By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Most rail traffic in Canada will grind to a halt on Thursday at 12:01 am as the Teamster Canada Rail Conference issued its strike notice on Monday to Canadian Pacific Kansas City Railway. Moments after, Canadian National Railway stated it would lockout the union’s members come Thursday, while CPKC previously stated its intention to lockout workers. Over the last week, both railways have curtailed shipments ahead of a work stoppage while negotiations with the Teamsters were at a standstill. On Friday, federal labour minister Steven MacKinnon declined CN’s request to impose binding arbitration, calling on the railways and the union to bargain in good faith. A number of groups and provinces have called for a quick resolution to the labour dispute.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Statistics Canada is scheduled to release its July inflation report on Tuesday. Ahead of the data, analysts on Monday projected the consumer price index to pull back to 2.4 per cent from 2.7 per cent in June. If so, analysts also stated the Bank of Canada would be more likely to further cut its key lending rate in September.
- The United States Federal Reserve is set to host its annual economic symposium at Jackson Hole, WY from Aug. 22 to 24. Fed chair Jerome Powell is widely expected to indicate the U.S. central bank will cut its key rates in September. Presently they are 5.25 to 5.50 per cent.
- The Democratic National Convention kicked off on Monday in Chicago with outgoing U.S. President Joe Biden to give the day’s keynote address. During the week, Democrats will also hear from former President Barack Obama with the convention culminating with the Vice-President Kamala Harris formally accepting the party’s nomination on Thursday.
