Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 28 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- People in China on Tuesday took advantage of the relaxed COVID-19 restrictions, venturing en-masse to travel sites throughout the country. The easing of China’s lockdown measures came just when cases of the highly infectious disease are spiking. The end of the zero-tolerance means these will go unchecked while the country’s economy rebounds. Hong Kong is expected to follow suit on Thursday.
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- Canada’s oil patch is expected to see modest growth in 2023 due to the looming recession, according to reports on Tuesday. Production in Alberta next year has been projected to slightly exceed the record 3.7 million barrels extracted in 2022. Upticks are also expected in the natural and liquefied natural gas sectors.
- Russia said on Monday that it will ban the sale of oil to countries that abide by the US$60 per barrel price cap imposed by the G7 and the European Union. The measure won’t come into effect until Feb. 1 and is scheduled to last for five months. Ukraine stated the price cap that’s meant to cripple the Russian economy is very weak, as China and India, Russia’s largest customers, said they won’t follow the price cap.
- A United Nations report released on Tuesday said that as of Dec. 26 approximately 6,900 civilians have been killed and nearly 11,000 wounded during the Russian invasion of Ukraine. The world body’s High Commissioner for Human Rights noted the actual numbers are most likely much higher.
