By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada reported on Friday that retail spending of C$66.6 billion during November slipped 0.2 per cent from October. At the heart of the decline were core retail sales which decreased 0.6 per cent in November. Partially compensating for the losses were increases in sales for motor vehicles and parts, which rose 0.5 per cent. StatCan said preliminary data for December has pointed to a 0.8 per cent jump in retail spending.
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- StatCan also reported on Friday that employment insurance claims were up 1.7 per cent in November from October. The federal agency said approximately 460,000 Canadians received EI in November, which bumped up the unemployment rate to 5.8 per cent.
- Continuing attacks on commercial shipping through the Red Sea has posed a serious threat to China’s sluggish economy, according to a report on Friday. The cost of a shipping container going from China to Europe has more than doubled to US$7,000, which has increased the costs of China’s exports and created supply chain issues. Meanwhile, United States forces in the Red Sea knocked out anti-ship missiles being prepared for launch by the rebels. The Iran-backed Houthis claimed their attacks are in solidarity with Hamas fighting Israeli forces in the Gaza Strip.
- Ongoing low freshwater levels for the Panama Canal is set to balloon revenue losses for the waterway’s authority, according to a report on Thursday. The latest estimates placed declines at US$500 million to US$700 million for 2024, compared to the initial projection of US$200 million. The number of commercial vessels using the canal each day has been cut because of insufficient freshwater for the locks and lakes making up the system.
