Global Markets: China’s Tax Change To Help Economy, Minister Says

By Commodity News Service Canada

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

CHINA TO INTRODUCE NEW TAX
On May 1, China will be integrating a value-added tax in place of a previous tax in the construction, real estate, financial and consumer services sectors.

The country’s finance minister said it will help the economy and structural adjustments.

UK CONSUMER SPENDING DOWN
Retail sales didn’t grow for the first time in about a year in March, the British Retail Consortium said on Tuesday. However, analysts noted that those figures are not seasonally adjusted.

In the past three months, food sales in the region dropped 0.7 per cent.

TURKISH STEEL SCRAP IMPORTS DOWN
Turkey’s scrap imports fell 19 per cent in the initial two-month period of the current year, according to reports on Tuesday.

In March, market watchers reported that US scrap-metal exports were being hit by lower commodity prices.

In 2016, more than 50 metal scrapyards had stopped operations in North America, as of March.

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