WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The United States Federal Reserve raised its key interest rates by 25 basis points to a range of 5.25 to 5.5 per cent on Wednesday, the highest level since 2001. It was the 11th time in 17 months the central bank raised interest rates in an ongoing effort to slow down inflation. Fed chair Jerome Powell said in a press conference that while the central bank no longer anticipates a recession, there would be “a long way to go” to get inflation down to a target of two per cent. Earlier today, the European Central Bank (ECB) also raised its key interest rate by 25 basis points to 3.75 per cent. The inflation rate in the Eurozone was 5.5 per cent in June, well above its target of two per cent.
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-Ukrainian forces launched an effort to remove Russian forces from Ukraine’s southeast on Wednesday as part of a major counteroffensive, according to Western analysts and Ukrainian officials. The operation is centred in the Zaporizhzhia region, while fighting intensified along a 1,500-kilometre front line. Ukrainian Defence Minister Hanna Maliar confirmed Ukrainian troops were advancing towards the Melitopol.
– Rogers Communications Inc. recorded adjusted net income of C$544 million in the second quarter of 2023, 17 per cent higher than in Q2 the year before, according to its quarterly financial report released on Wednesday. Total revenue increased by 30 per cent from the year before to C$5.046 billion. During the quarter last April, Rogers completed its purchase of Shaw Communications Inc., while Shaw sold Freedom Mobile Inc. to Quebecor subsidiary Videotron.
