Global Markets: Canada’s economy shrinks in Q2

Compiled by MarketsFarm

WINNIPEG, Sept. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

• Canada’s economy contracted by an annualized rate of 0.2 per cent during the second quarter of 2023, according to a report from Statistics Canada on Friday. StatCan pointed to declines in housing investment and new construction, plus slower growth in exports. The federal agency also revised growth in the first quarter from 3.1 per cent down to 2.6 per cent.

• The Competition Bureau of Canada gave the green light to the C$13.5 billion merger of the Canadian branch of the Hong Kong and Shanghai Banking Corporation with the Royal Bank of Canada. In the bureau’s report said the move would not be a “substantial lessening or prevention of competition under the Competition Act.” The RBC-HSHC Canada merger now requires approval from finance minister Chrystia Freeland.

• The United States saw approximately 187,000 jobs added during August, according to a report from the Bureau of Labor Statistics on Friday. That number surpassed expectations of 170,000 but remained well below the job growth witnessed a year ago. Despite the gain from last month the U.S. unemployment rate increased from 3.5 per cent in July to now 3.8 per cent.

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