Glacier FarmMedia COVID-19 & the Farm

Global Markets: Canadian economy lost 1,800 jobs in October

By MarketsFarm

WINNIPEG, Nov. 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s economy lost 1,800 jobs in October, as the number of full-time jobs fell by 16,100. However, that was offset by 14,300 part-time jobs added to the economy. Economists expected the economy to add 15,900 jobs for October, following gains of 54,000 jobs in September and 81,000 in August. The unemployment rate held steady at 5.5 per cent.

– European Union leader Jean-Claude Juncker said United States President Donald Trump will not impose tariffs on E.U. automotive goods, according to German newspaper Suddeutsche Zeitung. “Trump will ruffle a bit, but there will not be any automobile tariffs,” Juncker said Thursday. “He won’t do it. You’re talking to a fully informed man.” Last week, U.S. Commerce Secretary Wilbur Ross said President Trump may not need to impose auto tariffs due to “good conversations” with E.U. automakers.

– The Canadian Pension Plan Investment Board has sold its stakes in two U.S. prison companies due to the reputational risk they pose to Canada’s biggest pension fund. The pension fund held shares in CoreCivic Inc. and Geo Group Inc., which owned facilities that detain migrants in the southern U.S. “We recognize that when it comes to reputation risk, it doesn’t matter how big or small the investment is,” Deborah Orida, global head of active equities for CPPIB said on Thursday. “For a long time, we’ve tried to incorporate reputational risk assessments into our due diligence process for investments and after that controversy, we did take advantages of new tools and ways to broaden our processes.”


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