WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported on Thursday that the country’s gross domestic product (GDP) grew by 0.8 per cent in October and preliminary data suggests a 0.3 per cent gain in November, as well. November was the sixth straight month Canada’s economy grew and it has now grown to pre-pandemic levels for the first time since the start of the crisis. Retail sales increased one per cent in October and many analysts expect the Bank of Canada (BoC) to have five interest rate hikes over the next 12 months.
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– Canada reported a record 14,995 new cases of COVID-19 on Wednesday, fueled by the highly transmissible Omicron variant. The number of new infections has exceeded 10,000 for the third straight day. While two new studies from the United Kingdom have suggested the Omicron variant does not cause as much severe illness as the Delta variant, its infectiousness is very likely to overwhelm already over-taxed healthcare systems around the world.
– In his annual news conference, Russian President Vladimir Putin said the West should move quickly to meet Russia’s demand for security guarantees before the nation and the United States begin talks next month in Geneva, Switzerland. Last week, the Russia government drafted documents demanding NATO deny membership to Ukraine and other former Soviet nations while also wanting the alliance to withdraw its military deployments in Central and Eastern Europe. Putin has denied plans to launch an attack on Ukraine, but called NATO expansion into Ukraine “a red line”.
