Futures Nick up Ahead of BoC Decision

Equities in Canada’s most populous centre were set to open higher on Wednesday as crude oil prices recovered, while investors were cautious ahead of Bank of Canada’s decision later in the day, where it is expected to announce a 75-basis-point hike to tamp down surging prices.

The TSX plummeted 182.58 points, or 1%, to close on Tuesday at 19,088.27.

Futures crept up 0.2% Wednesday.

Economically speaking, Canada’s merchandise exports decreased 2.8% in July, while imports were down 1.8%. As a result, Canada’s merchandise trade surplus with the world narrowed from $4.9 billion in June to $4.1 billion in July. So far in 2022, trade surpluses have been observed in every month.

Canada’s headline inflation rate eased to 7.6% in July from 8.1% in June, but it is still nearly four times the central bank’s 2% target. Meanwhile, gross domestic product data last week showed

The central bank’s decision is due … Read more

Liz Truss Named England’s New Prime Minister

Liz Truss has been elected leader of England’s ruling Conservative Party and succeeds Boris

Johnson as the country’s prime minister.

Truss, age 47, had previously served as England’s foreign secretary and was the front-runner in

the race to replace Johnson. She also previously served as minister for the environment, justice,

and international trade.

Truss won the Conservative leadership race by appealing to right-wing hardliners as a tax-

cutting candidate who would take a hard line in future dealings with the European Union (EU).

She beat former Finance Minister Rishi Sunak by a vote of 57% to 43% in the leadership

contest. She assumes the top job heading into a potential winter energy crisis, widespread

union strikes, and an economic recession in England.

As leader of Britain’s largest political party, Truss will be appointed prime minister by Queen

Elizabeth II at Balmoral Castle in Scotland later today (September 6). Truss becomes … Read more