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Global Markets: Republicans balk at impeachment proceedings

By MarketsFarm

WINNIPEG, Nov. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Many key White House witnesses are scheduled to testify to Congress this week as a part of United States President Donald Trump’s impeachment inquiry. However, some Republicans are boycotting the proceedings at the urging of the president. By ordering officials to not cooperate with Congress, some Democrats have said the president should face obstruction of justice charges alongside the spate of charges against him.

– Wall Street is anticipating a strong day due to renewed hopes of a trade deal between the U.S. and China. On Friday, both countries said that progress was made in coming to a resolution. U.S. officials have indicated that a deal could be signed in November. “There is growing enthusiasm over a trade deal, as progress is being made in these talks,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York, to Reuters.

– The Regional Comprehensive Economic Partnership, a 16-country trade initiative to boost investment and trade in Southeast Asia, has faced significant roadblocks with India as a partner. India has been reticent to exposing farmers and factories to foreign competition. The China-led coalition released a statement that said they had resolved differences but India was not in agreement. A trade deal has been in the works for over seven years, and signing a final deal has been pushed to 2020. The statement, released after the leaders met, said “India has significant outstanding issues, which remain unsolved.”

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