By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- The European Central Bank cut interest rates Thursday, taking its key deposit rate 25 basis points lower at 3.50 per cent. The move was widely anticipated, coming amid slowing inflation and economic growth in the European Union. However, there were no hints towards future moves from the ECB. The United States Federal Reserve is expected to follow suit next week with a rate cut of its own next week.
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- Three Ukrainian Red Cross workers were killed by Russian shelling on Thursday, according to reports out of the conflict zone. The Red Cross employees had been unloading an aid shipment of fuel briquettes for heating ahead of the winter when the attack occurred. Two others were also injured.
- The value of building permits issued in Canada climbed by 22.1 per cent to C$12.4 billion in July, compared to the previous month, according to a report from Statistics Canada. The increase came after two months of declines, with both the residential and non-residential sectors seeing growth during the month.
