By Commodity News Service Canada
WINNIPEG, December 23 – The following is a glance at the news moving markets globally.
CANADIAN GDP HOLDS STEADY IN OCTOBER
Real gross domestic product was unchanged in October, after falling 0.5 per cent in September. Gains in mining, quarrying, and oil and gas extraction as well as the public sector were offset by declines in manufacturing, utilities and retail trade, Statistics Canada said in a report on Wednesday.
According to StatsCan, manufacturing output fell 0.3 per cent in October, after declining one per cent in September. The declines in September and October followed three consecutive monthly gains.
US CRUDE OIL INVENTORIES FALL, FUTURES GAIN
US crude inventories fell by 3.6 million barrels to sit at 486.7 million barrels, according to the American Petroleum Institute.
The news buoyed futures in early activity on Wednesday, as the commodity has been struggling with high global supplies.
BRAZIL EXPECTED TO MISS 2017 INFLATION GOAL
Despite previously forecasting Brazil’s inflation would slow to 4.6 per cent, inflation will remain above that target through the next two years, even with changes to monetary policy, according to reports out of the country.
Even if policymakers increase the benchmark interest rate to 14.75 per cent—up from the current 14.25 per cent—inflation will only slow to 4.9 per cent by 2017.