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Global Markets: U.S. GDP faring better than predicted

WINNIPEG, Feb. 28 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canadian Conservative Party Leader Andrew Scheer has called on Prime Minister Justin Trudeau to resign following former Justice Minister Jody Wilson-Raybould’s testimony on SNC-Lavalin. Scheer cites Trudeau’s “lack of moral authority” as rendering him unfit to lead the country. Trudeau replied that Canadians will have the chance to decide who will head the nation during the federal election later this year.

– U.S gross domestic product from October to December 2018 fared better than expected, though the economy cooled slightly compared to previous quarters. Economists predicted growth of 2.2 percent, but the annualized rate of gains clocked in at 2.6 percent.

– North Korean leader Kim Jong Un and United States President Donald Trump failed to reach an agreement in regards to North Korea’s denuclearization. The U.S. refused to lift sanctions on North Korea, which contributed to the lack of agreement. No plans are made for future meetings; however, President Trump remains optimistic on future outcomes.

– Michael Cohen, former personal lawyer of U.S. President Trump, delivered explosive testimony to Congress on Wednesday, confirming the President’s involvement in breaking campaign finance laws, including hush money payments and foreign business dealings. Cohen will face further questions behind closed doors on Thursday when he appears before the House Intelligence Committee.

– Martha Stewart has announced her partnership with Canopy Growth Corp., the world’s largest cannabis company. Stewart will be offering her retail expertise to develop a line of CBD products for people and animals. Reports speculate that the burgeoning cannabis industry will be a US$16-billion market opportunity by 2025.

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