Compiled by MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Ahead of the Bank of Canada announcement on Wednesday at 9 am CDT, economists said they are expecting another interest rate freeze from the central bank. In September the BoC held its rate at five per cent after a 25-basis point hike in July. With the consumer price index slipping to 3.8 per cent last month that has given impetus to the likelihood of no rate increase.
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- Tensions between the Arab world and the West were reported on Wednesday to be very strained over the latter’s firm resolve in supporting Israel in the Gaza war. There have been numerous public demonstrations in Egypt, Tunisia, Lebanon as well as in many other Arab countries. Queen Rania of Jordan added her voice to the protests, pointing to the West’s double standard as the death toll mounts in Gaza. The latest figures place the dead in Gaza between 4,500 to 5,000 with those killed in Israel at around 1,400.
- Canadian National Railway announced on Tuesday a 24 per cent drop in profits during the third quarter. CN chief executive officer Tracy Robinson cited the 13-day long strike by British Columbia port workers, falling consumer demand, wildfires and flooding as the reasons for the sharp decline. The railway’s third quarter profit came in at C$1.11 billion compared to the C$1.46 billion in Q3 of 2022. That was on CN’s revenues from Q3 to Q3 dropping from C$4.51 billion to C$3.99 billion.
