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Global markets: Brazil gets economic downgrade from Moody’s

By Commodity News Service Canada

WINNIPEG, February 25 – The following is a glance at the news moving markets globally.

BRAZIL’S SOVEREIGN RISK IS DOWNGRADED TO JUNK STATUS
Moody’s investment services downgraded Brazil’s sovereign credit rating to junk status on Wednesday, according to reports.

The downgrade was spurred in part by heavy government debt, which is expected to hit 80 per cent of the country’s gross domestic product within the next three years.

Moody’s also expects a slower recovery of the Brazilian economy than previously thought.

CANADA’S FARM PRODUCT INDEX LOSES GROUND
Canada’s farm product price index declined 0.3 per cent in December compared with December 2014, largely as a result of lower cattle and hog prices. This was the first year-over-year decrease in the index since August 2014, Statistics Canada said in a report on Thursday.

CANADA’S NON-FARM PAYROLLS EDGE UP
Average weekly earnings of non-farm payroll employees were C$959 in December, up 0.9 per cent from the previous month. Compared with 12 months earlier, average weekly earnings increased by 1.7 per cent, Statistics Canada said in a report on Thursday.

The change in weekly earnings reflects a number of factors, including wage growth, changes in the composition of employment by industry, occupation, and level of job experience, as well as average hours worked per week.

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