WINNIPEG, Feb. 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Ontario Provincial Police (OPP) said on Wednesday that they are prepared to end a demonstration that’s halted traffic on the Canadian National Rail tracks near Belleville, Ont. Members of the Mohawks of Tyendinaga have been demonstrating close to the tracks since Feb. 6 in support of the Wet’suwet’en protests against the Coastal GasLink pipeline project in British Columbia. Although the Mohawk demonstrators have not blocked the tracks, their actions are too close for CN Rail and Via Rail trains to safely pass by. The demonstration is one of dozens across Canada slowing or stopping rail and highway traffic in support of the Wet’suwet’en.
– With 26 per cent of the votes cast, Senator Bernie Sanders emerged as the winner in the Democratic Party’s New Hampshire primary on Tuesday. Former South Bend, Ind. Mayor Pete Buttigieg was close behind in second, followed by Senators Amy Klobuchar and Elizabeth Warren respectively. Former Vice-President Joe Biden finished a distant fifth. Tech entrepreneur Andrew Yang and Sen. Michael Bennett dropped out of the race after the New Hampshire results were announced. The Democrats now move on to the Nevada caucus scheduled for Feb. 22 and South Carolina a week later.
– Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) recommended on Wednesday the cartel and its oil-producing allies further cut production by 600,000 barrels per day. The call for cuts reflects the recent declines in global demand, especially that of China. Since the coronavirus outbreak, demand in China alone dropped seven per cent. Meanwhile, OPEC’s main ally, Russia, has dragged its feet on whether to support further production cuts or maintain current reductions in place since last fall.