Canada’s weak productivity needs urgent attention, says BoC’s Vincent

For the first time in at least 30 years, the United States has exported more goods to Mexico than to Canada, according to U.S. government data. This shift highlights the consolidation of North American trade. Marcelo Ebrard, Mexico's economy minister, emphasized that Mexico is now the United States' main trading partner.

Canada's stock market closed higher, with the S&P/TSX Composite index rising by 0.81%. This positive performance reflects investor confidence amid a backdrop of fluctuating global markets. The increase indicates a favorable trading environment for Canadian equities.

Openlane has announced an increase in its Canadian receivables program limit to C$500 million. This decision reflects the company's strategy to enhance its financial capabilities and support its operations in Canada. The adjustment in the receivables program is expected to provide Openlane with greater flexibility in managing its financial resources and meeting the demands of its business activities in the region.

Canada's industry minister is set to make a decision next month regarding Anglo American's proposed takeover of Teck Resources. However, the minister has indicated that the commitments made by the British mining company thus far are insufficient to secure approval for the deal. This situation raises concerns about the future of the acquisition and its implications for both companies involved.

An investigation has revealed that over 300 lobbyists from the industrial agriculture sector participated in the UN climate summit in the Brazilian Amazon. This group is linked to a significant portion of global emissions and is a leading cause of deforestation in the region. The number of lobbyists has increased by 14% compared to last year's summit in Baku, surpassing the delegation size of Canada, which sent 220 representatives to Cop30 in Belém.

Canada's Carney has successfully navigated a crucial vote regarding his first budget, marking a significant milestone in his tenure. The vote's outcome is seen as a positive indication of support for Carney's fiscal policies and approach to governance. This development is crucial as it sets the tone for future budgetary decisions and economic strategies under his leadership, reflecting confidence from lawmakers and stakeholders in his ability to manage the country's financial landscape.

At the close of trading, Canadian stocks experienced a decline, with the S&P/TSX Composite Index falling by 0.83%. This downturn reflects ongoing market volatility and investor sentiment, which has been influenced by various economic factors. The trading session ended on a negative note, indicating potential concerns among investors regarding future market performance.

In October, Canada's inflation rate decreased to 2.2%, driven by lower prices for gasoline and food. This decline marks a significant easing in inflationary pressures, which have been a concern for consumers and policymakers alike. The reduction in prices is expected to provide some relief to households facing rising living costs, contributing to a more stable economic environment.