Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– In a report issued on Tuesday, the International Monetary Fund (IMF) warned the global economy is on the verge of a recession. In citing economic slowdowns in the United States, China and the European Union, the IMF listed the war in Ukraine, rising inflation, and tight monetary supplies as pushing the world towards a recession. The IMF pegged economic growth for 2022 at 3.2 per cent, about half of what it was in 2021. Its early forecast for 2023 placed economic growth at two per cent.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Gazprom announced on Monday that it intends to slash gas supplies through the Nord Stream 1 pipeline to the European Union. Russia’s state-owned energy corporation said flows would fall to 33 million cubic metres per day as of 4 a.m. GMT on Wednesday – half of the current supply. The EU again accused Russia of energy blackmail regarding the EU’s active support of Ukraine and its war against the Russian invasion. Analysts said the coming shortage of gas will plunge Germany into recession, and very likely the rest of the EU.
– Turkish President Recep Tayyip Erdogan is scheduled to meet with Russian President Vladimir Putin on Aug. 5 in Sochi. Reports said the two leaders will discuss regional issues as well as bilateral relations. Recently Turkey helped to broker a deal between Russia and Ukraine to ship much-need ed grain out of the latter. A long-time NATO member, Turkey has steadily improved ties with Russia and expanding its influence throughout the Middle East and Mediterranean.
