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Global Markets: Canadian retail sales down in May

By MarketsFarm

WINNIPEG, July 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Although economists predicted a 0.3 per cent increase in retail sales in Canada, sales were down 0.1 per cent in May, according to a Statistics Canada report released on Friday. When motor vehicles were excluded, the drop was 1 per cent. The decline slid to 2.7 per cent when only groceries, alcohol and clothing were accounted for.

– Trade negotiations between the United States and China resumed by telephone on Thursday as Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke with their Chinese counterparts. Mnuchin told the media he hopes face-to-face talks resume in the near future. China demanded a deal to end the year-long trade war must be fair and equitable to both countries.

– The U.S. has been having a difficult time garnering allies as tensions increase with Iran, according to Reuters. “Nobody wants to be on that confrontational course and part of a U.S. push against Iran,” said one diplomat. Iran’s Revolutionary Guards have been attacking oil tankers transiting the narrow Strait of Hormuz. On Thursday, the U.S. Navy reportedly destroyed an Iranian drone that apparently came within one kilometer of the U.S.S. Boxer. The Royal Navy deployed five ships to the region to protect tankers. France, Japan and South Korea were among the countries that have yet to say whether they will provide support or not.

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