Canadian Building Permits Increase | UK Prime Minister Closes Parliament Until October
Published September 10, 2019
British Prime Minister Boris Johnson has promised to work to make a new deal with the European Union at the October 17 summit in Brussels. This comes after failing to get enough votes to call an election, but succeeding in getting Parliament closed until October 14. GBPUSD is currently trading at 1.2353.
Prince Abdulaziz bin Salman’s tenure as the Saudi oil minister will begin on Thursday when OPEC and its allies meet in Abu Dhabi. Despite Saudi Arabia cutting production to the lowest level in five years, crude is inching higher as investors await developments from the gathering of OPEC. West Texas Intermediate for October delivery is trading above $58 a barrel this morning.
Statistics Canada published a report for building permits this morning which indicated that construction in Canadian municipalities rose 3.0% to $8.3 billion in July, largely due to increases in multi-family and commercial permits. Gains were reported in five provinces, with over one-third of the national increase in British Columbia. Quebec reported the largest decrease, down 4.0% to $1.6 billion due to lower construction intentions in all components of the non-residential sector.