Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– The day after the United States Federal Reserve announced a 75-basis point hike in its key interest rate, the Department of Commerce said on Thursday the country’s gross domestic product dropped 0.9 per cent in the second quarter. This came after the GDP fell 1.6 per cent first quarter and there are now increased fears of an economic recession. The second quarter contraction came after economists projected an increase of 0.4 per cent, according to a report.
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– Gazprom, Russia’s state-owned gas company, slashed the amount of gas being sent to Europe through the Nord Stream One pipeline on Wednesday. An estimated 20 per cent of capacity is said to be flowing through the pipeline, which will put tremendous stress on the economies of the European Union and Germany in particular. The trickle of gas reportedly makes it extremely difficult for countries to divert enough into storage tanks to be used in the winter. The latest cut by Gazprom is said to be in retaliation for imposing sanctions on Russia after it invaded Ukraine.
– The mayor of Kharkiv stated on Thursday there is no safe place as Russian forces continued to bombard Ukraine’s second largest city. “We have nine districts in the city and they are all being bombed with varying intensity and at various times,” Mayor Igor Terekhov said to AFP. Also, a senior Ukrainian military official confirmed Russia struck a military base north of the capital city of Kyiv with six cruise missiles.
