CNS Canada –– The following is a glance at the news moving markets globally.
U.S. FEDERAL RESERVE TO MEET, MAKE POLICY ANNOUNCEMENT — Members of the U.S. Federal Reserve are starting their meeting on Tuesday, and are expected to conclude on Wednesday.
Markets fell ahead of the meeting as investors were uncertain about the outcome of an interest rate decision.
OIL GIANT BP SHRINKS ONCE AGAIN — Major oil company BP has announced a third round of spending cuts and asset sales over the course of the next few years.
The moves by the company were to combat losses from an extended period of low oil prices, and a hefty US$54 billion lawsuit.
SLOWING U.K. ECONOMY OUTPACES ANALYST EXPECTATIONS — Britain’s economic growth has slowed more than expected, as third-quarter gross domestic product growth dropped to 0.5 per cent in the three months leading up to September, compared with 0.7 per cent in the previous time frame.
Economists had expected the GDP to slow to 0.6 per cent.
CHEMICAL COMPANY SAYS WEAK AG MARKET CAUSED EARNINGS DROP — DuPont Co., a U.S. chemical company, said weaker agricultural sales strongly contributed to a decrease in third-quarter earnings.
A strong U.S. dollar and weak emerging markets also added to the decline.
In the most recent quarter, DuPont reported a net income of US$235 million, or 26 cents per share, a steep decline from the US$433 million, or 47 cents per share reported in the same time frame the year prior.