By Commodity News Service Canada
WINNIPEG, March 21 – The following is a glance at the news moving markets globally.
ECONOMISTS CUT BRAZIL’S ECONOMIC OUTLOOK
Brazilian analysts have cut the country’s 2016 growth outlook for the ninth week in a row in light of the country’s political turmoil.
Economists reduced their 2016 economic forecast to a contraction of 3.6 per cent, and the 2017 outlook to 0.44 per cent growth, according to an industry survey.
CHINA’S SAUDI OIL IMPORTS MOVE NEAR RECORD HIGHS
China’s total oil imports gained about 20 per cent on-year, the highest ever on a daily basis in February. Saudi Arabia supplied 1.38 million barrels per day, just behind the record-high 1.39 million barrels per day supplied in February 2012.
Russia’s imports gained 48 per cent on a daily basis from year-ago levels at 1.03 million barrels per day.
US ECONOMY GREW BELOW TREND IN FEBRUARY
The US economy grew below trend in February, according to data released Monday from the Chicago Fed’s national activity index.
The national activity index fell to negative 0.29 in February, compared with positive 0.41 in January.
Zero means the economy is expanding at its historical trend rate of growth.