WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) will decide later today whether or not it will raise its key interest rate. While Canada’s inflation rate moved up to 3.3 per cent in July, other economic indicators may convince the central bank to keep its rate steady, just as many analysts predict. Canada’s real GDP contracted in the second quarter and the unemployment rate increased in three consecutive months to 5.5 per cent. The current key interest rate is at five per cent.
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– The Association of Southeast Asian Nations (ASEAN) named Canada as a new strategic partner today with Prime Minister Justin Trudeau in attendance in Jakarta, Indonesia. Trudeau also delivered a speech to ASEAN representatives as the gesture was largely seen as progress towards a potential free trade agreement between Canada and the 10-nation bloc.
– Calgary-based Enbridge Inc. agreed Tuesday to buy three natural gas utilities from Dominion Energy Inc. for US$9.4 billion, creating North America’s largest natural gas utility platform. Enbridge is taking over the East Ohio Gas Company, Questar Gas Company and the Public Service Company of North Carolina. Two months ago, Enbridge agreed to sell a US$3.3 billion stake in a Maryland liquefied natural gas export project to Berkshire Hathaway Energy.
– An online survey conducted by Ipsos and commissioned by Royal Bank of Canada (RBC) said that 47 per cent of Canadian post-secondary students will be living with their parents during the school year compared to 36 per cent in 2013. In addition, 43 per cent of students will rely on their parents for financial support, compared to 29 per cent in 2013. In a gain of 15 points from 10 years earlier, 45 per cent of students say they will graduate with up to C$20,000 in debt.
