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Global Markets: Time running out for Canada on NAFTA

By Commodity News Service Canada

Sept. 26 (CNS Canada) — The following is a glance at the news moving markets in Canada and globally.

– The United States is piling pressure on Canada to complete a deal for a revamped North American Free Trade Agreement by Sunday, or be left out of the informal revised trade agreement the U.S. has with Mexico. U.S. Trade Representative Robert Lighthizer said Canada and the U.S. were still some distance apart and both sides were running out of time. Canadian Foreign Minister Chrystia Freeland said Canada was not focused on timelines.

– Most United Kingdom financial institutions appear to be sticking with the U.K. despite fears about a hard exit from the European Union and no Brexit deal in sight. A Reuters survey suggested that about 630 financial jobs in the U.K. have shifted to other countries. Many bankers and politicians predicted much higher numbers, should a hard Brexit become reality at the deadline for a deal, which is next March. A Reuters survey of 134 financial institutions in March found that they expected about 5,800 jobs to leave if no Brexit deal can be struck.

– U.S. President Donald Trump’s speech to the United Nations yesterday drew unexpected laughter but also gave insights into possible future directions. Trump attacked the “ideology of globalism”, asked other nations to join the U.S. in condemning Iran, said the trade war with China was necessary because the U.S. would no longer be taken advantage of, and he condemned the UN Human Rights Council for “shielding human rights abusers.”

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