Global markets: Russia’s economy contracts in third-quarter

By Commodity News Service Canada

WINNIPEG, December 10 – The following is a glance at the news moving markets globally.

RUSSIA’S ECONOMY SHRANK IN THIRD-QUARTER
Russia’s economy contracted 4.1 per cent in the third-quarter according to reports out of the country.

But Russia’s prime minister has said economic measures from the government to stop a recession have been successful, and soon the country will return to growth.

ARGENTINA TO SWEAR IN NEW PRESIDENT
Argentinian president-elect Mauricio Macri is expected to be sworn in on Thursday.

He campaigned on the promise of economic reform, especially as the country has defaulted twice since 2000.

From an agricultural point of view, Macri has also said he will cut the export tax on corn and wheat, and reduce export taxes on soybeans.

US JOBLESS CLAIMS RISE TO FIVE-MONTH-HIGH
Initial claims for state unemployment benefits in the US increased by 13,000 to a seasonally adjusted 282,000 for the week ended December 5, according to the country’s labour department.

That figure is the highest seen since early July, but analysts say the underlying trend in America’s employment remains strong.

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