By Commodity News Service Canada
WINNIPEG, November 25 – The following is a glance at the news moving markets globally.
US JOBLESS CLAIMS TOUCH BACK DOWN TO 42 YEAR LOWS
Initial claims for US unemployment benefits dropped by 12,000 in the week ended November 21 to a seasonally adjusted 260,000, according to the country’s labour department.
Jobless claims have been below 300,000 for 38 weeks, which indicates a strong labour force.
SINGAPORE LOWERS GROWTH FORECAST
Singapore has scaled back on its growth forecast, citing a weak global economy resulting in less manufacturing as one of the causes.
Reports from the country say economic growth is now expected to be near two per cent in 2015, and between one and three per cent the following year.
Growth in 2016 had previously been pegged between two and 2.5 per cent.
EARLY DATA SHOWS CHINA NOT RESPONDING TO FISCAL STIMULUS
Despite multiple interest rate cuts and increased fiscal spending, early indicators from the first half of this quarter show China’s economy isn’t responding.
China’s manufacturing Purchasing Managers Index hit 42.4 in November, down from 43.3 in October, according to data organizations from within the country. Numbers below 50 indicate deteriorating conditions.