WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported on Wednesday that Canada’s annual inflation rate was 6.8 per cent in November, 0.1 of a percentage point higher than economist expectations and 0.1 of a point lower than in October. StatCan also reported that gasoline prices dropped by 3.6 per cent during the month, but are still 13.7 per cent higher than what they were one year earlier. Grocery bills increased at an annual rate of 11.4 per cent in November, compared to 11 per cent in October. Shelter costs increased 7.2 per cent over the past year.
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– Ukrainian President Volodymyr Zelenskyy will make his first foreign visit since Russia’s invasion of his country in February when he travels to Washington, D.C. on Wednesday for a meeting with United States President Joe Biden. He will also deliver an address to the U.S. Congress in the evening. U.S. lawmakers are set to vote on a year-end US$45 billion package of emergency assistance to Ukraine, with the U.S. planning to send Ukraine Patriot surface-to-air missiles.
– Elon Musk confirmed on Twitter on Tuesday he will step down as CEO of the social media platform, as soon as he “finds someone foolish enough to take the job.” Musk does not plan to leave the company, though, as he said he will stay on to oversee Twitter’s engineering teams. After purchasing Twitter for US$44 billion in October, two-thirds of the company’s employees have either left or have been fired. On Sunday, Musk posted a poll asking if he should step down, with 57.5 per cent of 17.5 million users saying that he should.
