Compiled by MarketsFarm
WINNIPEG, Feb. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- The United States Federal Reserve will make its latest interest rate announcement at 1 pm CST on Wednesday, with market expectations keyed in on a 25-basis point increase. That would bring the Fed’s key interest rates to 4.5 to 4.75 per cent. Also, it’s believed that Fed chair Jerome Powell is set to announce the central bank will freeze rates for the time being. However, there has been speculation the Fed could make one more increase before spring arrives.
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- Prior to Wednesday’s meeting of the OPEC+ alliance, OPEC’s President stated the cartel does not control the price of oil. “What OPEC does is make sure that the supply and demand are stable,” commented OPEC’s Gabriel Mbaga Obiang Lima during an interview with Al Jazeera. Lima was coy about OPEC and its other oil partners increasing their supply of oil on the global market. He also denied that OPEC has been cutting its production to favour Russia.
- Canadian Pacific (CP) said on Tuesday that its fourth quarter profits reached C$1.27 billion for a 58 per cent jump compared to the previous fourth quarter. The transportation giant also stated its revenues for Q4 of 2022 were C$2.46 billion, rising 21 per cent from the previous Q4. As well, CP said its adjusted operating ratio, which measures railroad efficiency, was up 160 basis points at 59.1 per cent. Overall in 2022, CP’s ratio increased 380 points at 61.4 per cent.
