WINNIPEG, Nov. 22 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Canada’s retail sales in September were down 0.1 per cent largely due to weak motor vehicle sales, according to Statistics Canada. The federal agency released its retail sales report on Friday in which the decline was the first in three months. If motor vehicles were excluded from the calculations, retail sales would’ve seen a 0.2 per cent increase. Also, the agency revised August’s retail sales from a 0.1 per cent decrease to a 0.1 per cent increase.
– Quebec Premier Francois Legault waded into the strike at Canadian National Railway on Thursday, pointing to a possible propane shortage in Quebec if the labour dispute isn’t settled quickly. Legault said Quebec has about four days’ worth of propane, with stocks needing to be replenished by rail deliveries. As the strike entered its fourth day, the Teamsters Canada Rail Conference stated there has been almost no progress made in talks with CN this week. The union is demanding improved safety and work scheduling as well as a drug prescription plan. It’s 3,200 members have been without a contract since July and negotiations have been ongoing since May. Representatives from the agricultural, oil and manufacturing sectors called on the federal government to intervene in the strike. The feds said they want the collective bargaining process to continue.
– Chinese President Xi Jinping stated on Friday that a trade deal with the United States must be on the “basis of mutual respect and equality,” according to reports. Xi said China is prepared sign Phase One, the tentative partial trade deal with the U.S., which has been delayed since the cancelation of the APEC Summit in Chile. Indications are Phase One may not be signed until after the New Year. Negotiations for a comprehensive agreement have been continuing between the U.S. and China, with major stumbling blocks being agricultural purchases, intellectual property and technology transfers. U.S. President Donald Trump warned he will hike tariffs on Chinese imports if there isn’t a deal by Dec. 15.