By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Consumer prices in the United States fell 0.1 per cent in June which marked the first such decline since the start of the COVID-19 pandemic, according to the Bureau of Labour Statistics on Thursday. That helped to lower the consumer price index to an annualized rate of three per cent in June, down from 3.3 per cent in May due in part of declining fuel prices and lower prices for new and used vehicles. With inflation coming in below analysts’ expectations of 3.1 per cent, there are increased hopes the U.S. Federal Reserve will cut interest rates in September.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- The pressure on U.S. President Joe Biden to step aside as the Democratic nominee continued to mount ahead of his first solo new conference since November 2023 on Thursday evening. On Wednesday, Hollywood actor George Clooney and Vermont Senator Peter Welch called on Biden to quit the race, while Democratic House leader Nancy Pelosi urged the president to decide his future. As Biden is set meet with reporters following the NATO summit in Washington, top aides reportedly have coached him to play to his strengths of being casual and off-the-cuff.
- The Office for National Statistics in the United Kingdom reported on Thursday that the country’s economy increased by 0.4 per cent in May following zero growth in April. Expectations for May had been for 0.2 per cent growth. However, analysts’ expectations have now shifted toward the Bank of England not cutting its interest rates come its next announcement on Aug. 1.
- The Royal Bank of Canada announced a reorganization on Thursday with its largest division, personal and commercial banking, spilt in two. The move will create five divisions within RBC with personal banking, commercial banking, wealth management, insurance, and capital markets.
