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Global markets: British consumer spending falls

By Commodity News Service Canada

WINNIPEG, June 12 – The following is a glance at the news moving markets globally.

– Britain’s consumer spending dropped for the first time in four years in May, according to figures from financial services and credit card company Visa.

That indicates consumers were cautious ahead of last week’s general election.

Consumer spending dropped 0.8 per cent in May, Visa said.

– US crude oil exports have advanced in recent weeks, according to reports on Monday, which could hurt the market’s health as OPEC works to curb production.

However, some analysts have speculated that the country may not be able to keep up the pace.

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