By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- The Bank of Canada slashed its key interest rates by 50 points on Wednesday, bringing them to 3.75 per cent. Meanwhile the BoC reduced its bank rate to four per cent. In a statement, Canada’s central bank said the country’s economy grew by two per cent in the first half of 2024 and projected 1.75 per cent growth in the second half. As well, the BoC forecast economic expansion of 2.1 per cent next year and 2.3 per cent in 2026. It projected inflation over the coming months to hold near its two per cent target.
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. –…
- Canadian Prime Minister Justin Trudeau will likely square-off in a caucus meeting on Wednesday against 20 or more Liberal MP’s who have demanded he resign. Since winning back-to-back minority governments Trudeau’s popularity has waned, with the federal Liberals about 20 points behind the opposition Conservatives in most opinion polls. Added to that the governing party recently lost most by-elections, including Liberal strongholds.
- United States Secretary of Defense Lloyd Austin stated on Wednesday there’s evidence of North Korean troops alongside the Russian military in the war in Ukraine. However, Austin cautioned it had yet to be determine what role the North Koreans could be playing. The South Korean National Intelligence Service, in working with its Ukrainian counterpart, reported last week that North Korean troops were present in Ukraine.
- Boeing announced on Wednesday a net loss of US$6.2 billion in the third quarter of this year, compared to a loss of US$1.6 billion a year ago. The news came as 33,000 Boeing machinists vote today to accept or reject the tentative deal their union made with the company after a six-week strike. “Going forward, we will be focused on fundamentally changing the culture, stabilizing the business and improving program execution,” Boeing CEO Kelly Ortberg said in a press statement.
