Compiled by MarketsFarm
WINNIPEG, Aug. 15 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- As expected, Canada’s consumer price index rose in July as declines in fuel prices slowed. Statistics Canada reported on Tuesday that annualized inflation for last month was 3.3 per cent, up from 2.8 per cent in June. StatCan said gasoline prices dropped 12.9 per cent in July compared to 21.6 per cent a year ago. The report also noted that increases in grocery prices were not quite as large, rising 8.5 per cent in July versus 9.1 per cent the previous month.
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- China’s economy continued to wallow as a report on Tuesday pointed to sluggishness in industrial output, as well as retail sales and property investment. That led the country’s central bank to hack key its interest rates for the second time in three months as a means to help jump-start the economy. With China being the world’s largest importer of most goods, its economic performance is felt around the globe.
- The Bank of Russia hiked its key interest rates from 8.5 per cent to now 12 per cent on Tuesday after the ruble dropped to its lowest level in 16 months. The ruble has taken a beating recently as the costs of imports have skyrocketed and the cost of the war in Ukraine mounted. Russia’s economic woes have compounded has once reliable oil and natural gas customers are sourcing their needs elsewhere.
- Former United States President Donald Trump, the frontrunner in the Republican Party nomination race, was indicted on 13 charges in Georgia on Monday. Trump, along with 18 others, were charged with election meddling, racketeering and other crimes in their alleged efforts to overturn the 2020 presidential election results. As with the three other criminal cases Trump faces elsewhere in the U.S., he vehemently denied all charges, claiming everything it politically motivated.
