Compiled by MarketsFarm
WINNIPEG, July 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Canadian Prime Minister Justin Trudeau is set to shake-up his cabinet on Wednesday, with several key ministers on their way out – most due to their pending retirements from federal politics. Leaving the inner circle on their own volition will be Public Services and Procurement Minister Helena Jaczek, Transportation Minister Omar Alghabra, Mental Health and Addictions Minister Carolyn Bennett, Fisheries Minister Joyce Murray, Justice Minister David Lametti, and Treasury Board President Mona Fortier. Following a series of public controversies, Public Safety Minister Marco Mendicino is to be expunged from cabinet. Meanwhile, several other ministers will be switching portfolios. Trudeau’s reformation of cabinet is reportedly to be in preparation for the next federal election, most likely sometime in 2025. The new cabinet will be announced at 9:30 CDT.
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- The United States Federal Reserve is scheduled to make its latest interest rate announcement on Wednesday at 1 pm CDT. Analysts widely expect the Fed to raise its key rates by 25 basis points to 5.25 to 5.5 per cent. Fed chair Jerome Powell will make his remarks at a news conference 30 minutes later. Although the U.S. consumer price index for June was three per cent, the central bank prefers the personal consumption expenditures price index, which was 3.8 in May, down from 4.3 in April. The June numbers are scheduled to be released on Friday.
- A non-confidence vote in Indian Prime Minister Narendra Modi will be held on Wednesday, although his overwhelming parliamentary majority is very likely to assure his remaining in power. Rather, the opposition is said to be trying to generate widespread public debate over the violence between ethnic groups in the country’s Manipur state. Since May, bloody clashes have claimed the lives of 130 people with more than 60,000 displaced. The opposition has denounced Modi, accusing him of doing little to prevent further bloodshed and bring peace to India’s eastern state.
