Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– The United States Federal Reserve is largely expected to hold its key interest rate steady at 5.25 to 5.5 per cent when it announces its policy decision and economic projections on Wednesday. Many observers believe the Fed will leave its rates unchanged due to continuous resilience in the U.S. economy. Last week, the Bank of Canada (BoC) decided to cut its key interest rate by 25 basis points at 4.75 per cent. Should the BoC continue to cut rates while the Fed stands pat, imports from the U.S. may become more expensive. It was also announced today that the U.S. consumer price index rose 3.3 per cent from last year, compared to economists’ average projection of 3.4 per cent.
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Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally. Union Pacific…
– A jury in Delaware found Hunter Biden, the son of U.S. President Joe Biden, guilty of three felony firearms charges on Tuesday, making him the first son of a sitting U.S. president to be convicted. The younger Biden was accused of lying on a gun purchase form in 2018, saying he was not illegally using or addicted to drugs while suffering from an addiction to crack cocaine. Biden has been sober since 2019, according to his defence who also said it will examine all avenues for an appeal. The President said he will not pardon his son if the conviction is upheld.
– Hezbollah fired a barrage of rockets from Lebanon into northern Israel as revenge for the killing of a top commander on Wednesday, putting a potential ceasefire deal into peril. Meanwhile, world leaders will convene for the G7 summit in Italy which starts tomorrow. They are expected to discuss the wars between Israel and Hamas as well as between Russia and Ukraine. Economic development in Africa and artificial intelligence are also on the agenda.
– National Bank of Canada agreed on Tuesday to purchase Canadian Western Bank (CWB) for almost C$5 billion in stock. National Bank, based in Montreal, sought to have a greater presence in Western Canada with most of CWB’s 39 branches located in Alberta and British Columbia. National Bank will pay a 110 per cent premium over CWB’s closing stock price on Tuesday at C$52.24 per share. The deal is subject to the approval of two-thirds of CWB’s shareholders and the federal government while expected to close at the end of 2025.
