Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported today that the country’s merchandise trade deficit narrowed to C$5.9 billion in May, compared to the record amount of C$7.6 billion in April. Canada’s exports were 1.1 per cent higher in May, the first increase in four months. Imports were down 1.6 per cent, falling for the third month in a row. Canada’s exports to the United States declined by 0.9 per cent in May while the value of imported U.S. products was down by 1.2 per cent.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Bunge and Viterra finalized its US$34 billion merger on Wednesday after years of negotiations. Canada approved the merger on Jan. 14 with conditions that Bunge would divest of six Western Canadian grain elevators, invest at least C$520 million in Canada within five years, and place strict controls on Bunge’s minority stake in grain company G3. China approved the merger last month, knocking down the final obstacle before closing the deal. Swiss-based commodity trading and mining company Glencore, which owned Viterra, received 32.8 million shares in Bunge, representing 16.4 per cent of the enlarged company and around US$900 million in cash, Glencore said in a statement. Bunge announced on July 1 it sold its North American corn milling unit.
– The U.S. Labor Department said today the country added 147,000 jobs in June while the unemployment rate declined from 4.2 per cent to 4.1 per cent. State and local education systems added 63,500 jobs, while healthcare and social assistance jobs increased by 58,600. However, the number of long-term unemployed people was up by 190,000 at 1.6 million.
– India’s meteorological department said on July 1 it is forecasting a monsoon rain spell across the country in the next few days, raising flood risks in northern and central India. The department also left its monsoon seasonal (June to September) rainfall forecast unchanged, projecting six per cent more rain than normal.
