Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Jan. 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Inflation in the United States hit a 40-year high, according to the Bureau of Labor Statistics on Wednesday. The Consumer Price Index climbed 0.5 per cent in December, which pushed the annual inflation rate to seven per cent, a level unseen since 1982. At the crux of the increase were higher prices for shelter and used vehicles. Expectations among economists are for the U.S. Federal Reserve to raise interest rates in hopes of taming inflation.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– For the first time United Kingdom Prime Minister Boris Johnson publicly acknowledged for being at a party that has become highly controversial. He apologized on Wednesday for attending the gathering in the garden of his official residence on May 20, 2020 – during the first COVID-19 lockdown. Johnson said he was at the party for 25 minutes before returning to work. “With hindsight, I should have sent everyone back inside,” the PM admitted. The Leader of the Opposition, Keir Starmer has demanded Johnson resign and there are rumblings within the governing Conservatives that the PM must step down.
– China and the Philippines respectively announced this week they are suspending beef imports from Canada, following South Korea which made the move last month. In December a cow with bovine spongiform encephalopathy (BSE) was discovered in Canada for the first time in six years. China buys approximately C$170 million of Canadian beef per year and the Philippines purchases about C$13 million. A spokesperson for the Canadian Cattlemen’s Association said the import bans are likely to be temporary.
