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Global Markets: Hurricane Harvey Damage Estimates Come In

By Commodity News Service Canada

WINNIPEG, Aug. 30 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The damage from Hurricane Harvey is pegged at US$35 billion and counting, according to several analysts. The storm hit the Houston area on Friday but has since lingered, dumping trillions of litres of water on the community. Analysts say the storm could generate as much as US$28 billion out-of-pocket costs for flooded homeowners. Many residents don’t have insurance though.

– There’s good news for Canada’s softwood lumber industry. The US Department of Commerce announced on Monday that they had postponed the final determinations in anti-dumping duty and countervailing duty investigations of imports of softwood lumber from Canada until no later than Nov. 14. That means lumber producers in Canada don’t have to immediately pay duties on softwood that had previously been shipped to the US.

– The National Bank of Canada generated C$518 worth of net income in the third quarter. That is up eight percent from last year, according to the company.

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