Global Markets: Retail sales improve
Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Retail sales in Canada during October bumped up one per cent, according to Statistics Canada on Friday. The gain marked an about-face from September’s 0.6 per cent decline. The federal agency also reported retail sales during the third quarter increased 2.7 per cent, which was the largest quarterly increase in a year.
– Grain shipments by rail are piling up as access to the Port of Vancouver remained cut off on Friday from the rest of the country. Earlier this week a deluge of rain washed out sections of rail lines in southern British Columbia. Reports said about 20 vessels are at the port waiting to be loaded with grain while train cars with more than 200,000 tonnes of grain cannot move westward to Vancouver. With no firm timeline as to when the rail line will reopen, some exporters may consider declaring a force majeure.
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– Canadian Prime Minister Justin Trudeau made little, if any, headway on Thursday in getting United States President Joe Biden to loosen rebate provisions for new, made in America electric vehicles (EV’s). Biden’s plan is to give US$12,500 rebates on purchases of new EV’s made in country; however Trudeau argued such need to adhere to the new NAFTA and auto sector agreements to include Canadian-made EV’s. During the North American Leaders’ Summit in Washington, Biden did not indicate whether he would alter his rebate plan or not.
– Bitcoin’s value has plummeted almost 20 per cent in the last two weeks, according to reports on Friday. However, such volatility in crypto investing is seen as a part of doing business as compared to the traditional markets. Last month Bitcoin jumped 40 per cent before China imposed a crackdown on crypto currencies and followed by stricter tax-reporting provisions in the U.S.
