By MarketsFarm
WINNIPEG, May 4 – The following is a glance at the news moving markets in Canada and globally.
– The United States Federal Reserve is set to release its latest policy statement later today, with general expectations that the central bank will raise its key overnight rate by half a percentage point. That would mark the largest hike in more than 20 years. The start of reductions to the Fed’s US$8.9 trillion balance sheet are also expected.
– Russian attacks on Ukraine continued Wednesday, with reports the offensive was intensifying in both western and eastern parts of the country. The European Commission is proposing phasing out the purchase of Russian oil over the next six months, which caused oil prices to climb higher.
– In an increasing effort to clamp down on COVID-19 outbreaks, Beijing closed 40 subway stations on Wednesday – or 10 per cent of its vast network. Restaurants, bars and other businesses are closed or operating at a reduced capacity, as China takes a hardline stance on the virus. Only 51 cases were announced in Beijing on Wednesday.
