Global Markets: Canada’s economy dips 0.2 per cent in November

Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Friday that the country’s economy declined by 0.2 per cent in November, compared to a 0.3 per cent increase in October. The contraction exceeded pre-report estimates and was the largest since Dec. 2023. Work stoppages across inland transportation and ports, as well as declining output in mining, quarrying and oil sands extraction led the decrease. StatCan also announced a preliminary estimate for December, projecting 0.2 per cent growth. StatCan’s report comes less than a day before United States President Donald Trump enacts 25 per cent tariffs on Canadian goods imported into the U.S.

– Liberal leadership candidate Mark Carney said in a statement on Thursday he would scrap the carbon tax if elected and replace it with incentives “to reward people for greener choices.” He said other measures would be introduced, including investing in energy-efficient buildings, electrifying transportation and having big polluters pay more. Fellow leadership candidate Chrystia Freeland said on Wednesday she would also scrap the carbon tax with a policy to be developed in collaboration with the provinces, as well as cut the number of cabinet minister and PMO staff by half. Karina Gould, another leadership candidate, vowed to temporarily lower the GST to four per cent. The other candidates running for the Liberal leadership are MP Ruby Dhalla and former MP Frank Baylis.

– A report from the U.S. Federal Aviation Administration revealed that one air traffic controller was working two positions at the time a passenger jet collided with a U.S. Army helicopter midair near Reagan Washington National Airport on Wednesday. The report stated the staffing configuration was “not normal for the time of day and volume of traffic”. The National Transportation Safety Board said it will issue a preliminary report within 30 days. In total, 67 people are believed to have perished in the collision.

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