The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported earlier today that Canada’s economy grew by 0.2 per cent in May, in line with economists’ expectations, for an annualized rate of 2.2 per cent in the second quarter. The manufacturing sector was the biggest driver of growth, while the mining, quarrying and oil and gas extracting sector declined by 0.6 per cent. The retail sector also dragged down Canada’s economic performance during the month. StatCan also estimated the economy grew by 0.1 per cent in June.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Inflation in the European Union grew by 2.6 per cent in July, higher than the 2.5 per cent increase in June, according to EU statistics agency Eurostat. Services inflation, which is a major indicator for the European Central Bank (ECB), was still high at four per cent, down from 4.1 per cent in June. The central bank tentatively cut its key interest rate by 25 basis points to 3.75 per cent in June, but reconsidered in its July meeting. The ECB’s next policy meeting will be in September.
– Canadian Pacific Kansas City (CPKC) CEO Keith Creel told analysts in a conference call on Tuesday he expects workers to go on strike in the second half of August. He added that the railway and the Teamsters Canada Rail Conference, representing 3,300 workers, were “far apart” on a new collective bargaining agreement. Both CPKC and Canadian National Railway are awaiting a decision from the federal government’s labour board on Aug. 9 to determine whether some shipments would be deemed essential in the event of a strike at both railways.
