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Global Markets: Italy bails out banks

By Commodity News Service Canada

WINNIPEG, June 26 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– US Federal Reserve Chair Janet Yellen is set to give a speech in London on Tuesday, and her remarks should provide a clearer picture of the Fed’s ideas on rate hikes.

– Germany’s Ifo Institute business climate index hit a record high of 115.1 in June, according to a report out of the country. The improving business sentiment means there is confidence in the economy ahead of an election in September.

– Italy announced a deal over the weekend that will see the government bailout two banks for 5.2 billion euros, with guarantees of up to 12 billion additional euros. The rescue gave European shares a boost to start the week.

– New US duties on Canadian softwood lumber are expected to be announced on Monday. Preliminary duties of three to 24 per cent were announced in April.

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