Global Markets: CP Mulls Its Options In Bid For Rival Company

By Commodity News Service Canada

WINNIPEG, December 24 – The following is a glance at the
news moving markets globally.

Canada To Receive Additional Interest Rate Cut?
The release of new economic data by Statistics Canada has some analysts speculating another interest rate cut could be in the works.
Canada’s economy was relatively stable overall in October but it failed to meet the expectations of some economists who felt the economy was rebounding.
The central bank had previously forecast an increase of 1.5 percent in economic growth.

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Mining, quarrying and oil and gas extraction posted slight gains while manufacturing, retail trade and utilities were all on the decline.

Bankers’ Confidence Falling In China
A survey by the People’s Bank of China has revealed a decline in the confidence level of entrepreneurs and bankers.
The confidence index hit 46 percent in the fourth quarter.
That is nearly 5 percent lower than the previous quarter.

Norfolk Southern Says “No” To CP, Again
A bid by Canadian Pacific Railway Ltd. to acquire the second-largest railroad in the US has failed for the third time.
Despite the inclusion of an additional US$3.4 billion to the existing offer of US$32.86 billion, Norfolk Southern Corp. rejected CP’s most recent proposal.

In a letter to the Canadian carrier, Norfolk said the offer was “grossly inadequate”.
The American rail-carrier’s board of directors was unanimous in its decision to rebuff the offer.
CP’s Chief Executive Officer Hunter Harrison has said in the past he may go directly to the Norfolk’s investors to force a change.