By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Joe Biden signed an executive order Tuesday instituting a broad asylum ban on migrants caught illegally crossing the U.S./Mexico border. Illegal migrants could be deported or turned back to Mexico, although there will be some exceptions for unaccompanied children and some others.
- The Bank of Canada lowered its key overnight interest rate by 25 basis points Wednesday morning, taking it to 4.75 points. The move marks the first cut since before the COVID-19 pandemic, when the central bank slashed rates to as low as 0.25 per cent.
- Indian Prime Minister Narendra Modi secured victory in the country’s general election on Tuesday, although his party lost seats forcing him to rely on allies to form a coalition government.
