WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) is widely expected to raise its key interest rate by 0.75 of a point to 2.25 per cent on Wednesday in another attempt to curtail inflation. A rate hike of that size has not been seen since 1998. The BoC will also release its quarterly monetary policy report and updated economic forecasts. Last week, Royal Bank of Canada predicted in its monthly report that Canada will undergo a moderate recession later this year.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The annual inflation rate in the United States exceeded analysts’ expectations once again, reaching its highest point since 1981 at 9.1 per cent in June, the U.S. Bureau of Labor Statistics reported on Wednesday. Many analysts had predicted that inflation would slightly decline. Energy prices rose 41.6 per cent in the past year, food by 10.4 per cent and shelter by 5.6 per cent.
– The Canadian Radio-television and Telecommunications Commission (CRTC) is ordering Rogers Communications Inc. to provide a detailed explanation by July 22 for Friday’s nationwide outage, which disrupted wireless, banking and 911 services. On Tuesday, Canada’s industry minister Francois-Philippe Champagne tasked the country’s major telecommunications firms to devise a new resiliency plan to prevent future disruptions. Rogers announced on Tuesday it was crediting customers five days of service.
– Sri Lanka has declared a state of emergency after its president Gotabaya Rajapaksa fled the country for the Maldives and appointed Prime Minister Ranil Wickremesinghe as interim president. Protesters, infuriated by months of food and fuel shortages, stormed the PM’s residence on Wednesday, four days after Wickremesinghe’s private residence was set on fire.
