Global Markets: Canadian inflation rate stays at 1.9 per cent for September

WINNIPEG, Oct. 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s annual inflation rate remained at 1.9 per cent for the month of September. Inflation has been at 1.9 per cent or higher since March. The Bank of Canada will announce if it will adjust interest rates on October 30, but the current rate of inflation remains on target. Statistics Canada said a drop in gasoline prices weighed on the overall rate of inflation.

– Farmers in Argentina are bracing for the presidential election on Oct. 27. The race is between incumbent Mauricio Macri and Alberto Fernández, who is running alongside former President Cristina Fernández. Fernández imposed export restrictions during her time in office from 2007 to 2015, causing a revolt by Argentine farmers in 2008. President Macri curried favour with farmers in 2015 when he reduced export taxes on corn and wheat.

– United States retail sales were unexpectedly lower for the month of September, signalling a lack of consumer confidence in the economy. Overall sales fell by 0.3 per cent in September from the prior month. As a key indicator of economic growth, this data may encourage the Federal Reserve to cut interest rates for the third time in a row.

– Brexit negotiations were ongoing on Wednesday, amidst rumours that a deal is “close.” United Kingdom Prime Minister Boris Johnson and Irish leader Leo Varadkar have been meeting in regard to Brexit’s impact on Ireland’s border. The European Union has said they will “follow Ireland’s lead on any final deal,” according to CNN.

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