Global Markets: Bank of England raises rates

By MarketsFarm

WINNIPEG, May 5 – The following is a glance at the news moving markets in Canada and globally.

– The Bank of England raised its key interest rate by a quarter point on Thursday, taking it to its highest level since 2009 of one per cent. Three of the nine rate setters voting had called for an even larger increase. British inflation hit a 30-year high of seven per cent in March, with revised targets now pointing to a ten per cent peak in the next three months.

– Deaths linked to the COVID-19 over the past two years were likely more than double the official statistics, according to the latest estimates from the World Health Organization. The WHO estimates that 13.3 million to 16.6 million people were killed by the coronavirus or by its impact on healthcare systems. That compares with the official death toll of six million.

– Turkey’s inflation rate rose to nearly 70 per cent in April, according to the country’s national statistics agency. Turkey’s collapsing currency has caused prices to rise sharply, with Russia’s invasion of Ukraine exaggerating the economic insecurity. While officials have brushed aside concerns, the surging inflation may pose challenges for President Recep Tayyip Erdogan and his economic policies.

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