Global Markets: Israel pushes further into Gaza

Compiled by MarketsFarm

WINNIPEG, Dec. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

• Israeli Defence Forces said on Monday it ordered evacuations in 20 areas of the Gaza Strip as it continued its deadly military operation in the enclave. Reports said IDF allegedly bombed some of those areas as its ground forces pushed further south into Gaza. Fighting resumed on Friday when Israel and Hamas failed to reach another ceasefire deal.

• Venezuela stated on Monday that through a referendum it has the popular support of its citizens to annex the mineral-rich region of Essequibo from neighbouring Guyana. This came after the International Court of Justice warned Venezuela against such a territorial grab. Venezuela based its claim on Essequibo once being a part of it during Spanish colonial rule. Guyana retorted the current boundary was agreed to in 1899. However, Venezuela retracted its position 63 years later.

• After laying off around 800 employees so far in 2023, Spotify said on Monday that it will lay off 1,500 more in a cost-cutting measure. The music streaming giant initially projected a fourth-quarter operating profit of about US$40 million but is now set to incur an operating loss of more than US$136.5 million. The downturn came after Spotify invested more than US$1 billion, signed up big-name celebrities for podcasts, increased its prices and expanded its number of subscribers.

• Ahead of the Wednesday’s interest rate announcement from the Bank of Canada, a Bloomberg News survey said on Monday economists projected a third-consecutive rate freeze. They pointed to the 1.1 per cent decline in Canada’s gross domestic product during the third quarter of 2023 as a major reason why the BoC would keep its key rate at five per cent. The central bank last raised it in July, when it added 25 basis points to the then 4.75 per cent.

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