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Global markets: Canada’s retail sales increase in Q1

By Commodity News Service Canada

WINNIPEG, July 14 – The following is a glance at the news moving markets globally.

CANADA’S RETAIL SALES UP FROM YEAR-AGO LEVELS
Retail sales totalled C$113.6 billion in the first quarter, up 5.4 per cent from the same quarter of 2015. Higher sales were reported in nine of the 10 major commodity groups, Statistics Canada said in a report on Friday.

Sales of motor vehicles, parts and services grew 14.6 per cent in the first quarter, the commodity group’s largest gain ever.

FED OFFICIALS SAY THEY MAY HOLD OFF ON RATE RAISE
Officials from the US Federal Reserve say they’re not in a rush to raise interest rates, according to reports on Friday, despite previously signalling they would raise interest rates twice this year.

Policymakers say they’ll be taking a gradual approach to raises, ahead of a July 26-27 meeting.

CANADA’S MANUFACTURING SALES DOWN SLIGHTLY
Manufacturing sales declined one per cent to C$49.9 billion in May, the third decrease in five months. The decline in May reflected lower sales of motor vehicles and petroleum and coal products, Statistics Canada data says.

Sales fell in 15 of 21 industries, representing nearly 70 per cent of total Canadian manufacturing.

Constant dollar sales were down 2.1 per cent, indicating that a lower volume of manufactured goods was sold in May.

BRITISH CONSTRUCTION OUTPUT DROPS IN MAY
British construction output dropped 2.1 per cent from April to May, ahead of the Brexit vote, according to reports on Friday.

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