Global Markets: Canada’s GDP grows in October: Stats Can

By Commodity News Services Canada

WINNIPEG, Dec. 21 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s gross domestic product grew by 0.3 per cent overall in October, according to Statistics Canada in a report released Friday. The report stated factory production increased by 0.7 per cent, the finance and insurance industry grew by 0.9 per cent and wholesaling was up one per cent. There was no direct evidence of the oil and gas industry having a negative effect on Canada’s GDP. Armed with the data, Bank of Canada Governor Stephen Poloz will make his first announcement on interest rates in 2019 on Jan. 9.

– United States President Donald Trump continues to refuse to sign a new spending bill passed by Congress unless it includes US$5 billion for border wall construction. Republican and Democratic Congressional leaders met Thursday without coming to an agreement on amending the spending bill to please Trump. If the bill isn’t passed on Friday, parts of the U.S. government will begin to shutdown including the lay-off of 340,000 federal employees.

– China is set to cut taxes and fees in 2019 in an effort to help its slowing economy. Economic growth in China is predicted to slow from 6.6 per cent to 6.2 per cent as uncertainty over the U.S./China trade war continues.

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