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Real-time News
On August 20th, Canadian Prime Minister Mark Carney is pushing to end some of Canadas ban on the retail sale of U.S. alcohol, hoping to push for a finalized U.S.-Canada trade agreement. Nova Scotia Premier Tim Houston stated that Carney, during a conference call with provincial premiers on Wednesday, urged them to reinstate the sale of U.S. wine and spirits in their local stores once the agreement is finalized. In Canada, provincial governments are responsible for setting rules for the sale and distribution of alcoholic beverages. Last year, in retaliation for tariffs imposed by the Trump administration, most Canadian provinces removed U.S. alcoholic products from their shelves, leading to a significant decline in export sales for U.S. wine and spirits producers. Currently, most provinces maintain their bans on the sale of U.S. alcoholic beverages, including Canadas three most populous provinces—Ontario, Quebec, and British Columbia. It remains unclear whether the provincial premiers will agree to Carneys request. If they refuse, the preliminary U.S.-Canada trade agreement announced by Trump on Tuesday evening could be at risk. The White House considers ending these bans to be one of the core pillars of any U.S.-Canada trade agreement.According to Nikkei, Japans Ministry of Economy, Trade and Industry will seek 7.7 trillion yen in its fiscal year 2027 budget.Asian stocks are poised for a rebound following the U.S. announcement of expanded Treasury bond buybacks. U.S. stock index futures rose slightly in early Asian trading on Thursday. Most S&P 500 components rose on Wednesday, despite declines in chipmaker shares. Japanese, South Korean, and Australian stock index futures all indicate an upward opening, which should push broader Asian benchmark indices back from two consecutive days of losses. High U.S. Treasury yields have kept borrowing costs high, dragging down economic growth and posing political risks for Trump and the Republicans ahead of the November midterm elections. Investors are demanding higher returns to offset inflation risks, leading to a bond sell-off, and the market is now focused on whether the Treasurys latest move can lower bond yields. "Theres no doubt the U.S. government is very concerned about the bond market again, so theyve given it another shot in the arm," said Matt Marley, chief market strategist at Miller Tabak+. He added that unless investors interpret this as a sign of economic weakness, it could "boost risk assets in the short term."The Russian attack on Kyiv, Ukraine, has killed two people and injured six.Canadian Minister for U.S. Trade, LeBlanc: The Prime Minister had a constructive and important dialogue with the provincial premiers regarding negotiations with the U.S.
