Global markets: Saudi Arabia takes closer look at economy

By Commodity News Service Canada

WINNIPEG, March 28 – The following is a glance at the news moving markets globally.

DECLINES IN CRUDE PRICES CAUSE SAUDI ARABIA TO RESTRUCTURE
The declining price of crude oil is causing Saudi Arabia to make changes to its economy, according to a report from the Atlantic Council’s Global Energy Center.

Those declines in crude prompted Saudi Arabian leadership to modernize the economy, the report says.

The government is looking at introducing new taxes and the potential for partial privatization.

Saudi Arabia’s 2015 deficit was about US$98 billion, and about US$87 billion is expected this year.

PROJECTIONS FOR BRAZIL’S INFLATION DOWN, AGAIN
Analyst estimates regarding Brazil’s inflation have moved lower for the third week in a row, according to reports on Monday.

This week’s median inflation rate—from polled analysts—is at 7.31 per cent at the end of 2016, compared with 7.43 per cent the previous week.

US CONSUMER SPENDING INCREASES AFTER PREVIOUS DECLINES
US consumer spending increased in last month, according to reports on Monday.

Consumer spending increased by 0.1 per cent in February, after decreasing 0.1 per cent in January.

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