Global markets: US first-quarter economic growth revised upward

By Commodity News Service Canada

WINNIPEG, June 28 – The following is a glance at the news moving markets globally.

US FIRST-QUARTER GDP BETTER THAN EXPECTED
Economic growth in the US was revised upward on Tuesday.

Gross domestic product increased at a 1.1 per cent annual rate in the first quarter, compared with a previously reported 0.8 per cent, market watchers said.

Stronger exports and investment in software eased some losses in consumer spending.

US CAR EXPORTS TO KOREA GAIN
China’s economy is expected to grow by about 6.6 per cent this year, according to reports out of the country.

However a Chinese research group noted that policy is needed to keep the economy supported.

CANADIAN EGG PRODUCTION UP
Egg production in April increased 7.5 per cent from the same month a year earlier to 61.2 million dozen, Statistics Canada said in a report on Tuesday.

Placements of hatchery chicks on farms decreased 0.2 per cent compared with the same month a year earlier to 62.3 million birds in May.

Stocks of frozen poultry meat in cold storage on June 1, 2016, were up 31.0 per cent from the same date a year earlier to 89,114 tonnes.

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