WINNIPEG, March 29 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– According to data from Statistics Canada, the Canadian economy grew 0.3 per cent in January. This growth is higher than expected, as economists predicted no growth for the month. The economy shrunk in November and December. Most notably, the manufacturing industry grew by 1.5 per cent, while the construction sector grew 1.9 per cent.
– Oil prices rose on Friday following further OPEC supply cuts. Experts predict crude prices are on track for the biggest quarterly rise since 2009, despite United States President Donald Trump’s tweets urging OPEC to increase supply in order to reduce prices. Analysts say similar tweets from Trump last year contributed to the producer’s decision to lift production limits in June.
– U.S. Treasury Secretary Steven Mnuchin called trade talks with China “constructive.” These talks follow President Donald Trump’s decision to delay the scheduled March 2 hike in tariffs on $200 billion of Chinese goods. “I look forward to welcoming China’s Vice Premier Liu He to continue these important discussions in Washington next week,” said Mnuchin.