Compiled by MarketsFarm
WINNIPEG, May 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Inflation in the European Union bumped up to seven per cent in April from 6.9 per cent in March, according to Eurostat on Tuesday. The EU’s statistics agency reported the consumer price index on food prices dropped from 15.5 per cent March to 13.6 per cent in April. Following the report, analysts were unsure if the European Central Bank (ECB) would raise its key interest rates by 25 or 50 basis points on Thursday. In March the bank upped its key rates to three, 3.5 and 3.75 per cent.
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- Meanwhile, the United States Federal Reserve is scheduled to make its next interest rate announcement on Wednesday. Reports said economists are expecting an increase of 25 basis points. However, there has been a growing number of voices calling for a rate freeze, citing that higher interest rates are taking too much of a toll on consumers.
- The International Monetary Fund (IMF) projected Asia’s economy to grow by 4.6 per cent in 2023, up from 3.8 per cent last year. On Tuesday the IMF said the increased growth would be centered on the gross domestic products in China and India expanding by 5.2 and 5.9 per cent respectively. Also, the international lender warned that some economies on the continent will likely grow marginally.
- Voters in Canada’s oil-rich province of Alberta will head to the polls on May 29, after Premier Danielle Smith called a general election on Monday. Reports said the race is presently too close too call between Smith’s governing United Conservative Party (UCP) and the opposition New Democratic Party (NDP) led by former premier Rachel Notley. At dissolution the UCP held 63 of Alberta’s 87 seats, the NDP 23 and there was one vacancy.
