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Global Markets: Hurricane Nicholas makes landfall

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Hurricane Nicholas, which has since been downgraded as a tropical storm, made landfall in Texas early Tuesday morning. The system is expected to bring up to 50 centimetres of rain, winds up to 110 kilometres per hour, and flash flooding along the Gulf Coast. The system will move over southeast Texas on Tuesday and enter Louisiana on Wednesday.

– Oil production will be flat during the month of September but will grow in October, the International Energy Agency (IEA) announced on Tuesday. The IEA stated that oil production was to increase this month after an agreement by OPEC+ and its allies, but the additional supply has been offset by refinery shutdowns caused by Hurricane Ida. In August, global oil supply dropped by 540,000 barrels per day.

– The United States Labor Department released data on Tuesday showing only a 0.3 per cent gain in the consumer price index (CPI) in August, the smallest gain in seven months. When excluding food and energy, core inflation only increased by 0.1 per cent. The new figures are giving credence to the belief shared by some officials in the U.S. Federal Reserve and President Joe Biden’s administration that inflation will be temporary.

– California will vote today whether to recall Democrat Governor Gavin Newsom in a special election. The recall, only the second in the state’s history, was brought on by many of the state’s Republicans, including supporters of former U.S. President Donald Trump, who are against Newsom’s policies on immigration, LGBTQ+ rights and preventing COVID-19. Polls have indicated most voters would like to retain the governor instead of voting for one of the other 46 candidates to replace him.

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