Global markets: Officials say China will remove some subsidies

By Commodity News Service Canada

WINNIPEG, April 15 – The following is a glance at the news moving markets globally.

US SAYS CHINA WILL REMOVE SOME SUBSIDIES
China will be getting rid of subsidies on select commodities, according to reports out of Washington on Friday.

Some of the items include textiles, metals, and agricultural goods.

Analysts in support of the removal of subsidies say it will help trade relations, while others say the deal will have little impact.

CANADA’S MANUFACTURING SALES DOWN

Manufacturing sales decreased 3.3 per cent to C$51.2 billion in February, following three months of consecutive gains, Statistics Canada said in a report on Friday.

Sales were down in 16 of 21 industries, representing 73.5 per cent of the manufacturing sector. Motor vehicles and petroleum and coal products were responsible for over two-thirds of the decrease. Motor vehicle parts, aerospace product and parts, and machinery also contributed to the decline.

In constant dollars, sales declined two per cent, reflecting a lower volume of goods sold.

CANADA’S CRUDE IMPORTS DOWN
Canadian refineries received 8.6 million cubic metres of crude oil in January, down 1.4 per cent from January 2015, Statistics Canada said in a report on Friday.

Over the same period, refinery receipts of domestic crude oil increased 2.8 per cent to 6.1 million cubic metres.

Crude oil imports decreased 10.3 per cent to 2.6 million cubic metres in January. Imports represented 29.5 per cent of total crude oil received at refineries in Canada.

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