The following is a glance at the news moving markets in Canada and globally.
- Unemployment in the United States rose to 3.9 per cent in April, according to the Department of Labor on Friday. The latest employment report said only 175,000 jobs were created in April compared to 315,000 in March. Ahead of the report, analysts projected an increase of 235,000 jobs for last month and they were now looking for possible signs of an economic slowdown.
- Shares in the Toronto-Dominion Bank fell 1.7 per cent on Thursday after the Wall Street Journal reported the U.S. Department of Justice launched an investigation into the bank’s internal controls. Canada’s second-largest bank became the focus of an alleged money-laundering scheme in New Jersey and New York. It’s said to involve at least US$650 million of illegal drug sales from 2020 to 2021. This has marked the third probe into TD by U.S. regulators regarding suspicious customer transactions.
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- Justice Marie-Josee Hogue, the commissioner of the inquiry that looked into foreign meddling in Canadian federal elections, is set to release her first report on Friday. During public testimony in March and April, it became clear that China interfered in the 2019 and 2021 federal elections, and that other countries carried out similar operations. The inquiry was highlighted by disagreements between Prime Minister Justin Trudeau and the Canadian Security Intelligence Service as to who knew what and when.
- Turkey announced on Friday that has cut all of its trade with Israel over the “worsening humanitarian tragedy” in the Gaza Strip. The Turkish trade ministry stated the ban will remain in place until there is “an uninterrupted and sufficient flow” of aid into Gaza. Israeli foreign minister Israel Katz retorted on social media by accusing Turkish president Recep Tayyip Erdogan of acting like a “dictator.” Trade between the two countries in 2023 was about US$7 billion.
