ALL: Canada's PM Trudeau Resigns, Parliament Suspended Until March 24

Highlights

Canadian Prime Minister Justin Trudeau announced Monday that he is resigning as leader of his Liberal Party and country, a move that had been expected to come in the face of mounting pressure to quit from both the opposition parties and his own caucus. His resignation came as Canada is fighting a housing crisis and the threat of stiff tariffs from the incoming U.S. administration. There is no strong candidate to replace Trudeau, who took office in November 2015.

I intend to resign as party leader, as prime minister, the embattled prime minister told a news conference outside his official Rideau Cottage residence. He said he plans to stay on as prime minister until a new leader is chosen. Trudeau has prorogued (suspended) parliament until March 24, which will buy his minority government some time to find a new leader who could unite the party ahead of general elections that are expected to be held sometime this year. He said there will be a confidence vote in parliament in March.

Trudeau said he hoped Chrystia Freeland would stay as deputy prime minister, referring to his close political partner for 10 years that he fired as his finance minister last month. Trudeau criticized opposition parties for 'obstruction' in parliament over the past few months, saying the longest minority government in Canadian history has survived three no-confidence votes.

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Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.

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