Global Markets: Brazil’s economy shrinks, Canada’s gains

By Commodity News Service Canada

WINNIPEG, December 1 – The following is a glance at the news moving markets globally.

BRAZIL’S RECESSION DEEPENS, ECONOMY SHRINKS AGAIN
Data showing Brazil’s recession had deepened emerged on Tuesday. The economy shrank by 1.7 per cent in the third quarter, according to a statistics agency within the country.

Brazil’s gross domestic product has now dropped 4.5 per cent on an annual basis. That’s the steepest fall since the data series was started in 1996, according to reports out of the country.

CANADA’S GDP GAINS AFTER TWO CONSECUTIVE DECLINES
Canada’s real gross domestic product (GDP) rose 0.6 per cent in the third quarter, following two consecutive quarterly declines. The quarterly growth was driven by increased international demand for Canadian goods and services as exports grew 2.3 per cent, Statistics Canada said in a report on Tuesday.

According to StatsCan, final domestic demand was flat after edging up 0.1 per cent in the previous quarter. Household final consumption expenditure rose 0.4 per cent, and residential investment increased 0.6 per cent after a flat second quarter.

PUERTO RICO’S DEBT PAYMENT DUE TUESDAY
Puerto Rico’s US$355 debt repayment is due Tuesday—many analysts are speculating about the potential for the country to default on the payment.

If Puerto Rico defaults on the payment, it could have the potential to spark lawsuits, reports say. Puerto Rico is US$72 billion in debt.

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