WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported today that Canada’s gross domestic product grew by 0.4 per cent in May, leaving the possibility open for another key interest rate hike by the Bank of Canada (BoC). The main drivers for the increase were the manufacturing, wholesale trade and real estate sectors. If June output is flat, the economy will be set to expand at an annualized rate of 1.4 per cent in the second quarter, faster than the 0.8 per cent predicted by economists and the one per cent projected by the BoC.
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– On Thursday, Google announced that it will follow Meta’s lead and remove Canadian news from its platforms and ending deals with local publishers when the federal government’s Online News Act goes into law. The legislation, also known as Bill C-18, forces digital behemoths like Google and Meta to pay media outlets for content that is shared, previewed or repurposed on its platforms. Meta previously confirmed that it will pull Canadian news from Facebook and Instagram. The bill will come into effect by the end of the year.
– New Canadian clean fuel standards, which intend to cut “carbon intensity” from automotive fuels sold on the Canadian market through a fuel’s entire lifecycle from production to consumption, will come into effect July 1. The goal is to urge companies to gradually reduce emissions so that in 2030, fuels are required to have a 15 per cent cut in emissions intensity compared to 2016 levels. As many provinces already have clean fuel regulations in place, many experts say that there won’t be a major effect on gasoline prices for years.
