Global Markets: Ukrainian dam breached
WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The wall of a Russian-controlled hydroelectric dam in southern Ukraine collapsed earlier today with both countries blaming the other for the emergency. The damage to the Kakhovka dam near the city of Kherson on the Dnieper River threatens to flood both Russian-controlled and Ukrainian areas, while also endangering the Zaporizhzhia nuclear power plant as well as drinking water supplies in Crimea. Ukraine claims Russia blew up the dam, while Russia blamed Ukrainian military strikes.
– Canadian Emergency Preparedness Minister Bill Blair and other cabinet members delivered an update on the ongoing wildfire situations across the country on Monday. As of Monday afternoon, 424 fires were burning across Canada, 250 of them out of control. The largest wildfires are currently burning in B.C., Quebec and Nova Scotia, but a wildfire risk forecast showed every province at well above-average except for Newfoundland and Labrador.
– The Reserve Bank of Australia raised its key interest rate for the 12th consecutive time, adding one-quarter of a percentage point to 4.1 per cent. The country reported a higher-than-expected 6.8 per cent annual inflation rate from January to March. Reserve Bank Governor Philip Lowe said the target range for inflation is two to three per cent. The Bank of Canada will announce its key interest rate on Wednesday.
