Global Markets: China pulls back some lockdown measures

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Global stock markets and crude oil prices were on the rise Monday morning as China eased some of its COVID-19 restrictions. With China as the world’s second largest economy and the world’s largest importer, the lockdown measures impaired its demand which had a ripple effect on markets. With China’s renewed thirst for crude oil, prices shot up due to already tight global supplies.

– Expectations on Monday suggested the Bank of Canada is set to increase its key lending rate to 1.5 per cent come Wednesday. The move would be to help curb rising inflation, which currently sits at 6.8 per cent, the highest level in 30 years. The central bank’s overnight interest rate is presently one per cent.

– Weekend negotiations among the European Union’s members failed to produce an agreement to embargo Russian oil imports. Strong opposition is being fueled by Hungary’s right-wing populist government, which refuses to take a hard line against Russia. With the EU requiring the consent for sanctions from all of its members, further talks are scheduled for Monday.

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