Global Markets: Canadian inflation rises to 2.9 per cent

By Phil Franz-Warkentin

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

• Canada’s annual inflation rate accelerated to 2.9 per cent in May from 2.7 per cent the previous month, according to a report from Statistics Canada. The growth in the Consumer Price Index beat market expectations and was seen as reducing the likelihood of a rate cut from the Bank of Canada in July.

• Conservative Don Stewart won a byelection in the federal Toronto-St. Paul’s riding on Monday, narrowly claiming victory over Liberal candidate Leslie Church. The Liberals had held the Toronto riding for the past 30 years, with Stewart’s election marking the first urban Toronto seat won by the Conservatives since 2011.

• Protestors attempting to storm Kenya’s legislature on Tuesday were fired on by police, with at least five people killed and dozens wounded. Sections of the parliament building were set on fire while law makers were still inside passing legislation. The protestors oppose tax increases with many also calling for the resignation of President William Ruto.

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