The following is a glance at the news moving markets in Canada and globally.
- Canada’s economy is projected to grow moderately should the Bank of Canada continue to cut its interest rates, according to a report from Deloitte Canada on Thursday. The financial firm projected the BoC’s rates to be down to 3.75 per cent by the end of 2024 and 2.75 per cent by mid-2025. Deloitte Canada said when the BoC reaches the latter the interests rates would then be neutral.
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- Hurricane Helene is expected to make landfall on Thursday near the Florida state capital of Tallassee. Reports said the Category 2 hurricane is expected to be one of the largest in the Gulf of Mexico in about a century. The United States National Weather Service said the storm surge along the Apalachee Bay could reach 20 feet, calling it “unsurvivable.”
- A rate cut by the European Central Bank on Oct. 17 was said to be currently up in the air, due to less-than-ideal economic conditions. Reuters reported on Thursday a divide between ECB policymakers, with the so-called doves pushing for another rate cut as the hawks advocate holding off a reduction until December. A deciding factor could be next week’s September inflation report.
- Dockworkers at the Port of Montreal are in a strike position reports said on Thursday. The approximately 1,200 members of the Canadian Union of Public Employees voted nearly 98 per cent favour of taking to the picket lines at Canada’s second-biggest port if a new deal isn’t reached with the Maritime Employers Association. Earlier this week grain workers at the Port of Vancouver went on strike.
