Glacier FarmMedia COVID-19 & the Farm

Global markets: Canada’s federal election, Russia’s economy

(Barry Wilmore photo courtesy NASA)

CNS Canada — The following is a glance at the news moving markets globally.

CANADIAN FEDERAL ELECTION — Liberal leader Justin Trudeau won a majority government last night, despite being in third place at the start of a marathon 78-day campaign.

Up next, the new prime minister must form a cabinet, and decide whether or not to ratify the Trans-Pacific Partnership. Trudeau had said he would not agree to the trade deal until he looks at the full text.

MARKETS REACT TO CANADIAN ELECTION OUTCOME — Markets were cautious in early activity on Monday, post-federal election.

The Canadian dollar initially reacted by moving lower as results were announced, but had strengthened by Tuesday morning.

Analysts say what a Liberal victory will mean for markets is unclear, but majority status for the fiscal stimulus-focused party will be a factor.

RUSSIA’S ECONOMY MAY BE NEAR A BOTTOM — New data from Russia shows the country’s economy contracted once again in September.

Capital investment and industrial production fell, though not as dramatically as in previous sessions.

Analysts interpreted the data to mean that the recession may not worsen further.

YUAN’S APPRECIATION TO HELP CHINA’S ECONOMY: U.S. — The U.S. has asked China on Monday to allow its currency to appreciate in order to rebalance the economy.

 

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