CNS Canada –– The following is a glance at the news moving markets globally.
CANADIAN ELECTION — The Canadian Federal election is today, and market participants will be following the outcome closely.
U.S. FED OFFICAL SAYS IT’S TOO SOON TO TALK ABOUT INTEREST RATE — New York Federal Reserve President, William Dudley, said it’s too soon to discuss an interest rate increase this year.
Representatives from the bank said earlier in 2015 that interest rates would likely increase by the end of the year.
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China to buy 12 million metric tons of soybeans this season, Bessent says
U.S. Treasury Secretary Scott Bessent said on Thursday that China has agreed to buy 12 million metric tons of American soybeans during the current season through January and has committed to buying 25 million tons annually for the next three years as part of a larger trade agreement with Beijing.
However, Dudley said Monday that turbulence in financial markets is slowing the process down.
CHINA’S ECONOMY HITS SIX-YEAR LOW — China’s economic growth hit its lowest level since 2009 on Monday, sinking below seven per cent.
The dip was attributed to cooling investment, and analysts say it should prompt Beijing to cut interest rates further.
WAL-MART SQUEEZES SUPPLIERS AMID SHOCK EARNINGS REPORT — Wal-Mart is further pressuring its suppliers to reduce their prices.
Participants within the company said Wal-Mart is turning up the heat on suppliers, from merchandise to grocery.
The squeeze has come after the company projected on Wednesday that earnings could decline by 12 per cent in the next fiscal year, citing rising costs and increasing wages.
U.S. CATTLE MARKETS SEE SHARP DECLINES — Fed and feeder cattle market prices saw sharp losses in the third-quarter of 2015, according to two analysts from USDA.
Prices for five-area all grades were US$125.36/cwt, about US$40 less than where prices sat a year ago, as of the week ended Oct. 11.
