Compiled by MarketsFarm
WINNIPEG, Dec. 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- There was economic bad news for China on Tuesday as rating agency Moody’s dropped its outlook on the government’s credit from stable to negative. Moody’s cited the increasing need for the national government to provide support to debt-laden local governments and state-owned firms as the reason for the downgrade. However, Moody’s did not lower China’s overall credit rating.
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- Norway will open up its Arctic Ocean seabed to mineral exploration after its government struck a deal with two opposition parties on Tuesday. Reports said the deal would empower the Norwegian parliament to approve or disapprove the first of the development projects. Environmental groups denounced the deal, stating it could result in irreparable damage. Industry said there could be much needed metals and minerals for producing batteries, cell phones, computers and wind turbines.
- Israeli Defense Forces encircled the Jabalia refugee camp in northern Gaza on Tuesday, claiming Hamas has a large base within it. Jabalia is the largest such camp in the Gaza Strip. In southern Gaza, the IDF was reportedly to begin an assault today near the Khan Younis refugee camp. The United Nations declared there are no more safe zones within the war-torn enclave.
- Ukrainian President Volodymyr Zelenskyy is scheduled to speak to the U.S. Senate on Tuesday by video conference to help the Biden administration obtain further military funding for Ukraine’s war against the Russian invasion. In October, the administration requested Congress to approve an aide package of US$106 billion, but it was rejected by Republicans in the House of Representatives.
