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Global Markets: Cheap gas leads to minor deflation

Canada vies for Security Council seat

By MarketsFarm

WINNIPEG, June 17 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Wednesday that the country’s inflation rate slipped to a minus 0.4 per cent annual pace in May. The decline was largely due to cheaper pump prices for gasoline, as they were down almost 30 per cent compared to May 2019. The report said if gasoline was taken out of the equation, inflation would have been 0.7 per cent. Prices for transportation, clothing and footwear also fell in May, while prices for food and shelter increased. This marks the second month in a row that Canada has seen a small measure of deflation.

– Canada could win a seat on the United Nation’s Security Council as voting begins on Wednesday. Canadian Prime Minister Justin Trudeau has been lobbying foreign leaders for months to have them vote for Canada rather than Ireland or Norway. A country seeking one of the 10 non-permanent seats on the Security Council must receive two-thirds of the votes in the General Assembly. The council also includes the United States, Russia, China, France and the United Kingdom as permanent members with veto power. Canada’s last attempt to return to the Security Council in 2010 ended in failure. Since the founding of the UN in 1945, Canada has been elected to the council six times.

– About 20 Indian soldiers were killed in a clash on Monday with Chinese troops, greatly intensifying the Himalayan border dispute between the two countries. Reports stated that up to 40 Chinese soldiers were killed as well, but China has yet to confirm any casualties. Fighting in the Galwan Valley was said to have been hand-to-hand, with reports of soldiers being pushed into rivers. Gun-fire reportedly wasn’t exchanged. Tensions between India and China have been on the rise since Indian government announced earlier that the Kashmir region was to lose its autonomy. India and China last fought a war against each in 1962, but there have been a few border clashes since then.

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