WINNIPEG, Sept. 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported on Friday that retail sales increased by 0.4 per cent in July as consumers purchased more vehicles. That was below projections from analysts of a 0.6 per cent increase. If vehicles and fuel were eliminated, retail sales would have declined by 0.1 per cent that month. Ontario had the largest gain at 1.2 per cent with smaller increases in Alberta, Manitoba, Newfoundland and Labrador, Nova Scotia and Saskatchewan.
– Trade talks between deputy negotiators from the United States and China were scheduled to continue today. Most of the discussions have been devoted to agriculture and have laid the groundwork for top-level talks in October. Also it was announced that some of China’s 30-member trade delegation will remain in the U.S. to visit the country’s farming regions. Agriculture Secretary Sonny Perdue told the media China is attempting to build goodwill.
– Saudi Arabia has continued to draw down its oil stocks to keep its global customers supplied after a Sept. 14 drone attack on a major oil processing facility. As of July 31, Saudi Arabia’s strategic reserves were reported to be approximately 180 million barrels. That’s the equivalent of 18 days’ worth of exports. Houthi rebels from Yemen claimed responsibility, but the U.S. has pointed the finger at Iran, which denied any role in the attack.