By Commodity News Service Canada
June 21 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– United States President Donald Trump backed away from his tough stance of separating immigrant children from their parents at the U.S.-Mexico border following public outrage. Families will now be kept together when caught entering the U.S. illegally. Trump’s zero-tolerance policy to prosecute all illegal immigrants continues.
– Marijuana sales are scheduled to become legal in Canada starting Oct. 17. Stocks of marijuana producers rallied with shares of the three largest cannabis growers, Canopy Growth, Aurora Cannabis and Horizons Marijuana Life Sciences all posting gains yesterday.
– Saskatchewan Premier Scott Moe has proposed what he called a “fairer” formula used to determine federal transfer payments to the provinces. The federal program is designed to shift money to provinces to ensure all Canadians have access to similar public services. Payments are calculated on each province’s fiscal situation. Moe’s formula would distribute half of the funds (C$18 billion last year) as usual, but then distribute the rest to all provinces on a per capita basis.
– The OPEC group of oil producing countries are moving toward production increases, which could cool down oil prices. Member nations were discussing production increases of about one per cent per day, or about one percent of global supply.