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Global Markets: Canada’s trade surplus shrinks

Record highs for imports, exports

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Sept. 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s trade surplus narrowed by C$778 million in July, according to a Statistics Canada report released on Thursday. The report noted imports increased by 4.2 per cent, hitting a record high of C$53 billion. Meanwhile exports bumped up 0.6 per cent at C$53.7 billion, despite being a record as well. Also, the federal agency revised its June number from C$3.2 billion to C$2.6 billion.

– With less than three weeks left in the Canadian general election, the Conservatives have pulled slightly ahead of the governing Liberals. The latest polling numbers from the CBC placed the opposition Tories at 33.7 per cent, with the Grits less than two points behind at 31.2. The other parties were led by the New Democrats at 20.6, the Bloc Quebecois at 6.2, the People’s Party with 4.2, and the Greens at 3.4. At this point of the campaign it’s uncertain as to which party will win on Sept. 20, but the likelihood of another minority government remained very strong.

– Japan will have a new prime minister later this month as current PM, Yoshihide Suga announced on Friday that he has withdrawn from the Liberal-Democratic Party’s leadership race. “Running in the race and handling coronavirus countermeasures would have required an enormous amount of energy,” the 72-year-old Suga said to the media. Barely a year ago, Suga succeeded Prime Minister Shinzo Abe who resigned reportedly due to ill health. Since then Suga’s popularity severely waned as the COVID-19 pandemic gripped in Japan, further exacerbated by the highly unpopular Tokyo Olympic Games. His successor will also guide the ruling LDP in Japan’s next election, which is later this year.

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