Canada’s annual inflation eased to 1.7% in July, helped by falling gasoline prices, raising hopes of a potential Bank of Canada rate cut in September.
Statistics Canada reported that July’s consumer price index (CPI) rose 0.3% month-on-month, slightly above June’s 0.1%, while the annual inflation rate slowed from 1.9% to 1.7%.
Gasoline prices dropped 16.1% year-on-year, aided by higher oil output and the removal of the carbon levy, easing pressure on the CPI.
Core inflation, excluding volatile items like gasoline, increased 2.5% in July, with the three-month average of core measures falling to 2.4%, the lowest since September last year.
Economists view this as a signal that the Bank of Canada may consider a rate cut if the trend continues.
Rising costs in food and shelter partially offset gains from falling fuel prices. Food prices rose 3.3% year-on-year, while shelter costs, the largest CPI component, increased 3% in July.
Following the inflation report, the Canadian dollar dipped 0.23%, and two-year government bond yields fell to 2.704%. Money markets now price a 40% chance of a rate cut at the 17 September Bank of Canada meeting.
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Counting is underway in Armenia's elections. The results of the vote are set to determine the political direction of the country of three million people for the next few years. Prime Minister Nikol Pashinyan is hoping to fend off challenges from several pro-Russia candidates to secure a third term.
Armenian Prime Minister Nikol Pashinyan's Civil Contract party has won the Armenian elections, picking up nearly half the vote. With a majority in parliament, Pashinyan is set for a third term as Prime Minister. But an opposition politican has said he will challenge the election results.
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Barcelona is preparing to mark a historic milestone in the legacy of architect Antoni Gaudí as Pope Leo XIV visits the city this week to inaugurate the Tower of Jesus Christ at the Sagrada Família basilica, almost exactly 100 years after the visionary architect’s death.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
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