Compiled by MarketsFarm
WINNIPEG, Aug. 28 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Over the weekend, workers at Ford, General Motors and Stellantis were almost unanimous in their granting Unifor a strike mandate. The results reflect a similar vote among autoworkers in the United States. Bargaining talks between Unifor and the trio of automakers were paused for the strike vote. The current collective bargaining agreement is scheduled to expire on Sept. 18.
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- Talks between the U.S. and China began on Monday as U.S. Commerce Secretary Gina Raimondo met with her Chinese counterpart Wang Wentao. Despite the high tensions between the two countries, there’s an estimated US$700 billion worth of trade with each other. Relations between the world’s two largest economies soured over China’s territorial claims in the South China Sea, the independence of Taiwan, and the U.S. ban on advanced semiconductor chips from China.
- China-based property development conglomerate Evergrande saw its shares plummet 80 per cent on Monday in its first day of trading in about 18 months. This followed the company’s financial crisis in 2021 and more recently it filed for bankruptcy in the U.S.
- Ukraine claimed on Monday that its forces liberated the road and rail hub of Robotyne, as it continued to push back Russian forces towards the Sea of Azov. The goal of the counteroffensive is to divide Russian forces in two. An Ukrainian military commander claimed they have overcome the most difficult of Russian defenses and the advance was set to pick up speed.
