Compiled by MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Israeli Defense Forces announced on Thursday it carried out a “targeted raid” into northern Gaza overnight. While not the main invasion into the tiny Palestinian territory, the IDF said the raid killed a number of terrorists and was in preparation of the forthcoming main assault. Meanwhile, Gaza health authorities said the death toll in the enclave reached 7,000. When Hamas launched its devastating strike into Israel, they killed more than 1,400 people and 220 of those kidnapped are still being held hostage.
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- The United Auto Workers reached a tentative agreement with the Ford Motor Company on Wednesday that includes a 25 per cent wage hike. The deal also included the elimination of lower-pay tiers and is to expire in four and a half years. As well, the UAW asked striking Ford employees to return to work during the ratification process. The union said it plans to use the agreement as a template to resolve its strikes with General Motors and Stellantis.
- The European Central Bank left its key interest rates between four and 4.5 per cent on Thursday, which ended a streak of 10 consecutive hikes. The ECB said price pressures have eased and inflation is less than half of what it was a year ago. Also, the bank suggested its next move might be another freeze or even a cut. The Bank of England is scheduled to make its next rate announcement on Nov. 2 with expectations of it also freezing rates.
- At least 27 people were killed when Hurricane Otis slammed into Acapulco, the Mexican government said on Thursday. The category 5 hurricane struck the southern state of Guerrero which led to widespread damage along with cutting transportation and communication links with the rest of the country. Officials also said more than 300,000 people were still without electricity on Thursday.
