By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Most rail movement in Canada came to a halt early Thursday morning as more than 9,300 members of the Teamster Canada Rail Conference were locked out by Canadian National Railway and Canadian Pacific Kansas City. This has marked the first time a work stoppage hit the country’s two largest railways at the same time. Several business and agricultural groups along with some provinces have called for a quick end to the labour dispute, which is estimated to be costing the Canadian economy about C$1 billion per day. Of the last five work stoppages at CN or CPKC, the longest were nine days at CPKC in 2012 when the federal government passed back-to-work legislation, and eight days at CN in 2019 when a new agreement was reached.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Interest rates in the United States could soon see a cut with the minutes of the Federal Reserve’s Open Market Committee’s July meeting showed most of the members favoured a reduction come September. The committee is set to meet again from Sept. 17-18. Until then, attention is on the Fed’s Jackson Hole conference which began Thursday with its chair Jerome Powell scheduled to give the keynote address tomorrow. He is widely expected to indicate whether the U.S. central bank is more clearly pointed towards a rate cut or not.
- Following the failure to reach a cease fire agreement between Israel and Hamas, U.S. President Joe Biden “stressed the urgency” of needing a deal. Biden spoke with Israeli Prime Minister Benjamin Netanyahu on Wednesday, pushing the PM towards a cease fire while reassuring him the U.S. remained firmly behind Israel.
- Statistics Canada’s Labour Force Survey highlighted on Thursday that the number of employment insurance beneficiaries increased by 474,000 people in June, up 1.3 per cent from May. On a year-over-year basis the number of recipients rose by 45,000. Unemployment in Canada nudged up 0.2 of a point in June to 6.4 per cent as more people are seeking work.
