WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Ontario Premier Doug Ford and British Columbia Premier David Eby wrote letters to Bank of Canada (BoC) governor Tiff Macklem asking the central bank to halt its ongoing interest rate hikes. Ford stated in his letter on Sunday that the rate hikes are making it harder for “young people, newcomers and first-time homebuyers to have any place to call home.” Eby asked Macklem in his letter on Aug. 31 to consider “the human impact” of rate hikes. The BoC is scheduled to announce its next rate decision on Sept. 6.
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WINNIPEG, Aug. 15 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally. –…
– Prime Minister Justin Trudeau landed in Jakarta, Indonesia on Tuesday for a six-day tour of the Indo-Pacific region. Trudeau will meet with President Joko Widodo this evening before delivering remarks at the Association of Southeast Asian Nations, where Canada will be ratified as its newest partner. He will also meet with business leaders in Singapore before attending the G20 summit in India.
– RE/MAX released its 2023 Fall Housing Market Outlook report on Tuesday, projecting little change to Canadian housing prices until the end of 2023. Limited housing supply and high interest rates will cause a slowdown in the housing market, according to the report. In Western Canada, average residential sale prices are set to increase by 0.7 per cent to 4.5 per cent.
– Two groups from China and Sweden have published results saying that the recently-discovered COVID-19 variant BA.2.86, also known as Pirola, is less contagious and less immune-evasive than earlier feared. Pirola caused alarm amongst scientists due to how different it looked compared to other COVID-19 strains descended from Omicron. The Chinese study stated that Pirola is 60 per cent less infectious than XBB.1.5 viruses. A group from the United States is also expected to publish results later this week.
