Compiled by MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- In the midst of a growing scandal, Ontario premier Doug Ford reiterated on Thursday that Municipal Affairs and Housing Minister Steve Clark will remain in his cabinet post. Clark has come under fire after a provincial auditor’s report found that property developers closely connected with Ford’s Conservative government influenced a decision to allow parts of the protected Greenbelt lands to be used for development. The report accused Clark of a “lack of oversight” in a process that was deemed to be “rushed and flawed.”
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- China reported on Thursday that manufacturing activity within the country contracted for a fifth consecutive month. The purchasing managers’ index rose from 49.3 per cent last month to 49.7 per cent – short of the 50-point level demarcating contraction from expansion. Ahead of the report, expectations projected a PMI of 49.4 per cent. However, the report stated new orders expanded for the first time in five months and producer prices were improving.
- A media report alleged on Thursday that two people closely tied to the India-based Adani Group secretly purchased shares in some of the conglomerate’s companies. The report accused Nasser Ali Shaban Ahli and Chang Chung-Ling of skirting India law that requires a quarter of a company’s shares be available for public purchase. Furthermore it also accused the two of using “opaque investment funds” based in Mauritius as to cloud their involvement. In trading on Thursday, all of the Adani’s 10 listed companies lost four per cent of their value.
