The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada reported that the country’s economy contracted by 1.6 per cent on an annual basis in the second quarter, compared to two per cent growth in the first. Economists had expected the economy to shrink by 0.6 per cent in the second quarter. Through the first six months of the year, Canada’s economy grew by 0.4 per cent. Exports declined by 7.5 per cent in Q2, the largest drop in five years. However, household spending jumped by 4.5 per cent. The slowdown could increase the chances of the Bank of Canada cutting its key interest rate at next month’s meeting.
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Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally. – Statistics Canada…
– The annual rate of inflation in the United States was up 2.6 per cent in July, the same as in June, the Commerce Department reported on Friday. Excluding food and energy, prices were up 2.9 per cent, the largest increase since February. Federal Reserve chair Jerome Powell said there will likely be interest rate cuts next month, but many analysts believe the Fed will take a more cautious approach.
– StatCan released its first satellite/model-based crop production estimates of the year on Thursday. The 2025-26 canola crop is expected to total 19.94 million tonnes, up from 19.24 million last year and up from the five-year average of 18.25 million. All wheat output was pegged at 35.55 million, down from 35.95 million last year but above the five-year average of 23.42 million. Corn, oats and lentils saw greater outputs than last year, while barley and soybeans slipped.
