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Global markets: Chinese coal and steel workforces to see layoffs

By Commodity News Service Canada

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

CHINA EXPECTED TO SHED 15 PER CENT OF COAL AND STEEL WORKFORCE
Chinese officials said 1.8 million workers, in coal and steel industries could lose their jobs, or about 15 per cent of those sectors, according to reports on Monday.

The anticipated job loss is a by-product of industrial overcapacity, but officials haven’t given a timeframe.

CANADA’S INDUSTRIAL PRODUCT AND RAW MATERIAL PRICES EDGE UP

Canada’s Industrial Product Price Index (IPPI) rose 0.5 per cent in January, mainly as a result of higher prices for motorized and recreational vehicles, Statistics Canada said in a report on Monday.

According to StatsCan, lower prices for energy and petroleum products largely moderated the increase in the IPPI. The Raw Materials Price Index (RMPI) declined 0.4 per cent, led by lower prices for crude energy products.

CANADA’S ACCOUNT DEFICIT INCREASES
Canada’s current account deficit (on a seasonally adjusted basis) edged up C$0.1 billion in the fourth quarter to C$15.4 billion. On an annual basis, the current account deficit increased from C$44.9 billion in 2014 to C$65.7 billion in 2015, Statistics Canada said in a report on Monday.

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