By Glen Hallick
Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Wholesale sales (excluding petroleum, petroleum, products and other hydrocarbons and excluding oilseed and grain) improved 1.2 per cent in July at C$86 billion, Statistics Canada reported on Monday. In another report, StatCan said total manufacturing sales rose 2.5 per cent in July at C$70.3 billion and in a third report that new motor vehicle sales jumped 6.8 per cent year-over-year at about 179,800 in July.
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- The Trump administration announced on Monday that the United States and China reached a framework agreement on transferring the U.S. arm of TikTok to U.S.-controlled ownership. Treasury Secretary Scott Bessent declined to discuss details of the deal. There have been ongoing national security concerns over TikTok due its parent company, ByteDance, having close ties to the Chinese government.
- Canada’s members of parliament resume sitting on Monday, after adjourning in June. A few seats short of a majority, the Liberal government will need to rely on support from at least one opposition party to pass legislation. That would include October’s federal budget. Today also marks the return of Conservative leader Pierrie Poilievre to the House of Commons, after he won an Alberta byelection last month.
- Credit rating agency Fitch lowered France’s credit score to A+ from AA- status on Friday, just as new French Prime Minister Sébastien Lecornu began to form his cabinet. Fitch cited France having an increased debt ratio. The reduced rating has now made it more expensive for France to borrow, which puts greater pressure on Lecornu to put together the government’s next budget.
