By Commodity News Service Canada

June 14 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

A breaking story out of Virginia reports five people were shot at a baseball practice involving Republican politicians and officials.

Steve Scalise, the third-highest ranking Republican in the U.S. House of Representatives was among the five.

All of those shot are expected to recover. A suspect is in custody.

Statistics Canada reports that Canadians owed C$1.67 for every dollar of disposable income in the first quarter.

That is a slight decrease from the final quarter of 2016, but ahead of the C$1.64 rate recorded the first quarter last year.

The StatsCan report also said it was the first time since the report began in 1990 that the amount the average Canadian household spends on mortgage principal payments exceeded that spent on mortgage interest payments.

Canada’s trade deal with the European Union, the Comprehensive and Economic Trade Agreement (CETA), is facing serious obstacles over cheese imports.

Canada has agreed to allow almost 18,000 tonnes of tariff-free EU cheese into the country.

Reports say some EU members are angry that Canada has said 60 per cent of the new import quota would be allocated to domestic dairy producers and processors. That raises concerns about the EU’s negotiated access to the Canadian cheese market, and fears that the move amounts to an attempt by Canada to delay or reduce domestic competition.

With a looming interest rate hike from the U.S. Federal Reserve expected today, traders were bracing for the fallout.

The Fed could, as many expect, institute an increase in interest rates, following unexpected weakness in U.S. consumer prices to 1.5 percent in April from 1.8 percent in February — a key measure of inflation.

Analysts also expect to hear about the Fed’s plan for unwinding its balance sheet, a portfolio worth US$4.5 trillion of mostly government debt it accumulated during the stimulus package designed to alleviate the financial crisis of 2007-08.

China has approved two new varieties of genetically modified crops. The decision will allow imports of a GM soybean and a GM corn into the country.