By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- China’s economy, the second largest in the world, is set to expand by five per cent in 2024, according to the International Monetary Fund on Wednesday. That’s up from the IMF’s previous projection of 4.6 per cent growth. The IMF forecast China’s economy to step back to 4.5 per cent in 2025, warning the trend could continue with 3.3 per cent growth by 2029.
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- South Africans headed to the polls on Wednesday to cast their ballots in what could be a landmark general election for the country. While the African National Congress continued to lead in the opinion polls, it’s poised to lose its parliamentary majority. The center-left Umkhonto we Sizwe led by former President Jacob Zuma and the far-left Economic Freedom Fighters have siphoned significant support away from the ANC. Since the end of Apartheid, the ANC has maintained its majority.
- The Biden administration stated on Wednesday that Israel’s offensive in Rafah has not crossed the red line at which United States policy towards Israel would change. However, a White House spokesperson reiterated the U.S. doesn’t support a major assault on the city that’s along Gaza’s border with Egypt, claiming “we have not seen them smash into Rafah.”
- The Bank of Montreal reported on Wednesday that its net income for the second quarter of 2024 soared 81 per cent from a year ago at C$1.89 billion. Meanwhile, the National Bank of Canada said its Q2 profit rose to C$906 million, up from C$832 million this time last year.
