WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Canada’s real domestic product increased by 0.7 per cent in the third quarter, according to a report released by Statistics Canada (StatCan) on Tuesday. The figure exceeded the national data agency’s preliminary estimate for growth, which was 0.4 per cent. The Canadian economy also grew at an annualized rate of 2.9 per cent in the third quarter, according to StatCan. Economic growth was attributed to an increase in exports, non-residential structures and business investment in inventories.
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– United States President Joe Biden called on Congress Monday night to intervene to avert a potential nationwide rail strike that would occur as early as Dec. 9. Biden added that a strike could put 765,000 Americans out of work during the first two weeks. Earlier in the day, more than 400 groups called on the government to stop the potential strike. A rail traffic stoppage could freeze almost 30 per cent of U.S. cargo shipments by weight, stoke inflation and cost the American economy as much as US$2 billion per day, according to Reuters.
– Royal Bank of Canada (RBC) agreed to purchase the Canadian division of HSBC, the nation’s seventh largest bank, for C$13.5 billion on Tuesday. The purchase would give RBC 130 more branches, including 45 in British Columbia alone, as well as HSBC’s commercial banking franchise. Subject to regulatory approvals, the deal is expected to be completed by late 2023.
