By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Representatives from nearly 200 countries at the COP28 climate summit in Dubai managed to reach a deal Wednesday calling for transitioning away from fossil fuels. The language of the agreement did not go as far as some environmentalists had hoped but was much stronger than a previous draft proposal. The historic deal marks the first time countries at a United Nations summit agreed to explicitly address fossil fuels.
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- Argentina’s newly elected government announced Tuesday that it will cut the value of its currency by more than 50 per cent relative to the United States dollar. The devaluation was part of several austerity measures being undertaken to “avoid catastrophe” as the South American country remains in the midst of an economic crisis.
- Israel reported Wednesday that 10 of its soldiers were killed in the previous 24 hours, marking the most Israeli casualties in one day since Oct. 31, as intense fighting continues throughout the Gaza Strip. Many officials suggest the offensive could go on for weeks or months.
