Canadian Retail Sales Decline | Iranian-US Conflict Continues to Escalate
Published July 19, 2019
Canadian retail sales, excluding sales of motor vehicles and gasoline stations, declined for the first time in four months, moving down towards 0.1% to $51.5 billion in May. Retail sales decreased 1.0% with overall sales down in 4 of 11 subsectors, representing 39% of retail trade. Lower sales at food and beverage stores were the main contributors to the decline.
Markets were left in disarray yesterday as participants negatively interpreted a speech by Federal Reserve Bank of New York President John Williams. Williams stated that central banks should move quickly when they see signs of trouble as referring to upcoming policy actions.
Iran officials denied President Trump’s statement that a US warship destroyed an Iranian drone near the Persian Gulf after it threatened the ship. The incident marks a new escalation of tensions between the countries less than a month after Iran downed an American drone. West Texas Intermediate continues to push lower despite the uncertainty, last trading at $55.60 a barrel.