Global News Of Note: Canada Trade Talks And Chinese Steel Output

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• The Canadian government has started trade discussions with ASEAN countries in southeast Asia. The talks could lead to an agreement that reportedly could add $39.4 billion to the ASEAN economy. In a joint statement highlighting the potential for a free trade agreement to help diversify supply chains, the countries said their objective is to increase trade and investment and reinforce Canada and ASEAN’s shared commitment to open markets and rules-based trade. If a trade pact moves forward, it would be the first ASEAN agreement with a North American and would give southeast Asian nations access to a market of 38 million people. Read more here.
• According to the China Iron and Steel Association and Hellenic Shipping News, China’s daily crude steel output fell 20 percent from November 2020 to November 2021. Specifically, China’s daily crude steel output over November 1-10, 2021 averaged 2.343 million metric tons per day, up 1.5 percent from October, but still the second lowest level since March 2018. Analysts expect output may rebound in early 2022 once steelmakers complete mandatory output cuts.