Global Markets: U.S./Iran summit now off

By MarketsFarm

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

– After United States President Donald Trump accused Iran of being behind the drone attacks that wiped out more than half of Saudi Arabia’s oil production, Iranian Supreme Leader Ayatollah Ali Khamenei said on Tuesday that the planned U.S./Iran summit is now off. Khamenei also stated if the U.S. rejoined the multi-power nuclear accord between Iran and the West, then talks could proceed. After crude oil prices skyrocketed on Monday, the U.S. indicated today that it would release some of its reserves. The move caused prices to fall by up to US$1 per barrel. Iran denied it was behind the Sept. 14 attack on Saudi Arabia’s largest oil processing facility and Houthi rebels in Yemen’s civil war claimed responsibility.

– Israeli voters go to the polls today, for the second time this year. After Prime Minister Benjamin Netanyahu and his conservative Likud Party retained power after April’s election, his fragile coalition with several smaller parties had since fallen apart. Former Israeli Defence Forces general Benny Gantz has been running neck and neck with Netanyahu in the polls. Under Israel’s system of proportional representation it’s widely expected that Likud and Gantz’s centrist Blue and White Party will win 35 seats each in the 120-seat Knesset. The Israeli president will then pick which leader has the best chance of forming a government.

– Canadian house prices were up 1.4 per cent in August, according to the Canadian Real Estate Association on Monday. That marked the largest one-month gain in two years, with Montreal, Toronto and Vancouver with the biggest increases. The CREA report indicated the slump in house prices has ended. Stricter mortgage rules imposed by the federal government was said to have led to the slump.

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