Global markets: Mine shutdowns, U.S. jobless claims

(Barry Wilmore photo courtesy NASA)

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

BHP EXECUTIVE SAYS SHUTTING MINES WON’T AFFECT PRICES – An executive from BHP Billiton Ltd., a multinational mining, metals and petroleum company, said mines being shut down will not affect commodity prices-like copper-because the mines being shut are not profitable.

Some analysts say the statement downplayed the effects of production cuts by miners such as Glencore.

U.S. JOBLESS CLAIMS HIT 42-YEAR LOW – The number of .U.S citizens filing for unemployment benefits fell to a 42-year low last week, the country’s labour department said Thursday.

This could suggest the labour market has remained strong despite a slowdown in job growth in the country in the past two months.

AGRICULTURE’S ECONOMIC POWER ON THE RISE IN KANSAS – Agriculture has been driving Kansas’ economy in increasing amounts, according to data released by the state’s department of agriculture.

The department estimated that agriculture supports 229,934 jobs within the state and the sector’s total output equals US$62.8 billion.

CHINA’S ECONOMIC GROWTH TO SLOW INTO 2016 – China’s economic growth is expected to slow to 6.5 per cent in the third quarter, an analyst poll shows.

This indicates that policy moves within the country to stoke the economy may not have been as beneficial as hoped.

The country’s central bank has cut lending rates five times since November, in addition to lowering the amount of cash that the biggest banks must hold as reserves.

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