Global Markets: China continues to shun Canadian canola
WINNIPEG, March 26 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– Another Canadian grain company is banned from exporting to China. Viterra Inc. had its license revoked as the country continues to crack down on Canada’s foremost crop, citing concerns with dangerous pests and fungus found in the product, though the Canadian Food Inspection Agency hasn’t found any such pests. This trade pushback is seen as a retaliatory move following the arrest of Huawei executive Meng Wangzhou in Vancouver in December.
– United States Treasury Bond yields inverted on Friday, meaning 10-year bonds have a lower yield than the 3-year note, reflecting a lack of faith in near-term markets. Some experts view yield curve inversions as a recession predictor.
– United Kingdom Prime Minister Theresa May’s most recent British attempt was shot down on Monday night, defeated by 329 votes to 302. The former industry minister said “It’s absurd that now we are in a position of political impasse and… Parliament hasn’t actually talked about it on the floor of the House of Commons. That’s what I call a democratic deficit.” MPs have said if there is majority consensus for a plan, May must acknowledge it.
– Following Special Counsel Robert Mueller’s report on Friday showing no collusion between Donald Trump and Russia during the 2016 U.S. presidential election, Trump is focusing on trade negotiations with China. Canadian Foreign Affairs Minister Chrystia Freeland is in Washington to meet with U.S. Trade Representative Robert Lighthizer and other members of Congress. Trump is scheduled to meet with U.S. lawmakers on Tuesday regarding trade issues.