Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Ahead of Wednesday’s Statistics Canada report on inflation, economists on Monday predicted prices will push higher in June. In the federal agency’s last report, inflation in Canada hit 7.7 per cent in May. Economists projected the consumer price index to hit eight per cent or more. Last week in an attempt to quell inflation, the Bank of Canada hiked its key interest rate by a full percentage point at 2.5 per cent. However, economists said the increase will take some time before it’s felt in the economy.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Intense heat on Monday continued to grip several European countries with record temperatures responsible for a soaring number of wildfires. In France, more than 16,000 people had to flee recently from the country’s southwest due an out of control blaze. Other fires forced thousands to be evacuated in Spain, Portugal and Greece. Also, the United Kingdom issued its first ever red extreme heat warning, with the daytime temperature forecast to exceed 40 degrees Celsius today.
– Petronas, the Malaysian state energy firm, said on Monday that it’s taking steps to protect itself from further legal challenges by the heirs of the last sultan of Sulu. Last week, the heirs used the Luxembourg courts to seize the assets of two subsidiaries based in the duchy. That followed the February ruling by a French court that ordered Malaysia to pay nearly US$15 billion to the heirs. The legal challenge stems from an 1878 agreement between a U.K. trading company and the Sultanate (now the Malaysian state of Sabah) in which payments were made to Sulu.
