WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported on Friday that retail sales decreased by 0.1 per cent in August from the month before to C$66.1 billion. Core retail sales, which exclude gas stations and motor vehicle parts, were down 0.3 per cent in August, while volume was 0.7 per cent lower. Sales declined in six subsectors, including retailers selling food and beverage, clothing and sporting goods. StatCan also estimated that retail sales were unchanged in September, furthering speculation that the Bank of Canada (BoC) will decide to leave its key interest rate unchanged next week.
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– United States President Joe Biden delivered a televised address on Thursday evening. The first part was targeted to members of Congress in an attempt to convince them to pass a bill providing military funding for Ukraine through legislation designed to provide similar funding to Israel. He told viewers that a world where Ukraine and Israel prevail will make a safer world for their children and grandchildren. Biden also stated that the objectives after the war in Israel are a two-nation solution and Palestinian statehood, while also attempting to ease the fears of Americans who have experienced Islamophobia and anti-semitism since the war started. Biden has received criticism from some staffers and lawmakers for his pro-Israel stance.
– The Federal Energy Regulatory Commission in the U.S. approved the expansion of a TC Energy natural gas pipeline in the Pacific Northwest on Thursday, despite protests from environmental groups and officials in West Coast states. The GTN Xpress project runs through Idaho, Washington and Oregon and its capacity would be expanded by 4.2 million cubic metres of natural gas per day. Critics say an explosion or spill could pose a wildfire risk, not to mention going against states’ plans to address climate change.
