Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 22 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported on Friday that retail sales in May increased by 2.2 per cent at C$62.2 billion. The rise was largely due to a rise in sales of new cars and gasoline. Car sales were up 3.8 per cent in May and sharp upticks in gasoline prices saw those sales jump 9.2 per cent. Core retail sales, which exclude the above as well as parts sales, were up 0.6 per cent that month. The federal agency noted their preliminary estimate for June retail sales is for a slight gain of 0.3 per cent but cautioned that would be revised.
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Global Markets: Inflation nudges up in Canada, the U.S.
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Reports said Russia and Ukraine are to sign a deal brokered by Turkey and the United Nations on Friday in Istanbul to allow grain exports out of Ukraine’s ports. With the Russian invasion of Ukraine in February, the latter’s ports have either been occupied or blockaded, which has contributed to the global food crisis. Pending the release of specific details, the deal is to be in place for 120 days – apparently long enough to ship upwards to 25 million tonnes of grain stuck in Ukrainian ports. Ukraine has managed to export some grain through other countries, but not enough to make up for the volumes normally through its ports.
– Inflation is on the rise in Japan, although not as sharply as in other countries, according to the country’s central bank. On Friday, the Bank of Japan (BoJ) reported inflation remained above its two per cent target in June, for the third-straight month. June saw the core consumer price index increase by 2.2 per cent, but it excludes volatile fresh food costs. The BoJ blamed a weaker yen and Russia’s invasion of Ukraine for the increases in import costs. Compared to the United States dollar, the yen has lost about 10 per cent of its value this year, according to reports.
