Global markets: British economy likely expanded pre-Brexit

By Commodity News Service Canada

WINNIPEG, July 27 – The following is a glance at the news moving markets globally.

BRITAIN’S ECONOMY GREW IN SECOND-QUARTER, ESTIMATES SAY
Britain’s economy grew in the second-quarter (April to June), data said on Wednesday.

The British economy expanded 0.6 per cent in the second-quarter, on an annualized rate of 2.4 per cent, preliminary estimates from the region’s statistics office said.

CHINA’S TRADE SERVICE DEFICIT WIDENS
China’s trade service deficit widened in June, according to reports on Wednesday.

The deficit moved from US$19.1 billion in May to US$19.4 billion in June.

CANADIAN RAIL FREIGHT DROPS FROM YEAR-AGO LEVELS
The volume of rail freight carried in Canada totalled 27.7 million tonnes in May, an 8.2 per cent decrease from the same month last year. In contrast, from May 2011 to May 2016, the total volume of rail freight carried in Canada increased 5.4 per cent, Statistics Canada said in a report on Wednesday.

In May, freight originating in Canada declined 7.7 per cent from the same month last year to 24.9 million tonnes. These shipments were composed of both non-intermodal and intermodal freight, StatsCan said.

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