum Exporting Countries (OPEC) and their allies has been cut ahead of a meeting to discuss strategy for 2020. The cut was largely due to reductions in production by Angola and Iran. OPEC+ will meet in Vienna this week to set output levels for the coming year. OPEC+ cut supply by 1.2 million barrels per day in 2019.
– United States President Donald Trump has said he will place tariffs on steel and aluminum from Argentina and Brazil again, in response to the South American countries purportedly devaluing their currencies in order to boost their agricultural exports. President Trump has also said he expects the U.S. Federal Reserve to take action against these suppressed currencies.
– Typhoon Kammuri is approaching the Philippines, sparking massive evacuations. The typhoon has winds of 155 kilometres per hour, gusting up to 19 kph, according to the nation’s weather bureau. The storm is following a similar track as Typhoon Rammasun in 2014, which killed over 100 people. Currently, over 200,000 people have evacuated their homes.