Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Canadian National Railway reported on Wednesday that’s second quarter revenue hit C$4.34 billion, well exceeding expectations of C$4.08 billion and 21 per cent more than the same quarter last year. Bloomberg Canada reported the increase was due to higher freight rates and fuel charges, plus stronger volumes of coal as well as United States grain. Compared to the same time a year ago, per carload freight revenue climbed 21 per cent, automotive shipments increased 31 per cent and coal movements rose 29 per cent. Those offset declines in grain exports and intermodal business.
Read Also
Global Markets: Chevron secures major win
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The United States Federal Reserve will make an announcement on its key interest rate on Wednesday at 1 pm CDT. Analysts widely expect the Fed to boost the rate by 75 basis points, although some believe there could be a full one-point hike. There are fears the increase, regardless of the amount, could trigger an economic recession in the U.S. However, several central banks around the world have been raising their interest rates as a means to control rising inflation.
– As relations between the U.S. and China continued to sour, the latter warned of “serious consequences” if Nancy Pelosi, the Speaker of the House of Representatives, proceeded with her visit to Taiwan. Reports said that the White House was attempting to discourage Pelosi from going to Taiwan. China has long considered Taiwan to be a breakaway province and not an independent country. While the U.S. has strong ties with Taiwan, it doesn’t formally recognize it as a country. As the speaker of the house, Pelosi is the third most powerful elected official in the U.S.
