By Commodity News Service Canada
WINNIPEG, May 17 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– Financial markets are watching news out of Washington, DC, closely today, as concerns grow over turmoil in Donald Trump’s White House and the increasing possibility of impeachment.
– The unemployment rate in the United Kingdom fell to its lowest levels since 1975, hitting 4.6 per cent in the latest quarter, according to the Office for National Statistics. However, real wages are shrinking, with average weekly earnings increasing by only 2.1 per cent during the quarter.
– US oil production in the country’s largest oilfield is set to grow considerably this year, with Lilis Energy expected to increase production sevenfold in the Permian Basin, according to reports. The rising US production comes as OPEC countries work to cut supplies, which could eventually lead to a price war.