Global Markets: Key interest rate hits 1.5 per cent

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– As economists widely expected, the Bank of Canada increased its key interest rate by a half point to 1.5 per cent on Wednesday. This followed the central bank’s previous half-point rate hike. Pressure has been on the BoC to take a more aggressive stance in combating rising inflation that’s hit levels unseen in 30 years. Another increase, likely to two per cent, is expected in July.

– Voters in the Province of Ontario will go to the polls on Thursday, with Premier Doug Ford and his Progressive Conservatives set to win a second majority. The official opposition New Democrats, led by Andrea Horwath, is facing a tough challenge from a resurgent Liberal party led by Steven Del Duca.

– Germany blasted Russia on Wednesday, accusing the latter of trying to “extinguish civilization” from Ukraine’s Donbas region. The Russian military refocused its invasion of Ukraine, now at day 98, on the country’s east, where Russia has supported a violent separatist uprising since 2014. Meanwhile, the United States announced on Wednesday that it will supply Ukraine with rockets that have an 80-kilometre range, on the condition they are not used on targets within Russia.

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