Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– For the first time in 11 years on Thursday, the European Central Bank (ECB) raised its interest rates – more than what most economists predicted. Faced with inflation in Europe reaching 8.6 per cent, the ECB upped its rate by 0.5 percentage points, bringing it to zero per cent. Since 2014, the ECB kept negative interest rates to encourage banks to lend money rather than accept deposits. The war in Ukraine and the COVID-19 pandemic were said to be the root causes of rising prices throughout Europe.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Bank of Canada (BoC) Governor Tiff Macklem stated during a CTV News interview on Wednesday that inflation in Canada will likely remain “painfully high” for the remainder of 2022. His comments came after Statistics Canada pegged inflation in June at 8.1 per cent. Macklem also said gasoline prices are declining so he expects a slight dip in inflation for July. Last week the BoC boosted its interest rate by a full point at 2.5 per cent.
– The race to become the next Prime Minister of the United Kingdom dropped to a pair of candidates on Wednesday in the latest round of voting. The former Chancellor of the Exchequer Rishi Sunak received 137 votes from Conservative Members of Parliament to 113 for Foreign Secretary Liz Truss, who came from behind to edge out Trade Minister Penny Mordaunt by eight votes. Beginning July 28, Sunak and Truss will be campaigning for support at 12 events around the U.K. organized by the party. Also, the BBC announced it will host a televised debate on July 25, with Sky News following on Aug. 4. There are approximately 160,000 party members eligible to vote, with the result to be announced Sept. 5.
