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Global Markets: India gets double-dose of weak data

By Commodity News Service Canada

WINNIPEG, January 12 – The following is a glance at the news moving markets globally.

INDIA’S INDUSTRIAL OUTPUT SLOWS, INFLATION GROWS
India got two doses of weak economic data on Tuesday, industrial output contracted by 3.2 per cent in November compared with a 9.8 per cent expansion in October, while consumer inflation edged up for the fifth straight month in December.

The news affects the Reserve Bank of India’s efforts toward raising interest rates, according to reports out of the country.

FOUR US INTEREST RATE INCREASES NOT CERTAIN
The US Federal Reserve may not be raising interest rates four times throughout the year, according to a Fed official, as markets are seeing a period of turbulence.

The Fed raised rates in December, and many analysts had expected another raise in March.

CHINA ATTEMPTS TO STABILIZE YUAN
China introduced another firm fix for its currency, the yuan, on Tuesday, to restore some stability to markets and reassure investors.

The People’s Bank Of China set the mid-point for the yuan just slightly weaker than its previous fix.

The yuan has lost one per cent against the US dollar since the beginning of 2016, after losing 4.7 per cent the year prior, according to reports.

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