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Global Markets: Canadian housing market forecast improved

By MarketsFarm

WINNIPEG, June 14 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– The Canadian Real Estate Association has updated its 2019 forecast for home sales, predicting a slight improvement compared to 2018 instead of a previously-expected decline. The improvement is largely driven by house sales in the Greater Toronto Area.

– A recent report from the United States Department of Commerce showed retail sales increased in May, indicating a pick-up in consumer spending that mitigated fears of an economic slowdown. “Although it won’t change the view that the Fed will feel compelled to ease at some point this year, this eases some of the pressure,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto.

– The U.S. has blamed Iran for the attack on two oil tankers belonging to Norway and Japan. The attack happened off the coast of Iran in the Gulf of Oman on Thursday. Iran called the accusation “alarming and wrong” and an attempt at warmongering. The U.S. also blamed Iran and its allies for the attacks on four tankers in the same area on May 12.

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