By Commodity News Service Canada
WINNIPEG, July 6 – The following is a glance at the news moving markets globally.
CANADIAN EXPORTS DROP IN MAY
Canada’s exports fell 0.7 per cent to C$41.1 billion in May. Export volumes declined 2.3 per cent and prices were up 1.6 per cent. Imports decreased 0.8 per cent to C$44.4 billion, as volumes were down 0.9 per cent and prices edged up 0.2 per cent, Statistics Canada said in a report on Wednesday.
As a result, Canada’s merchandise trade deficit with the world in May was virtually unchanged compared with April at C$3.3 billion.
CRUDE OIL EXTENDS LOSSES
Crude oil futures continued to lose ground Wednesday morning, after sliding close to five per cent on Tuesday.
The market was pressured by economic concerns in light of Britain’s decision to leave the European Union, and heavy global supplies, analysts say.
GERMAN INDUSTRY ORDERS STALL
Demand for German-made products stalled in May, according to reports on Wednesday.
Demand from euro zone countries underpinned sales, while domestic demand fell.
Analysts expect growth will continue to drop in the second-quarter.