Global Markets: Bank of Canada to make rate announcement

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

– The Bank of Canada (BoC) will update its economic outlook later today, including whether or not the central bank decides to taper off its bond-buying program. Analysts expect both of the BoC’s first-quarter and second-quarter projections from last April’s outlook will fall short of expectations. Since the start of the COVID-19 pandemic, BoC has kept its key interest rate at 0.25 per cent and many expect it will remain so after today’s announcement.

– The United Arab Emirates has reached an agreement with OPEC+ earlier today to give the nation a higher oil output quota, potentially resolving a week-long standoff with the organization. Last week, the country forced OPEC+ nations to abandon a tentative deal which would have increased oil output. However, it is unknown when OPEC+ nations will meet again in order to ratify the new agreement.

– A COVID-19 cluster was identified yesterday in a hotel outside Tokyo where Brazilian athletes were staying just over a week before the start of the Olympic Games. Seven hotel staff has tested positive, but the athletes were separated from other guests and staff and weren’t infected. The Japanese capital, which is under a state of emergency, recorded 1,149 new cases of COVID-19 on July 14, the highest one-day count in six months.

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