Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– Republican presidential candidate and former United States President Donald Trump officially named Senator J.D. Vance (R-Ohio) as his vice-presidential running mate on the first night of the Republican National Convention in Milwaukee on Monday. Vance, a former U.S. Marine, first came to prominence after the success of his controversial 2016 memoir Hillbilly Elegy. Formerly critical of Trump, he later became a supporter and was elected to the U.S. Senate in 2022. Vance is an opponent of abortion, same-sex marriage, pornography and providing military support to Ukraine. He believes an insecure border with Mexico is fueling the opioid epidemic and is a climate change denier. Trump made a surprise appearance at the convention, sporting a bandage over his right ear after surviving an assassination attempt in Pennsylvania on Saturday.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Statistics Canada reported on Tuesday the country’s annual inflation rate dropped to 2.7 per cent in June, citing slower growth in gasoline prices. Excluding gasoline, the inflation rate would have risen to 2.8 per cent. However, grocery prices rose 2.1 per cent year-by-year in June, compared to 1.5 per cent in May. The Bank of Canada (BoC) will make its next key interest rate decision on July 24.
– Canadian finance minister Chrystia Freeland said she’ll meet with labour and business groups about plans to implement trade barriers against Chinese-made electric vehicles, while suggesting the government could expand its sights beyond automobiles. Canada currently imposes a six per cent levy on the purchase of Chinese-made electric vehicles, but it is looking to follow the Group of Seven’s (G7) lead, such as raising tariffs on Chinese goods in a fashion similar to the U.S. and the European Union.
