By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Joe Biden withdrew from the presidential election on Sunday, a day after he stated he would remain in the race. With a few weeks before the Democratic convention, it’s currently unclear as to which path the party will take to replace Biden. He endorsed Vice-President Kamala Harris, as have a growing number of top Democrats, but there is a move to have an open convention with a number of candidates. Calls for Biden to step aside ramped up after his poor performance in a debate against Republican nominee Donald Trump.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- The People’s Bank of China cut a series of its lending rates on Monday as a means to help prop up the country’s sagging economy. China continued to face deflation, while contending with a property crisis, surging debt, as well as a lack of confidence from consumers and business. China’s economy is the world’s second largest, behind only that of the U.S.
- The Bank of Canada is scheduled to announce its next interest rate announcement on Wednesday. Analysts predicted on Monday that the BoC will make a second cut following June’s 25-basis-point reduction to 4.75 per cent. Inflation dipped to 2.7 per cent in June which fueled speculation of another rate cut.
- CrowdStrike stated on Monday that “a significant number” of global customers are back online after being negatively impacted by its major outage that began on Friday. However, U.S. carrier Delta Air Lines continued to struggle this morning with its total of cancelled flight now topping 5,000. The IT outage impact more than 8.5 million computers worldwide, many of them belonging to hospitals, banks, and airlines.
