Canada-India tensions spark travel concerns among members of Indian diaspora
As tensions escalate between India and Canada, some in the Indian diaspora say they're concerned about how the situation might affect travel between the two countries.
Oil prices were heading towards three-year highs on Tuesday, towing petrocurrencies and inflation expectations with them, after the world's main oil producers failed to agree on production plans.
Wall Street was facing a groggy restart after its July 4 holiday, Europe's equity markets were spluttering at the prospect of higher inflation and China spooked its tech sector again with another high-profile clampdown.
The main action was around the black stuff, though, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, abandoned talks after the United Arab Emirates rejected a proposed eight-month extension to output curbs.
Some OPEC+ sources said there would be no oil output increase in August, while others said a new meeting would take place in the coming days and they believed there would be a boost in August.
Crude traders were not hanging around to find out. They pushed Brent up as far as US$77.66 - the highest level since October 2018 - and U.S. crude to its highest since late 2014 at $76.90 a barrel. Oil is up roughly 50 per cent this year and over 385 per cent since last year's COVID-driven slump.
"Without an injection of some extra barrels of oil in the coming weeks, given the tightness of the market, Brent might cross the USD 80/bbl threshold," UniCredit's analysts said.
The main petrocurrencies loved it.
Norway's crown, the Canadian dollar and Russia's rouble all rose. The Australian and New Zealand dollars climbed too as the Aussie central bank pared back stimulus, although like many of its peers it did its best to dampen interest rate rise talk.
Back in Europe's stock markets, the oil sector had made the early running, rising as much as 0.5 per cent as the region's STOXX 600 sagged 0.2 per cent.
"Slowing growth, rising inflation and less expansive monetary policy could act as a dampener on equity markets and riskier corporate bonds," Pictet Asset Management's chief strategist Luca Paolini said.
TECH PROBLEMS
Overnight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent late on, having spent the session in and out of the red.
Japan's Nikkei finished up 0.2 per cent but Australia's S&P ASX200 reversed following the RBA's decision to keep interest rates on hold.
Hong Kong marked its sixth day of losses and China's CSI300 dipped to an almost two-month-low, after the Cyberspace Administration of China ordered an investigation into ride-hailing giant Didi, days after it listed on the New York Stock Exchange.
China will step up supervision of Chinese firms listed offshore, and improve regulation of cross-border data flow and data security, Xinhua news agency quoted the cabinet as saying.
In pre-U.S. market trading Didi's shares, which had been valued at up to $75 billion as of Friday, were down 25 per cent.
"There is still lingering uncertainty from China's tech companies and they are prominent in the Asian market, so that could be a cloud for market sentiment," said Tai Hui, JPMorgan Asset Management's chief Asia market strategist.
"The tech sector is very significant in Asia and we are not going to have a lot of clarity on the regulatory adjustments in China for the next few weeks or even months and (that) will be an important driver for the market."
Investor appetite for Chinese tech companies could be tested by Xiaomi mandating 12 banks on Tuesday to lead a potential U.S. dollar debt issuance.
Globally, the publication of the U.S. Federal Reserve's Federal Open Markets Committee minutes for June on Wednesday is highly anticipated by investors for guidance on whether emergency stimulus measures could start to be tapered.
Back in Europe, data showed euro zone monthly retail sales rose more than expected in May although investor sentiment in Germany saw a modest drop.
The rise in oil, however, meant a key market gauge of long-term euro zone inflation expectations rose above 1.62 per cent for first time in seven weeks.
Additional reporting by Scott Murdoch in Singapore; Editing by Alison Williams and John Stonestreet.
As tensions escalate between India and Canada, some in the Indian diaspora say they're concerned about how the situation might affect travel between the two countries.
Shockwaves spread around the world Thursday at the death of Liam Payne, who shot to stardom as a member of British boy band One Direction and had to deal with intense global fame while still in his teens.
An Ontario woman is feeling uneasy after she received a sextortion email demanding she pay the fraudster US$1,900 in Bitcoin or risk having compromising photographs of herself shared with her loved ones.
The Ministry of Labour, Immigration, Training and Skills Development is investigating after an employee was found deceased at a Cambridge grocery store.
The U.S. military unleashed B-2 stealth bombers to target underground bunkers used by Yemen’s Houthi rebels early Thursday, a major escalation in the American response to the rebels' attacks on Mideast shipping lanes that appeared to be a warning to Iran as well.
Mounties have released startling new details about their investigation into the disappearance of Amber Manthorne, who was reported missing on Vancouver Island more than two years ago, and is believed to have met with foul play.
U.S. vice-presidential candidate JD Vance said "no," former U.S. president Donald Trump did not lose the 2020 election "by the words" the Ohio Republican would use, when asked Wednesday what message it sends to independent voters that he has not directly answered that question.
Liberal MPs who have spent the last 10 days organizing to ask Prime Minister Justin Trudeau to step aside from the leadership of the Liberal party plan to plead their case directly to him at next Wednesday's caucus.
Two people robbed an Ontario convenience store at knifepoint. One of them, police say, was wearing a Halloween costume.
An Ottawa man was arrested after taking a shower in a stranger's house, Ottawa police say.
Sḵwx̱wú7mesh Úxwumixw (Squamish Nation) Chef Paul Natrall, the man behind Indigenous food truck Mr. Bannock, is bringing cooking classes on First Nations fare to schools and offices throughout Metro Vancouver.
The Celtic Colours Festival is taking place at venues around Cape Breton Island in Nova Scotia from Oct. 11 to 19.
Sometimes love is written in the stars, but for one couple, it’s written in the aurora borealis.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the 'proudest accomplishment' of his entire life.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.
This weekend marks the fifth anniversary of a large blizzard that paralyzed Manitoba.
There was an eye-catching mix of rainbows and lightning over Vancouver following a brief downpour this week.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.