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Global markets: Global economic concerns pressure crude

By Commodity News Service Canada

WINNIPEG, January 18 – The following is a glance at the news moving markets globally.

CRUDE OIL FUTURES HAND BACK REBOUND GAINS
Crude oil futures gained, but then dropped again in early activity on Monday as turbulence in the global economy pressured prices.

European stocks saw a sharp sell-off and the expectation that Iran would soon be adding supplies to the global glut further pressured prices.

FRENCH PRESIDENT ANNOUNCES STATE OF ECONOMIC EMERGENCY
France’s president, Francois Hollande, said on Monday that the country is in a state of economic and social emergency.

Hollande unveiled a plan to revitalize France’s business model.

The proposed plan, which will cost around C$3.19 billion, aims to spur increased job-growth, while keeping the 35-hour work-week.

CANADA’S NON-RESIDENTIAL BUILDING CONSTRUCTION DROPS IN Q4
Investment in non-residential building construction reached C$12.6 billion in the fourth quarter, down 1.7 per cent from the previous quarter. The decline largely reflected a downward trend in spending on the construction of commercial buildings and, to a lesser extent, on the construction of industrial buildings, Statistics Canada said in a report on Monday.

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