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Global Markets: Libor rate could get axed

By Commodity News Service Canada

WINNIPEG, July 31 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s raw materials price index softened in June due to a decline in energy. According to Statistics Canada, the index decreased last month by 1%. The index measures the price manufacturers in Canada receive once their goods leave the plant.

– British regulators say they want to phase out the London Interbank Offered Rate (libor). The scandal-plagued benchmark interest rate is utilized by billions of dollars in financial products. Authorities hope to replace the rate by 2021.

– Markets in Europe and Asia rose Monday morning as several companies filed corporate earnings reports. Japan’s Nikkei index softened though as the yen advanced against the US dollar. Chinese markets showed strength despite weaker manufacturing data.

– Tesla CEO Elon Musk says there are 500,000 orders for the company’s new Model 3 electric car. The buyers will have to wait until 2018 to receive their vehicles.

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