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Global markets: Germany’s trade forecast revised lower

By Commodity News Service Canada

WINNIPEG, August 29 – The following is a glance at the news moving markets globally.

GERMANY EXPECTED TO SLOW EXPORTS
German export activity is expected to slow throughout 2016, according to reports on Monday.

The country’s trade association lowered its 2016 export forecast to between 1.8 and two per cent, from a previously projected 4.5 per cent, market watchers say.

Brexit was cited as one cause of the declines, as the decision from Britain to leave the European Union has added an element of global uncertainty.

OIL PRICES START WEEK ON A LOW NOTE
Oil prices dropped more than one per cent in early activity on Monday, feeling pressure from increased output from Iraq.

Southern ports in Iraq produced 3.205 million barrels per day of crude oil in August, analysts said on Monday.

CANADA’S FARM PRODUCT PRICE INDEX EDGES DOWN
The Farm Product Price Index (FPPI) edged down 0.3 per cent in June compared with the same month a year earlier, as falling cattle prices were moderated by an increase in hog and crop prices. The index has declined year over year for five consecutive months, following an upward trend that started in August 2014, Statistics Canada said in a report on Monday.

The livestock and animal products index fell 7.8 per cent in June compared with the same month a year earlier, continuing year-over-year declines that began in October 2015. Prior to these decreases, this index had been mostly increasing on a year-over-year basis since April 2013, supported by rising cattle and hog prices.

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