Global Markets: Another volley in Canada-China diplomatic spat

By Commodity News Services Canada

WINNIPEG, Jan. 18 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– There was another volley in the diplomatic spat between Canada and China on Thursday when the latter’s ambassador to Canada, Lu Shaye, waded in. Lu warned of possible repercussions if Canada bans Huawei Technology from its 5G networks. As well, the Chinese ambassador said Canada should back off from lobbying international support for its cause, such as at the upcoming World Economic Forum in Davos, Switzerland.

– A dietary report published in the Lancet, a medical journal, has quickly turned into a controversy. The report, organized by the Stockholm-based organization EAT, has advocated people eat half the beef they normally do and eat more plant-based foods. EAT’s report said raising cattle takes up land, cattle emit methane, a greenhouse gas, and eating less red meat is healthier. The cattle and dairy industry have denounced the report.

– Canada’s consumer price index in December increased by two per cent, according to a report from Statistics Canada. The index was at 1.7 per cent in November and had been expected to remain unchanged in December. A 22 per cent jump in air transportation costs is largely to blame. The Statistics Canada report also said the consumer price inflation was up 2.5 per cent when excluding gasoline.

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