This should reduce price pressures, leading to lower inflation,” he said. “The cumulative effect is that the excess demand in the economy has diminished substantially. Policymakers earlier this week voted to keep the cash rate at 5 per cent.Ĭanada’s economy shrank at a 0.2 per cent annualised pace in the second quarter, which means growth has averaged a little less than 1 per cent over the last three quarters, while the economy’s productive capacity grew at a rate of a little over 2 per cent. In a speech, Bank of Canada governor Tiff Macklem said the bank’s 2 per cent target is “now in sight”. Still, it had shed 6.4 per cent the last two sessions. Analysts were divided on what it meant for Apple as well as other non-Chinese tech companies.Īt the closing bell, Apple had pared somewhat less than half its early drop of more than 5 per cent. On Wall Street, Apple extended losses for a second session amid concerns that China has effectively banned iPhones at government offices as well as state-owned companies.
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