Global Markets: Retail sales increase in July

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Retail sales in Canada in July increased by 0.4 per cent from June, according to an estimate from Statistics Canada released on Wednesday. It was the largest month-to-month gain since April. In June, retail sales increased by 0.1 per cent, when autos are excluded, the figure then would have been a decline of 0.8 per cent. Preliminary data estimates a one per cent growth in the Canadian economy for the second quarter of 2023.

– Conditions are seemingly improving in British Columbia while also worsening in the Northwest Territories as wildfires continue to rage in both areas. Most travel restrictions in B.C.’s Interior, with the exception of West Kelowna, were lifted on Tuesday and B.C. Premier David Eby said that the government will now focus on recovery despite more than 27,000 remaining out of their homes. In the NWT, the Wood Buffalo Fire threatening the community of Fort Smith grew overnight on Tuesday and the South Slave region is expected to have “extreme fire danger” over the next few days.

– Two tankers from Singapore and the Cayman Islands carrying oil products and natural gas collided in the Suez Canal on Wednesday, delaying the transit of 21 southbound vessels. No one was injured and traffic will return to normal in the next few hours.

– India became the fourth nation after the United States, Soviet Union and China to successfully land a spacecraft on the moon on Wednesday when Chandrayyan-3 landed on the moon’s south pole. The landing followed Russia’s Luna-25 spinning out of control and crashing on Sunday.

– Eight candidates will take part in the first Republican presidential debate in Milwaukee on Wednesday night. While all eight participants met donor and polling qualifications to be on stage, the presumed frontrunner, former United States President Donald Trump, will not take part.