Global Markets: Canada’s finance minister resigns

By MarketsFarm

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

Bill Morneau is stepping down from his position as Canada’s finance minister. In the midst of the Canadian economy recovering from the ill effects of the COVID-19 pandemic, Morneau said “it’s the right time for a new finance minister to deliver on that plan.” Morneau had clashed with Prime Minister Justin Trudeau regarding the funding of green initiatives and Canada’s deficit, which hit C$343.2 billion this year.

The United Kingdom’s economy fell by 20.4 per cent in the second quarter of 2020, which was the worst on record and the weakest performance of any major economy during the COVID-19 pandemic. Although the U.K.’s economy has relaxed many COVID-19 restrictions, the economy still has many restrictions in place compared to other economies.

Israeli warplanes have attacked Gaza for seven consecutive days, despite visiting Egyptian officials who have strived to diffuse the violence between the two nations. “Fighter jets and [other] aircraft struck underground infrastructures belonging to Hamas in the Gaza Strip,” an Israeli military statement said.

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