By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- The Bank of Canada announced on Wednesday that it will maintain its key interest rate at five per cent. With the consumer price index at 2.8 per cent, according to Statistics Canada’s latest report, the BoC said inflation is moving downward. Also, the central bank projected the Canadian economy to grow by 1.5 per cent this year and 2.2 per cent in 2025. Analysts predicted the BoC will make a rate cut in June.
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- Capital market company Fitch Ratings cut its outlook on China’s sovereign credit rating to negative on Wednesday, according to reports. The downgrade came as China continued to prop up its sluggish economy following the COVID pandemic. In December, Moody’s Ratings made a similar move.
- United States President Joe Biden and Japanese Prime Minister Fumio Kishida will meet on Wednesday in Washington. While the main focus is for the two world leaders to discuss further defence co-operation to deter Chinese aggression, they will also talk about Nippon Steel’s bid to acquire U.S. Steel, and Japan possibly supplying high speed trains to the U.S. As well, Kishida will address a joint session of the U.S. Congress on Thursday.
- Canadian Prime Minister Justin Trudeau is set to testify at the Hogue inquiry that’s looking into foreign interference in recent federal elections. There have been conflicting reports as to what the prime minister may have been told by intelligence officials. While Trudeau is expected to appear at the inquiry this afternoon, Defence Minister Bill Blair and Public Safety Minister Dominic LeBlanc are scheduled to testify this morning.
