Global Markets: BoC to raise key interest rate

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– The Bank of Canada (BoC) is expected to raise its key interest rate for the fifth time in as many meetings later today. Many analysts predict that Canada’s central bank will raise the rate by 75 basis points to 3.25 per cent. However, there are some who think BoC may go further and raise its rate by 100 basis points. Either way, the policy rate would be at its highest since 2008.

– Statistics Canada (StatCan) reported today that Canada’s merchandise trade surplus declined to C$4.1 billion in July, compared to a revised value of C$4.9 billion in June. The report cited lower prices for goods as the reason for the decline. Exports were up 1.7 per cent in July, but the monetary value fell 2.8 per cent to C$68.3 billion. However, imports of consumer goods dropped 4.2 per cent while the value of imports was reduced 1.8 per cent to C$64.2 billion.

– Steve Bannon, a former advisor to former United States President Donald Trump, is expected to surrender himself on Thursday to face New York state charges related to fundraising efforts to build a wall along the U.S./Mexico border. The charges have been returned in an indictment. Bannon was charged with similar offences by federal prosecutors in 2020, but later received a pardon by Trump. Presidential pardons do not apply to state charges.

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