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OPEC+ also approved a mechanism for its review of members’ individual production capacities, a sensitive process that will help set quotas in 2027. 

The data for airfreight and container shipping “continue to signal expansion,” even as they weakened from June, “indicating a cooling-off in the transportation of goods worldwide,” WTO said.

Initial claims decreased by 6,000 to 216,000 in the week ended Nov. 22. The median forecast in a Bloomberg survey of economists called for 225,000 applications.

Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%.

U.S. President Donald Trump said he urged Chinese President Xi Jinping to increase the speed and size of agricultural purchases and said Beijing had “more or less agreed” to do so.

U.S. consumers were much less confident in the economy in November in the aftermath of the government shutdown, weak hiring and stubborn inflation.

Statistics Canada said it will not publish October trade data as was scheduled on Dec. 4. The agency had previously confirmed September numbers would be postponed.

Treasury Secretary Scott Bessent’s comments come after Trump and Xi spoke on Nov. 24, their first conversation since the two leaders met in Busan, South Korea, in October.

The value of retail purchases, not adjusted for inflation, increased 0.2% after a 0.6% gain in August, Commerce Department data showed, after being delayed due to the government shutdown.

The producer price index rose 0.3% from a month earlier after a 0.1% decline in August, according to the BLS. The increase matched the median projection in a Bloomberg survey of economists.