By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada reported on Tuesday the consumer price index for January climbed to an annualized rate of 1.9 per cent from 1.8 per cent in December. StatCan said energy prices rose 5.3 per cent January, which included a 25.9 per cent hike in Manitoba as that province ended its break on its gas tax. The higher pump prices largely negated any downward pressure on inflation by the federal government’s sales tax holiday.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Officials from the United States and Russia met in Saudi Arabia on Tuesday to set the stage to begin peace talks to end the three-year-old Russian invasion of Ukraine. However, Ukrainian officials were not invited to the conference in Riyadh. While the Trump administration previously stated the European Union must take on more of the burden of defending Ukraine, the EU was also excluded from the talks.
- The Reserve Bank of Australia lowered its cash rate by 25 basis points on Tuesday, bringing it down to 4.1 per cent. This marked the central bank first rate cut since November 2020. RBA governor Michele Bullock stated higher inflation since the COVID-19 pandemic caused a lot of pain for homeowners. Also, she said that further rate cuts are not guaranteed as the RBA’s main focus will be to push inflation lower.
- Chinese President Xi Jinping met with the country’s business leaders in Beijing on Monday. China’s economy has been consistently sluggish since the end of the COVID-19 pandemic, with a major real estate crisis adding to the situation. The meeting included the founders of Alibaba, Huawei, BYD, CATL and Meituan. Further details of the conference have yet to be made public.
