Global markets: OECD sees economic improvement in US, China

By Commodity News Service Canada

WINNIPEG, June 8 – The following is a glance at the news moving markets globally.

ECONOMIC DOWNTURN IN US, CHINA MAY HAVE REACHED BOTTOM
Economic downturns in the US and China may have reached their bottoms, according to data from the Organization for Economic Cooperation and Development (OECD).

The OECD’s economic indicators moved higher in April, for both countries, which could indicate a turning point in economic activity, reports say.

CRUDE OIL FUTURES MOVE TO EIGHT-MONTH-HIGH

Crude oil futures moved to an eight-month-high in early activity on Wednesday, supported by supply disruptions in Nigeria, and increased demand from China, analysts say.

VALUE OF BUILDING PERMITS IN CANADA EDGES DOWN
The value of building permits issued by municipalities edged down 0.3 per cent to C$6.9 billion in April. This marked the second consecutive monthly decline and was largely the result of lower construction intentions in Ontario, Quebec and Nova Scotia, Statistics Canada said in a report on Wednesday.

According to StatsCan, the value of residential permits declined 1.8 per cent to C$4.3 billion in April. The decrease in the value of multi-family dwelling permits more than offset the gain posted by single-family homes. Declines were reported in six provinces, led by Ontario, followed by Quebec and Nova Scotia.

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