By Commodity News Service Canada
WINNIPEG, May 27 – The following is a glance at the news moving markets globally.
US FIRST-QUARTER GDP REVISED UPWARD
The US economy gained more than previously thought in the first-quarter, according to reports out of the country on Friday.
US gross domestic product was revised upward from 0.5 per cent to 0.8 per cent.
Increased home building and company inventory investments contributed to the growth, analysts say.
RUSSIA EXTENDS FOOD-IMPORT EMBARGO
Russia is expected to extend an embargo on food-imports until late 2017, market watchers said on Friday.
The Russian Prime Minister has appealed the extension to President Vladimir Putin, and expects government resolution will be drafted.
OVERSEAS DEMAND FOR UK CARS DRIVES MANUFACTURING HIGHER
The UK’s vehicle manufacturing continued to increase in April, with strong demand from domestic and international markets, according to reports out of the country on Friday.
Last April’s build up of 16.4 per cent put year-to-date build up at 10.8 per cent, while exports have increased by 14.3 per cent.