CNS Canada — The following is a glance at the news moving markets globally.
EGYPT EXPECTED TO IMPORT A WIDER VARIETY OF FOOD — Despite currency issues that have put a damper on imports and created difficulty for small and medium sized businesses in the country, Egypt has said it will be importing a wider variety of items.
Though some analysts questioned how Egypt would be able to source the funds to increase imports, the country has put out a tender for chicken for the first time, according to reports out of the country.
U.S. JOBLESS CLAIMS RISE — New applications for unemployment benefits in the US increased in the week ended October 24, but analysts say the country’s labour market is still healthy.
Benefits claims grew by 16,000, according to the country’s labour department.
FED CHAIR SAYS U.S. IS READY FOR AN INTEREST RATE HIKE — U.S. Federal Reserve Chair Janet Yellen said that since the country has low unemployment rates and is seeing continued growth, it is ready for higher interest rates.
The Fed had indicated it would like to raise interest rates before the end of the year. Some analysts say this indicates the potential for a December interest rate increase.