Compiled by MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Canadian Prime Minister Justin Trudeau asked on Monday for cabinet ministers to return to Ottawa by Tuesday. Reports said that besides a series of meetings, Trudeau will shuffle his cabinet on Wednesday. At least three ministerial visits in St. John’s, Montreal and Vancouver were suddenly cancelled. Public Safety Minister Marco Mendicino has been under intense scrutiny over the transfer of serial killer Paul Bernardo to a medium-security prison.
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- As the war in Ukraine continued to heat up, Russia’s defence ministry accused Ukraine of launching another drone attack on Moscow on Monday. Reports out of the Russian capital said no one was killed or injured in the attack on an office tower. As well, Russia said there were 17 drone attacks on Crimea overnight, said to have struck an ammunition warehouse and a residential building. Despite launching scores of missile and drone strikes on Ukraine, Russia deemed the Ukrainian attacks as acts of terrorism.
- The United States Federal Reserve is reported to be set to raise its interest rates on Wednesday. Analysts have projected a hike of 25 basis points, which would bring the Fed’s rates to 5.25 to 5.50 per cent. The increase is said to be coming despite inflation in the U.S. falling for from four per cent in May to three per cent in June.
- Then on Thursday, the European Central Bank is scheduled to announced its rate hike. This will come despite inflation in the EU being more under control than in other countries. The ECB’s current rate was at 3.5 per cent, it’s highest level in 22 years. Expectations pegged the increase at 25 basis points.
