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Global Markets: Canada’s economy up slightly

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Published: September 29, 2023

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

– According to preliminary data from Statistics Canada (StatCan) released today, the Canadian economy grew by only 0.1 per cent in August. After the country’s GDP was left unchanged in July, declines in the retail sector as well as oil and gas were mostly offset by increases in the wholesale and financial sectors. This was the last GDP release by StatCan before the Bank of Canada’s next policy announcement on Oct. 25. Most analysts believe the central bank will leave its key interest rate unchanged.

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– After Unifor ratified a deal with Ford Motor Company earlier this week, the union set a deadline for a new contract with General Motors (GM) for Oct. 9. The GM talks will cover about 4,300 workers at the automaker’s St. Catharines Powertrain Plant, the Oshawa Assembly Complex and the Woodstock Parts Distribution Centre. The Ford deal included two new paid holidays and wage hikes as well as pension and benefit improvements.

– Dianne Feinstein, the longest-serving female United States senator in history, has died at the age of 90. A graduate of Stanford University, Feinstein served on the San Francisco Board of Supervisors and was appointed as the first female mayor of the city in 1978 after the assassinations of Mayor George Moscone and Supervisor Harvey Milk. She served 10 years in the position before being elected as a Democratic Senator in 1992. Feinstein announced in February she would not be seeking re-election due to failing health. California Governor Gavin Newsom will appoint her replacement to serve out the term which ends January 2025.

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