Global Markets: U.S. drone shot down in Middle East

By MarketsFarm

WINNIPEG, June 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Tensions in the Middle East skyrocketed as Iran shot down an United States drone reportedly flying over international air space. Iran stated the drone was flying over the southern part of the country. There have been a number of attacks against oil tankers and facilities in the region, which the U.S. has accused Iran of orchestrating. Iran has denied the allegations. The incident has caused crude oil prices to jump over fears of a larger confrontation between the U.S. and Iran.

– Trade talks between the U.S. and China will resume after collapsing last month. The move comes the day after Chinese President Xi Jinping and U.S. President Donald Trump spoke with each by phone. As well, the two leaders will meet face-to-face at next week’s G20 Summit in Japan to discuss trade. In May, after nearly reaching a deal to end their trade war, Trump accused China of backtracking on the deal and both countries hiked tariffs on each other.

– Following the fourth round of voting, former United Kingdom Foreign Secretary Boris Johnson maintained his wide margin over the other contenders to succeed Theresa May as leader of the Conservative Party and as the country’s next prime minister. Johnson received 157 out of 313 votes, followed by Environment Secretary Michael Grove with 61, current Foreign Secretary Jeremy Hunt at 59, and Home Secretary Sajid Javid had 34 votes. A fifth round is scheduled for Thursday to determine the final two candidates, of which the party’s 130,000 members will select the winner in July.

– Mexico became the first country to ratify the U.S.-Mexico-Canada Agreement (USMCA) on Wednesday. The new agreement was signed at the end of November, and has encountered legislative road blocks in the U.S. The deal replaces the 25-year-old North American Free Trade Agreement. Canadian Prime Minister Justin Trudeau will meet with President Trump on Thursday to discuss the USMCA and other matters.

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