Global Markets: Canada’s economy grows in October

The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported that the economy grew by 0.3 per cent in October, a slight increase from 0.2 per cent in September. Mining, quarrying and oil and gas extraction helped drive the increase, rising by 2.4 per cent, while goods producing industries expanded by 0.9 per cent after four straight months of declines. StatCan’s preliminary estimate for November was a contraction of 0.1 per cent.

– Japanese automakers Honda and Nissan announced on Monday they have begun talks of merging, which if successful, would become the world’s third-largest automaker. Both companies are planning for a formal merger agreement by June and to complete the deal by August 2026. One of the reasons for the merger is that Japanese auto companies are lagging behind in electric vehicle production, especially compared to Tesla and China’s BYD.

– United States president-elect Donald Trump said on Sunday he would reassert U.S. control of the Panama Canal, accusing the country of charging exorbitant rates to use the waterway. Trump also warned that the canal was under possible Chinese influence. Later that day, Panamanian president Jose Raul Mulino said Panama’s independence was non-negotiable and the rates charged were not set “on a whim.” The U.S. handed over control of the Panama Canal in 1999.

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