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Global markets: Saudi Arabia proposes output deal

By Commodity News Service Canada

WINNIPEG, September 23 – The following is a glance at the news moving markets globally.

SAUDI ARABIA WILL LIMIT CRUDE OUTPUT, IF IRAN DOES TOO: REPORTS
Saudi Arabia will limit its crude output, if Iran caps production as well, market watchers said on Friday.

Iranian officials have not yet accepted the offer.

CANADA’S CONSUMER PRICE INDEX RISES
The Consumer Price Index (CPI) rose 1.1 per cent on a year-over-year basis in August, following a 1.3 per cent gain in July, Statistics Canada said in a report on Friday.

Excluding gasoline, the CPI was up 1.7 per cent year over year in August, after posting a 1.9 per cent increase in July.

CANADIAN RETAIL SALES HOLD MOSTLY STEADY
Retail sales were relatively unchanged for the third consecutive month in July, edging down 0.1 per cent to C$44.1 billion, Statistics Canada said in a report on Friday.

Sales were down in 5 of 11 subsectors. Excluding gasoline stations, retail sales increased 0.2 per cent.

After removing the effects of price changes, retail sales in volume terms were up 0.3 per cent in July.

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