Global markets: China slashes interest rates

CNS Canada –– The following is a glance at the news moving markets globally.

CHINA’S CENTRAL BANK CUTS INTEREST RATES, AGAIN — China’s central bank cut interest rates once again on Friday, which marks the sixth time the bank has done so since November.

The changes also lowered the amount of cash that banks must hold as reserves in an attempt to stimulate the economy.

GOLDMAN HIRES TRADERS FROM COMMODITY, HEDGE FUND INDUSTRIES — Goldman Sachs Group has hired traders from Glencore, a commodity and mining company, and hedge fund Moore Capital Management.

Analysts say Goldman is trying to rebuild its commodities team after losing traders earlier in the year.

SMALL BUSINESSES HELPED CANADA’S ECONOMY, CIBC SAYS — Small businesses stopped Canada’s economy from weakening further, according to a new study from CIBC.

Businesses with fewer than 500 employees created roughly 80 per cent of new private sector jobs within the past year, the study found.

Consumer spending stayed steady to higher throughout the country’s economic downturn, which supported small businesses.


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