Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– French President Emmanuel Macron announced a snap federal election on Sunday after the far-right made gains in European Parliament elections. The National Rally party received 32 per cent of the vote in France, as one of many far-right parties making electoral gains in other European nations. Macron’s Renaissance party only received 15 per cent of the vote while the Socialists were not far behind at 14 per cent. The legislative vote will take place on June 30 while a second round of voting will follow one week later. If the National Rally wins a majority, Macron would still remain president albeit without the power to set the domestic agenda.
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– The Public Service Alliance of Canada (PSAC), representing 9,000 Canadian Border Services Agency (CBSA) workers, said on Friday it will delay strike action until Wednesday at the earliest as mediation continues. A spokesperson for PSAC announced shortly after the original deadline of 4 p.m. Friday that negotiations between the federal government and workers would continue. The government said 90 per cent of front-line border officers are considered essential and can’t stop working during a strike. However, they can work-to-rule, which would cause significant delays at land border crossings.
– Canadian Finance Minister Chrystia Freeland said on Sunday the federal government will reveal the components of its planned capital gains tax hike on Monday prior to a vote on the legislation later this week. The capital gains tax would increase for individuals or businesses in years they record profits more than C$250,000. Currently, half of those gains are subject to corporate or personal income tax, while the new legislation would increase the proportion to two-thirds. Exemptions would be made for small businesses as well as farm and fishing operations.
