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Global markets: Canadian economy contracts in October

By Commodity News Service Canada

WINNIPEG, December 23 – The following is a glance at the news moving markets globally.

– Canada’s economy shrank in October, for the first time since May, according to a report from Statistics Canada.

After increasing for four consecutive months, real gross domestic product was down 0.3 per cent in October. Widespread decreases in manufacturing output and lower oil and gas extraction were the major contributors to the decline, StatsCan said on Friday.

– The British pound was on track for its biggest weekly drop in nearly three months on Friday, reports out of the region say.

However, new data shows Britain’s economy grew 0.6 per cent in the three months to September, which is higher than analysts had thought.

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