WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) will announce a decision on its key interest rate later this morning. While Canada’s central bank said earlier this year it planned to keep its key rate steady, recent economic data suggests that BoC could be open to raising it. Last week, Statistics Canada (StatCan) reported that the economy grew at an annual rate of 3.1 per cent in the first quarter of 2023 and estimated that it grew again in April. Canada’s inflation rate increased to 4.4 per cent in April, while the key interest rate currently stands at 4.5 per cent.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Flood waters in southern Ukraine are expected to crest on Wednesday after the Nova Kakhovka hydroelectric dam on the Dnipro River was breached on Tuesday. Ukraine said 42,000 people were in direct risk from flooding with many more losing access to drinking water and farmland. United Nations aid chief Martin Griffiths told the Security Council on Tuesday that the flood “will have grave and far-reaching consequences for thousands of people in southern Ukraine on both sides of the front line through the loss of homes, food, safe water and livelihoods.”
– Environment and Climate Change Canada (ECCC) raised the air quality risk level in Toronto from five (on a scale of one to 10) on Tuesday to seven on Wednesday as smoke from wildfires from Quebec and northeast Ontario drift into the city. Smoky conditions are expected to persist into the weekend, the agency said. ECCC also suggested that people working outside wear an N95 mask to protect themselves from breathing in fine particles, but warned it does not protect against gases.
