By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Temperatures throughout much of Eastern Canada will feel like the low 40 degrees Celsius on Tuesday, according to reports. As well, Environment and Climate Change Canada issued heat warnings this morning for Ontario, Quebec, New Brunswick, and parts of Nova Scotia. Also, northwestern Ontario is expected to get thunderstorms with a risk for tornados. Meanwhile, in Western Canada, there were chances for frost in low-lying areas of Alberta.
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- Shell announced on Tuesday it will acquire the Singapore-based liquified natural gas company Pavilion Energy from Temasek. Although Shell and Temasek did not disclosed terms of their deal, reports said it would be worth hundreds of millions of dollars. Shell is already the world’s largest LNG trader.
- The United States Department of Commerce reported on Tuesday that retail sales in May edged up 0.1 per cent. As well the department revised downward April retail sales to show a 0.2 per cent decline. Analysts believe the lackluster report could push the U.S. Federal Reserve towards an interest rate cut.
- The Saskatchewan Research Council said on Tuesday it will purchase a stockpile of rare earth materials from Vital Metals Ltd. for about C$3 million. The move is to avoid them being sold to China-based Shenghe Resources, which agreed last year to buy the rare earth materials from Vital for C$2.4 million.
