Compiled by MarketsFarm
WINNIPEG, March 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- With the turmoil from the global banking crisis continuing, the Bank of Canada (BoC) indicated on Wednesday that it’s ready to step in should the crisis adversely affect Canadian financial institutions. While speaking at the National Bank Financial Services Conference, BoC deputy governor Toni Gravelle said the central bank is “ready to act in the event of severe market-wide stress and provide liquidity support to the financial system.” However, such assistance would only occur after investors incurred very steep losses and the BoC would likely require them to buy back the securities after the crisis is over.
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- The United States economy is reported to be slowing. The Department of Commerce released a report on Thursday which showed the country’s GDP grew 2.6 per cent annual pace during the final quarter of 2022. That came in below projections of 2.7 per cent growth, which had been lowered from earlier expectations of 2.9 per cent. As well, that’s down from the 3.2 per cent growth in the third quarter. Overall, the U.S. economy in 2022 expanded by 2.1 per cent, down sharply from the 5.9 per cent in 2021.
- At the annual Boao Forum for Asia, an international conference of business and political leaders, Chinese Premier Li Qiang warned on Thursday that Asia must avoid “chaos and conflict.” As well Li stated that China could be an “anchor for world peace.” The premier also said that China’s economy is continuing to recover.
- Russia further ramped up tensions between it and the West on Thursday when the Federal Security Service arrested Wall Street Journal (WSJ) reporter Evan Gershkovich. Russian authorities accused Gershkovich of spying, which the WSJ vehemently denied. Gershkovich is the first U.S. journalist to be accused of spying by Russia since 1986.
