Compiled by MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- When Canadian Finance Minister Chrystia Freeland meets with her provincial counterparts on Friday, she will ask them to work together on a plan to defend against the Biden administration’s Inflation Reduction Act. Freeland, who doubles as Deputy Prime Minister, said the United States legislation includes uncapped tax credits which would draw much needed investment dollars out of Canada. The federal government indicated it cannot counter those incentives on its own.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- The U.S. Bureau of Labor Statistics reported on Friday that more than 517,000 jobs were added in January. That well exceeded the 197,000 expected by economists and the large gain pushed the U.S. unemployment rate down to 3.4 per cent. The Bureau also said the average hourly wage was up by 10 cents at US$33.03. While that works out to a 4.4 per cent increase on the year, it’s still below the rate of inflation.
- Air raid sirens in Kyiv blared on Friday just as European Union leaders were about to meet for talks with Ukrainian President Volodymyr Zelenskyy. The EU will discuss possible Ukrainian membership into the supranational bloc. However, the process takes as long as 10 years with the candidate country needing to enact a number of laws to make it more compatible with EU countries. Also, Zelenskyy is to press the EU for stronger economic measures against Russia, despite an EU statement claiming it’s sanctions are “throwing it back by a generation.”
