WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) is not expected to raise its overnight benchmark interest rate of 0.25 per cent in its latest policy decision on Wednesday, but many speculate it will still give a preview on what the central bank plans to do to counter rising inflation. The BoC has previously said it will not raise the rate until the economy has healed enough to handle an increase. The economy grew at an annualized rate of 5.4 per cent in the third quarter, according to Statistics Canada, and unemployment was only 0.3 percentage points higher than pre-pandemic levels as of November.
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– In a virtual meeting on Tuesday, United States President Joe Biden warned Russian President Vladimir Putin of “consequences” if Russia went ahead with plans to invade Ukraine. Despite offering an “alternative path” to Putin and both men agreeing to further discussions, there was no easing of tensions between the two world leaders. Putin maintained it is Ukraine that is acting provocatively and claimed that NATO was expanding into the country.
– China’s ambassador to Canada Cong Peiwu said on Tuesday that denying Chinese telecommunications company Huawei access to Canada’s 5G wireless network would send a “very wrong signal” to Chinese companies. Intelligence-sharing allies of Canada have already denied access to Huawei, claiming it is an arm of China’s military intelligence. However, Canada has not yet made a decision which companies will be permitted to supply equipment to network providers.
