Compiled by Glen Hallick, MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Russian forces intensified their attacks on Ukrainian port cities of Kherson and Mariupol on Wednesday, as well as Kharkiv, as the Russian invasion of its neighbour entered its seventh day. The mayor of Mariupol said “the shelling doesn’t stop” making it extremely difficult to reach the wounded. To the north, the city of Zhytomyr suffered a Russian air strike in a residential area. The massive Russian column moving towards Kyiv was reportedly slowed by logistical problems. Ukraine’s emergency service stated that more than 2,000 civilians have been killed so far throughout the country, with hundreds of structures and buildings destroyed.
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– As widely expected, the Bank of Canada (BoC) doubled its overnight rate to 0.5 per cent on Wednesday. The increase is seen as a counter to rising inflation and to economic uncertainty caused by Russia’s invasion of Ukraine, according to a statement from the central bank. It also noted that Canada’s economic growth in 2021 was 6.7 per cent, but inflation is currently 5.1 per cent. “Price increases have become more pervasive, and measures of core inflation have all risen. Poor harvests and higher transportation costs have pushed up food prices. The invasion of Ukraine is putting further upward pressure on prices for both energy and food-related commodities,” the BoC said.
– United States President Joe Biden, in his first State of the Union address on Tuesday evening, warned that Russian aggression won’t be limited to Ukraine. Biden announced a ban on Russian planes over U.S. airspace and the Justice Department will investigate the “ill-gotten” gains of Russian oligarchs. Domestically, the president spoke of reinvesting in manufacturing, speeding up supply chains, improving childcare and eldercare, as well as tackling inflation. “Too many families are struggling to keep up with the bills. Inflation is robbing them of the gains they might otherwise felt,” Biden stated.
