WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported on Tuesday that Canada’s inflation rate dropped to 2.8 per cent in June, the lowest level in more than two years and lower than the 3.4 per cent rate in May. Gasoline prices fell 21.6 per cent year-over-year in June, leading the slowdown, but grocery prices rose 9.1 per cent, slightly faster than in May. Mortgage interest costs went up by more than 30 per cent in the past year. By comparison, the inflation rate last June was 8.1 per cent.
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– China has lodged formal protests against the United States due to a planned stopover from Taiwanese vice-president and presidential frontrunner William Lai next month. China believes Taiwan to be one of its provinces and prohibits diplomatic partners to have formal ties with the island nation. Lai is stopping in the U.S. before attending the inauguration of Paraguayan president-elect Santiago Pena on Aug. 15. One U.S. administration official said that there have been 10 visits from a Taiwanese vice-president, including one by Lai, over the past 20 years. U.S. climate envoy John Kerry is in China this week to encourage co-operation between the two nations in fighting climate change.
– The Canadian Cattle Association and the Canadian Pork Council are asking MPs to vote against allowing the United Kingdom into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a major Asia-Pacific trade group. Both organizations are unhappy with regulatory hurdles implemented by the U.K., including the banning of beef treated with growth hormones and meat washed with antimicrobials in slaughterhouses. The U.K. has exported 7,000 tonnes of beef to Canada since 2021, but Canada has only shipped 657 tonnes to the U.K. in 2021 and none in 2022.
