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Global markets: Canadian retail sales higher

By Commodity News Service Canada

WINNIPEG, November 22 – The following is a glance at the news moving markets globally.

– Following four months of little change, Canada’s retail sales rose 0.6 per cent to C$44.4 billion in September on the strength of higher sales at motor vehicle and parts dealers, Statistics Canada said in a report on Tuesday.

Retail sales correlate to strength or weakness in gross domestic product, which in turn dictates movement in the Canadian dollar.

– OPEC (Organization of the Petroleum Exporting Countries) members will be meeting next week to discuss an output production cut, reports said on Tuesday.

Market watchers expect members to debate a cut of four or four-and-a-half per cent. While analysts largely expect OPEC to come to an agreement, officials from Iran, Iraq and Indonesia have expressed concerns.

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