Global Markets: U.S. economic data beats expectations

By MarketsFarm

WINNIPEG, July 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– President of the Philippines Rodrigo Duterte is “seriously considering cutting diplomatic relations with Iceland”, according to a spokesperson, following efforts out of Iceland to spearhead a United Nations resolution looking into deaths stemming from Duterte’s anti-drug crackdown.

– Manufacturing production in the United States increased by 0.4 per cent in June, according to a report from the Federal Reserve, beating market expectations. U.S. retail sales also beat expectations, increasing by 0.4 per cent as well, according to a separate report from the Commerce Department.

– The British pound fell to its weakest levels in over two years on Tuesday amid heightened concerns that the United Kingdom will leave the European Union in October without a deal. Both major contenders to replace Theresa May as leader of the ruling Conservative party have declared the Northern Ireland backstop “dead”, according to reports.

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