Compiled by MarketsFarm
WINNIPEG, Sept. 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Inflation in Canada is projected by economists to have risen to four per cent in August, according to a media report on Monday. Statistics Canada is scheduled to release its latest consumer price index report on Tuesday. While inflation in June was said to be an annualized rate of 2.8 per cent, Canada’s CPI rose to 3.3 per cent in July largely due to higher fuel prices. That trend is expected to have pushed inflation further upward in August.
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- The Bank of Montreal announced on Saturday it has shut down its indirect retail auto finance business in Canada and the United States. Canada’s third largest bank said the overall bad debt provisions as of July 31 ballooned from C$136 million a year ago to now C$492 million due to increased defaults by vehicle buyers. BMO said there will be layoffs but did not specific how people will lose their jobs.
- As 13,000 members of the United Auto Workers in the U.S. continued their strike into its second week, their Canadian counterparts belonging to Unifor, will see their contract with Ford expire at 11:59 pm on Monday. Representatives from Unifor and Ford have been working on a new deal, one which the union wants to use as a blueprint for contract talks with General Motors and Stellantis. As with the UAW, Unifor said it’s seeking wage increases, improved pensions and job security as the carmakers move towards manufacturing electric vehicles.
- Singapore’s image of a squeaky-clean financial hub continued to be rocked on Monday as a money-laundering scandal involving US$1.3 billion resulted in the arrest of 10 foreign nationals over the last month. One analyst suggested Singapore’s tight rules regulating its markets maybe have been attractive to those arrested, as their transactions would likely not have been regarded with suspicion.
