The following is a glance at the news moving markets in Canada and globally.
- Mail delivery in Canada largely ground to a halt on Friday, as approximately 55,000 members of the Canadian Union of Postal Workers went on strike. Canada Post stated mail and parcels won’t be delivered during the strike. Federal Minister of Labour Steven MacKinnon appointed a special mediator to assist with negotiations between the CUPW and the crown corporation.
- Reports on Friday said there are now growing doubts in the United States of another interest rate cut by the Federal Reserve as the U.S. dollar continued to gain strength. Fed Chair Jerome Powell stated there’s no rush to cut interest rates as the U.S. economy is robust, and the central bank would not pre-empt the policies of the incoming Trump administration.
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- The U.S. Bureau of Labor Statistics reported on Friday that import prices for October rose 0.3 per cent, following a 0.4 per cent drop in September. The bureau said there were increases in fuels as well as other goods, while there has been a lack of progress in reducing inflation.
- The United Kingdom economy contracted 0.1 per cent in September, the Office for National Statistics reported on Friday. The ONS said there were declines in the manufacturing and construction sectors while the services sector flatlined.
- Statistics Canada reported on Friday that September manufacturing sales fell 0.5 per cent at C$69.1 billion, and the third quarter saw a 1.3 per cent drop. StatCan said the declines were due to reduced sales of petroleum and coal products. Otherwise manufacturing sales were up 0.4 per cent that month.
