By Commodity News Service Canada

WINNIPEG, July 29 – The following is a glance at the news moving markets globally.

CANADIAN ECONOMY SEES BIGGEST DROP SINCE 2009
Real gross domestic product (GDP) fell 0.6 per cent in May, the largest monthly decline since March 2009, Statistics Canada said in a report on Friday.

The decrease in May was primarily due to lower non-conventional oil extraction, a consequence of the Fort McMurray wildfire and evacuation.

US ECONOMY GROWS IN Q2
The US economy expanded in the second-quarter, though fell short of analyst expectations.

The country’s gross domestic product gained by 1.2 per cent in the second-quarter, propped up by consumer spending.

CANADIAN INDUSTRIAL PRICES UP
The Industrial Product Price Index (IPPI) rose 0.6 per cent in June, mainly due to higher prices for energy and petroleum products, Statistics Canada said.

The Raw Materials Price Index (RMPI) increased 1.8 per cent, as a result of higher prices for crude energy products, Statistics Canada said in a report on Friday.