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Evacuation in the Snow: Fears of Conflict Drive Mass Exodus from Pakistan’s Tirah Valley

Residents from Tirah valley, who fled a remote mountainous region bordering Afghanistan, gather to get themself registered, in Bara, Khyber District of Khyber Pakhtunkhwa province, Pakistan A wave of displacement is sweeping through northwest Pakistan as thousands of families flee the Tirah Valley after mosque loudspeakers warned residents of possible upcoming military action. The sudden announcements triggered a rapid and chaotic departure, with many families leaving in the middle of harsh winter conditions. Residents describe a tense atmosphere in the valley, where fears of renewed conflict between security forces and militant groups have been simmering for months. Entire communities have packed their belongings onto trucks, donkeys, and makeshift carts, heading toward safer towns such as Bara and Peshawar. Government officials insist that no military operation has been ordered and attribute the movement of people to seasonal migration patterns. Locals strongly dispute this, sayi...
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TSX futures rise ahead of BoC meeting, metal prices boost materials sector

 

The S&P/TSX index futures were up 0.3% on Tuesday morning, as investors awaited the Bank of Canada’s monetary policy meeting on Wednesday and the fourth-quarter results of Canadian National Railway later in the day.

The materials sector, which accounts for about 10% of the index, was set to gain from higher gold and copper prices, supported by a weaker U.S. dollar and hopes of more stimulus from China, the top consumer of metals.

Gold prices rebounded from a two-week low hit on Monday, while copper and other industrial metals advanced on expectations that Beijing would announce more measures to boost its economy, which has been hit by the coronavirus outbreak.

Oil prices, however, eased slightly as traders weighed the geopolitical risks in several regions, such as Iran, Iraq, and Libya, with the supply disruptions in the U.S. and the resumption of production in Libya.

The focus of the market was on the Bank of Canada’s meeting on Wednesday, where the central bank is widely expected to keep its policy rate unchanged at 5%, but also signal its stance on future rate cuts.

Money market participants are now pricing in a 22.4% chance of a rate cut in March and a 50.2% chance in April, according to Citigroup analysts.

“We expect an overall hawkish meeting, with officials emphasizing a commitment to 2% inflation and pushing back on expectations for imminent rate cuts, but also expressing more confidence than in previous meetings that rates are appropriately restrictive,” they said in a note.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 17.78 points, or 0.1%, at 20,924.30 on Monday, boosted by gains in financials and real estate.

Meanwhile, railroad operator Canadian National Railway is expected to report its fourth-quarter results later in the day, which could provide some insight into the impact of the ongoing rail blockades by indigenous protesters.

Wood products firm West Fraser announced the closure of its Fraser Lake sawmill, which is expected to affect 175 employees and the company’s production capacity.

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