Global Markets: U.S. economy grows in second quarter

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– The United States economy showed growth in the fiscal second quarter as the country’s gross domestic product (GDP) increased at an annualized rate of 6.5 per cent, according to an advanced estimate released Thursday from the U.S. Commerce Department. Economists expect the American economy to grow seven per cent in 2021, similar to the International Monetary Fund’s forecast. However, the spread of the COVID-19 Delta variant and the lingering threat of high inflation could alter those forecasts.

– Canadian Pacific Railway Ltd. (CP Rail) reported second quarter revenues of C$2.05 billion on Wednesday. The railway also reported earnings of C$1.25 billion for the three months ended June 30, nearly twice as much as from the same period in 2020. Earnings per share at C$1.03 were 27 per cent higher than last year.

– Australia’s largest city and New South Wales capital Sydney posted a record one-day rise in new COVID-19 cases at 239 on Thursday despite being in a lockdown entering its sixth week. New South Wales police has requested 300 personnel from the country’s military to enforce lockdown orders. Due to tight vaccine supplies and a reluctance to receive the AstraZeneca shot, only 17 per cent of New South Wales residents over the age of 16 are fully vaccinated.

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