Global Markets: Canadian economy grows for third month

By Commodity News Service Canada

WINNIPEG, October 30 – The following is a glance at the news moving markets globally.

CANADIAN ECONOMY GROWS FOR THIRD MONTH IN A ROW

Canada’s economy grew 0.1 per cent in August, for the third consecutive month, Statistics Canada said in a report on Friday.

In June the economy rose 0.4 per cent, compared with 0.3 in July.

EXXON MOBIL’S PROFIT FALLS CLOSE TO 50 PER CENT IN THIRD-QUARTER

Exxon Mobil Corp., a multinational oil and gas company, reported a 47 per cent profit loss in the third-quarter due to declining crude oil prices.

Exxon said their third quarter profit hit US$4.24 billion, or US$1.01 per share, compared with US$8.07 billion, or US$1.89 in the same time frame the year prior.

KENYAN FARMERS ASK GOVERNMENT FOR GRAIN DRYERS

Corn farmers in the Kenyan county of Uasin Gishu are asking the government for grain drying machines.

The farmers say their crops risk being infected with aflatoxin.

The Kenyan government had advised them to harvest their produce in anticipation of El Nino and subsequent rains, but producers in the area typically rely on traditional drying methods—like the sun.

TAIWAN’S ECONOMY CONTRACTS

Taiwan’s gross domestic product declined 1.01 per cent in the three months leading up to September compared with the same time frame the year prior, according to preliminary data from the country’s statistics bureau.

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