Global Markets: Zelenskyy visits White House, speaks to Congress

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Ukrainian President Volodymyr Zelenskyy made his first foreign trip since Russia’s invasion of Ukraine on Wednesday, visiting the White House in the afternoon and later addressing Congress in the evening. The visit was designed to shore up U.S. support for Ukraine’s defences, with Zelenskyy appealing to Congress for more funds. In a speech which received multiple ovations, he said, “Your money is not charity. It is an investment in global security and democracy.” Zelenskyy also presented a Ukrainian flag flown and signed by soldiers fighting in Bakhmut, located in the Donbas region.

– Sam Bankman-Fried, founder and former CEO of failed cryptocurrency exchange FTX, was extradited to the U.S. on Wednesday after being arrested in the Bahamas at the request of the U.S. government last week. Bankman-Fried faces numerous charges, including wire fraud, conspiracy and campaign finance violations. Two of his top associates, Caroline Ellison and Gary Wang, pleaded guilty to criminal charges on Wednesday and will co-operate with the Southern District of New York’s investigation.

– The Canada Mortgage and Housing Corporation (CMHC) announced regulations for its ban on foreign homebuyers on Wednesday, which will go into effect on Jan. 1, 2023. With some exceptions, foreign commercial enterprises and people will be prohibited from purchasing residential properties in Canada for two years. Those who break the rules will be fined up to C$10,000 and may be forced to sell the property.