Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- The Group of Seven major economies’ cap on Russian oil imports kicked in on Monday, pegged at US$60 per barrel. The cap is said to halt “Russia profiting from its war of aggression against Ukraine” by putting an upper limit on the price for its oil that’s shipped by G7 or European Union tankers. Russian already stated it won’t sell its oil to any country that has signed on to the cap. Ukrainian President Volodymyr Zelenskyy called the cap “weak” and said much stronger measures are overdue.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Ahead of the Bank of Canada’s next interest rate announcement scheduled for Wednesday, analysts are spilt between the central bank going with a hike of 25 or 50 basis points. Currently, the BoC’s key interest rate is at 3.75 per cent. As well there have been indications from the BoC that the series of increases may be coming to an end. It has been raising increases as a means to combat inflation.
- Pressure is mounting on South African President Cyril Ramaphosa to resign as a major scandal continued to rock his administration. A parliamentary inquiry is set to issue its findings on Monday, which Ramaphosa said he will accept its conclusions. Reports explained that upwards to US$4 million were found inside a couch in Ramaphosa’s home in February 2020, which have been linked to a large theft of foreign currency. Ramaphosa claimed the actual amount was approximately US$500,000 and were the proceeds from the sale of buffalo from his ranch.
