WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada announced on Wednesday that Canada’s annual inflation rate rose to 6.7 per cent in March, the highest level since January 1991. The rate was a full percentage point higher than the previous month. Transportation costs were up 11.2 per cent compared to last year with gasoline costing nearly 40 per cent more than at the same point in 2021. Gasoline prices have spiked as the Russian invasion of Ukraine continues.
– Canadian Prime Minister Justin Trudeau promised to send heavy artillery to Ukraine in the “near future” on Tuesday, adding that it was a direct request from Ukrainian Prime Minister Volodymyr Zelensky. Trudeau’s government received criticism over the past few weeks for its reluctance to send weapons to the war-torn country. Trudeau also announced new sanctions to 14 individuals, including the two daughters of Russian President Vladimir Putin. On Wednesday, Russia’s ultimatum for Ukrainian troops in Mariupol to surrender expired without incident.
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– Netflix reported on Tuesday that the streaming giant lost subscribers for the first time in more than a decade and may lose more later this year, causing the company’s shares to lose 20 per cent in value. Netflix said it lost 200,000 subscribers in the first quarter and may lose two million more in the second quarter. While pulling the service out of Russia last month resulted in a loss of 700,000 subscribers, analysts believe competition from other streaming services and households sharing accounts are the main reasons for Netflix’s decline.
