By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- As widely expected by analysts, the Bank of Canada lowered its key interest rates by 25 basis points on Wednesday, which brought them to 4.25 per cent. In a statement, the BoC said Canada’s economic growth in the second quarter was 2.1 per cent, largely due to government spending. Also, the BoC noted that inflation in July was at 2.5 per cent and that it’s committed “to restoring price stability for Canadians.” The central bank’s next interest rate announcement is Oct. 23.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Stocks in Nvidia lost a record US$279 billion on Tuesday as part of a major sell-off in technology companies. Slowing global economic growth was said to be the reason for the downturn in the sector. The drop in Nvidia’s shares came a week after the artificial intelligence giant said it failed to meet expectations in the last quarter.
- The Australian Bureau of Statistics reported on Wednesday that the country’s gross domestic product expanded by one per cent over the last year and 0.2 per cent during the second quarter of 2024. That marked Australia’s slowest rate of growth in the last 30 years, with the exception of the first year of the COVID-19 pandemic. Meanwhile, the Reserve Bank of Australia remained reluctant to cut its interest rates due to inflation being above its two to three per cent target.
- Ukrainian foreign minister Dmytro Kuleba resigned on Wednesday, along with five other ministers as President Volodymyr Zelenskyy reshuffled his cabinet “to bring new energy.” Reports said that aside from Zelenskyy, Kuleba is the best known Ukrainian official on the world stage. Later today Zelenskyy is expected to name a new foreign minister with first deputy Andrii Sybiha thought to be the top choice.
