Compiled by MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Reports said on Friday that United States President Joe Biden and House Speaker Kevin McCarthy could reach an agreement on the federal government’s debt ceiling as early as this weekend. Although Biden said Democrats and Republicans have “competing versions of America” he stressed, “the only way to move forward is with a bipartisan agreement.” In seeking a two-year deal, McCarthy and the Republicans continue to demand deep spending cuts in exchange for raising the debt ceiling above US$31.4 trillion. Meanwhile, Biden and the Democrats want a number of new domestic programs aimed at helping Americans. The deadline for an agreement is June 1.
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- Statistics Canada released on Friday an advance estimate of sales in the country’s wholesale sector for April. The federal agency said wholesale sales rose 1.6 per cent that month due to increases in the sales of petroleum, petroleum products and other hydrocarbons, as well as motor vehicles, motor vehicle parts and accessories. However, there were declines in farm products, building materials and supplies, machinery, equipment and supplies and other sectors. StatCan noted its complete report on April wholesale sales will be released on June 16.
- Voters in Turkey will return to the polls on Sunday in the presidential run-off between 20-year incumbent Recep Tayyip Erdogan and challenger Kemal Kilicdaroglu. Both candidates came up short of the 50 per cent requirement to win on May 14. While third-party candidate, ultra-nationalist Sinan Ogan has publicly backed Erdogan, his political coalition threw its support behind Kilicdaroglu.
