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Global Markets: Teamsters set up picket lines at CN

By MarketsFarm

WINNIPEG, Nov. 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Following last minute attempts by the federal labour and transportation ministers to mediate the situation, 3,200 Canadian National employees hit the picket lines early Tuesday morning. The employees, members of the Teamsters Canada Rail Conference that include conductors, trainpersons and yard workers, have officially been without a contract since July 23. Negotiations began in May and have yet to reach settlement, however talks between the union and CN are continuing. The strike could impede shipments of grain, oil and other goods.

– Statistics Canada released its manufacturing sales report on Tuesday, which noted a 0.2 per cent drop in September after analysts predicted a 0.6 per cent decline. Sales for the month were about C$57.4 billion. The report said motor vehicles sales fell by 4.3 per cent and those in the petroleum and coal product sector saw 1.9 per cent drop. These countered by a 5.5 per cent boost in the machinery industry and 2.9 per cent boost to motor vehicle sales. Statistics Canada said sales were down in 10 of the 21 industries included in the report.

– Shares in a stake in Saudi Arabia’s state-owned Aramco oil company were reported to have an initial offering of US$8.00 to US$8.50 per share. Although Saudi Arabia is putting 3 billion shares up for sale that constitutes a small portion of Aramco’s 200 billion regular shares. One third are to be set aside for Saudi nationals and the rest made available to investors. The initial offering is expected to reap US$24 billion to US$25.6 billion.

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