Global Markets: U.S. durable goods orders increased by 0.2 per cent in August

By MarketsFarm

WINNIPEG, Sept. 27 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– According to recent United States data, orders for large manufactured goods such as dishwashers increased by 0.2 per cent in August, following a two per cent gain the month prior. Businesses remain skeptical of future economic conditions and demand due to ongoing trade wars.

– The Bank of England may cut interest rates in the wake of Brexit uncertainty, according to one policymaker. Interest rates have held at 0.75 per cent since August 2018. The Bank says the United Kingdom’s economy has been performing “below its potential” in the lead-up to a possibly no-deal Brexit.

– In the second wave of worldwide protests, masses of people across the globe will participate in demonstrations demanding action on climate change. The protests are partially sparked by Greta Thunberg, an outspoken teenager from Sweden, who will be attending a rally in Montreal. “Right now we are the ones who are making a difference. If no one else will take action, then we will,” Thunberg told tens of thousands of people at the rally in lower Manhattan last week.

– In an effort to decrease the economy’s reliance on oil, Saudi Arabia is encouraging international tourists. The kingdom is relaxing strict dress codes for female visitors and launching a visa program for 49 countries in what Saudi tourism minister Ahmad al-Khateeb describes as a “historic moment” for the country. The country hopes for tourism to rise from three per cent to 10 per cent of gross domestic product by 2030.

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