WINNIPEG, Dec. 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– By a vote of 230 to 197 United States President Donald Trump was formally impeached on Wednesday by the House of Representatives on charges of abuse of power and obstruction of Congress. The charges stem from allegations Trump attempted to manipulate the Ukrainian president into providing political dirt on former U.S. Vice-President Joe Biden. Sometime in January Trump will be tried in the U.S. Senate, where the Republicans hold a strong majority. A two-thirds majority is required to convict the president. Trump, a Republican, is now the third U.S. president to be impeached; joining Democrats Andrew Johnson (1868) and Bill Clinton (1998).
– Oil shipments by rail in Canada reached 411,000 barrels per day (BPD) in Canada in November, according to Bloomberg News on Thursday. Added to that, Alberta Premier Jason Kenney claimed shipments could reach 550,000 BPD. Kenney’s government eased production limits this year, which made it more economical to ship oil by rail. Gibson Energy Inc., SunCoke Energy Inc., and Summit Terminating announced plans to increase rail shipments.
– Officials from the U.S. and China have remained in close communication regarding the signing of their Phase One trade deal, according to Reuters on Thursday. The deal, which was initially reached in October, was renegotiated after it wasn’t signed following the cancelation of November’s APEC Summit in Chile. Details of Phase One are scant, but White House officials said China is to purchase US$40 billion to US$50 billion of U.S. agricultural products over the next two years. That would be far more than what China bought before the trade war started. However, China has yet to acknowledge any details of Phase One, stating that will come only after the deal is signed, which is expected to be sometime in January.