By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada reported on Thursday that retail sales of C$67.6 billion in November were little changed from October, with declines in six of the nine subsectors. Food and beverage sales dropped 1.6 per cent while motor vehicle and parts sales increased by two per cent. In StatCan’s employment insurance report, the federal agency said 482,000 Canadians received regular benefits in November, and little changed from October.
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- Russian President Vladimir Putin acknowledged on Wednesday that the war in Ukraine is straining his country’s economy, marked by high inflation. Putin’s assertion came despite Russia earning more revenue from its oil and gas exports that haven’t been curtailed by international sanctions. His comments are being seen as a means to negotiate peace with Ukraine as United States President Donald Trump stated there will be more sanctions if the conflict doesn’t end soon.
- The U.S. House of Representatives passed the Laken Riley Act on Wednesday which mandates the detention of undocumented migrants charged with certain crimes. The Republican-sponsored bill passed handily with the support of 46 Democrats, exposing a schism within the Democratic Party. The bill received Senate approval earlier this week and is expected to be signed by Trump next week.
- Reports on Thursday said Ontario Premier Doug Ford could call a provincial snap election as early as next week. Ford previously stated his Progressive-Conservative government needs a fresh mandate to deal with the tariff threats from the Trump administration. Ontario NDP leader Marit Stiles said the Ford government already has a majority and has a year left in their mandate. Liberal leader Bonnie Crombie stated an election now would cause chaos at a time the province needs a united front.
