Compiled by MarketsFarm
WINNIPEG, May 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Former governor general David Johnston is scheduled to release his report on foreign interference in Canada at 11 am CDT on Tuesday. Johnston was named as an independent special rapporteur by Prime Minister Justin Trudeau in March and tasked with determining a public inquiry into the matter is required. Media reports stated the Chinese government attempted to meddle in the 2019 and 2021 Canadian federal elections as well as attempted to influence policy makers and institutions. The opposition Conservatives and New Democrats have long demanded a public inquiry.
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- United States president Joe Biden and House speaker Kevin McCarthy failed to reach an agreement on Monday to raise the federal government’s debt ceiling above US$31.4 trillion. However, they agreed a deal is necessary before the government defaults on June 1 and they will continue talking. McCarthy and Republicans have called for deep spending cuts, which Biden and the Democrats deemed to be reckless. Meanwhile, the Democrats proposed tax increases which Republicans vehemently oppose.
- The International Monetary Fund (IMF) announced on Tuesday that it no longer expects the United Kingdom economy to fall into recession in 2023. The IMF has now forecast the U.K. gross domestic product to grow by 0.4 per cent, rather than contracting by 0.3 per cent. The IMF pointed to the economic policies of Prime Minister Rishi Sunak’s Conservative government for repairing the financial chaos created by his predecessor, Liz Truss.
