Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– In Statistics Canada’s inflation report released on Wednesday, the consumer price index hit 8.1 per cent in June, marking the highest level of inflation since January 1983. Projections ahead of the report pegged inflation at 8.4 per cent. A key contributor to the 0.4 of a point increase from May were gasoline prices, which rose 6.2 per cent in June and are up 55 per cent on the year. The report also found that rising costs for shelter and food were slowing. Expectations are pointing towards the Bank of Canada hiking its key interest rate by three-quarters of point in September, which would bring it to 3.25 per cent.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Just as Russia announced on Wednesday that its war in Ukraine will no longer be confined to the Donbas, the United States claimed Russia is planning to annex the region. Since 2014 ethnic Russian separatists in the Donbas, supported by Moscow, have battled against Ukrainian forces. After invading Russian forces failed to overrun Ukraine earlier this year, their military campaign was focused on the region. Meanwhile several Western countries, including Canada, said they will suspend interest charges on Ukraine’s debt until the end of 2023.
– As economic chaos continued in Sri Lanka, its parliament selected Prime Minister Ranil Wickremesinghe as the country’s new president on Wednesday. Last week, President Gotabaya Rajapaksa resigned and fled the country after thousands of protestors stormed the presidential residences and numerous government buildings. As Wickremesinghe takes office, the wily veteran politician is widely considered to be very unpopular with Sri Lankans. He defeated his main rival, opposition favourite Dullus Alahapperuma, by a vote of 134 to 82.
