WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The day after he reiterated his intent to stay on in power, United Kingdom Prime Minister Boris Johnson reversed his decision and announced his resignation on Thursday. Two of his top cabinet ministers and other Conservative Party lawmakers handed in their resignations the day before due to Johnson’s handling of sexual assault allegations against another Tory MP. Johnson was already embattled after a series of ethics scandals when it was revealed that he and his colleagues held parties during COVID-19 lockdowns in 2020. Johnson said he will stay on as PM until a new leader is elected, which could take weeks or months.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Ontario’s chief medical officer Dr. Kieran Moore said on Wednesday that the province is now in a seventh wave of COVID-19 due to the BA.5 Omicron variant. He pointed out exponential growth in most health units, as well as the positivity rate rising above 10 per cent for the first time since May. Moore expects the wave to last another four to five weeks, while also speculating that masks may be mandated indoors again this fall.
– In a report from Royal Bank of Canada (RBC) released on Thursday, the bank predicts a “moderate and short-lived” recession in 2023 due to high inflation and interest rates as well as labour market constraints. The report also said the Bank of Canada (BoC) should act now to counter inflation. The BoC is expected to raise its key interest rate by 0.75 of a point to 2.25 per cent next week.
