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Global Markets: China detains third Canadian

By Commodity News Services Canada

WINNIPEG, Dec. 19 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Global Affairs Canada reported Wednesday that a third Canadian has been detained in China. Global Affairs didn’t reveal the person’s identity, but stated the Canadian is neither a diplomat nor an entrepreneur. Following the arrest of Huawei Chief Financial Officer Meng Wanzhou in Vancouver earlier this month, Chinese officials detained former diplomat Michael Spavour and entrepreneur Michael Kovrig.

– Province of Alberta Premier Rachel Notley was critical of the federal government’s plans to provide more than C$1.6 billion in loans to the province’s troubled oil industry. Notley said the feds are not helping with Alberta’s plans to purchase rail cars to move 120,000 barrels of crude oil a day. Also, the province has imposed a production cut of 8.7 per cent effective Jan. 1 and wants the private sector to submit plans for a new refinery.

– In the United States, the Federal Open Market Committee is widely expected to boost the prime rate from 2.25 per cent to 2.5 per cent Wednesday afternoon. The increase is being viewed as dove-ish by market analysts, but drew the ire of President Donald Trump, who was critical of any hike to interest rates.

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