By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada reported on Tuesday the country’s gross domestic product rose 0.2 per cent in February after the economy expanded 0.5 per cent in January. Analysts’ expectations were for 0.3 per cent growth in February. StatCan said there were increases in 12 of the 20 sectors it tracks. Transportation and warehousing led the way with a 1.4 per cent gain. Meanwhile, the largest decline came in the manufacturing sector which retreated 0.4 per cent. StatCan projected little change for Canada’s GDP in March.
Read Also
Global Markets: Chevron secures major win
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Volkswagen, Mercedes-Benz and Stellantis announced on Tuesday lower than projected vehicle sales and revenues for the first quarter of 2024. The automakers said higher production costs and reduced demand due to higher interest rates were to blame. With the news, Volkswagen shares lost 2.7 per cent, with Stellantis down four per cent and Mercedes pulled back 4.4 per cent.
- The head of Europe’s largest bank announced on Tuesday he will step down. Noel Quinn, the chief executive officer of the London-based Hongkong and Shanghai Banking Corporation, said he will retire when the bank hires a successor. Quinn has been with HSBC for 37 years, the last five in the top position. Under his guidance, the bank recently sold off its Canadian operations and plans to do the same with its branches in Argentina, while increasing its presence throughout Asia.
- The Japanese yen has hit hard times as its value plummeted compared to the United States dollar. At one point on Monday, the yen dropped to 160.17 against the U.S. dollar, it’s lowest level in 34 years, but recovered to 155.01. Reports pointed to the wide difference in interests in Japan and the U.S., with investors offloading the yen.
