Compiled by MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Inflation in the European Union is expected to drop after the European Agency for Statistics reported on Wednesday a 1.5 per cent decline in the prices charged by factories during May. That was the first pull back since December 2022. The report also said there was a 13.3 per cent annual drop in producer prices in the EU’s energy sector. Consumer price inflation was 6.1 per cent in May and early reports forecast it falling to 5.5 per cent in June. On the downside, the agency noted preliminary data for June indicated the sharpest fall in factory output since October 2022.
Read Also
Canadian Dollar and Business Outlook: Loonie up, gold surges
Glacier FarmMedia | MarketsFarm – The Canadian dollar moved above the 73 United States cent mark on Monday morning. The loonie…
- The United Arab Emirates announced on Wednesday that it won’t join Saudi Arabia and Russia in cutting crude oil production – at this time. In recent days Saudi Arabia said it would continue its output reduction of one million barrels per day through to the end of August, with Russia stating it will curtail its production by 500,000 BPD.
- Canadians gleaning their news from social media platforms such as Facebook may not be able to continue doing so for much longer. As the governing Liberals press ahead with their Online News Act, with support from the opposition New Democrats and Bloc Quebecois, Google warned it will remove Canadian news content from its search function. As well, Meta stated it will halt Canadian users from posting links to domestic news outlets on Facebook and Instagram. The social media giants are refusing to pay new organizations for stories appearing on their platforms.
