Global Markets: Canadian inflation up 0.7 per cent in June

By MarketsFarm

WINNIPEG, July 22 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

Recent data from Statistics Canada showed the annual rate of inflation was 0.7 per cent for the month of June. That is the first positive inflation marker since the COVID-19 pandemic took hold in April. Economists were expecting inflation to be closer to 0.3 per cent.

As COVID-19 cases reach 15 million globally, there are “worrying trends” with cases spiking in southern Europe and other regions around the world. “We’re not out of the woods just yet in the European environment,” said Mike Ryan, head of the World Health Organization’s emergency programming. “It requires sustained vigilance.”

The United States has given China three days to close its consulate in Houston, America’s fourth-most populous city. Foreign Ministry spokesperson Wang Wenbin called it an “unprecedented escalation” between the two countries in a press briefing on Wednesday. The U.S. State Department said it shuttered the consulate “to protect American intellectual property and Americans’ private information.”

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