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Global markets: US housing starts drop sharply

By Commodity News Service Canada

WINNIPEG, October 19 – The following is a glance at the news moving markets globally.

US HOUSING STARTS LOWER IN SEPTEMBER
US housing starts fell to a one-and-a-half-year low in September, according to reports out of the country on Wednesday.

However, activity is expected to increase in coming months as permits for construction increased during September, analysts say.

CHINA’S ECONOMY GAINS IN Q3
China’s economy grew 6.7 per cent in the third quarter, which is on track with government targets, market watchers say.

CANADIAN PACIFIC OPERATING RATIO LOWEST EVER
Canadian Pacific Railway announced third-quarter reported diluted earnings per share (EPS) of C$2.34, adjusted diluted EPS of C$2.73 and an operating ratio of 57.7 per cent, the lowest-ever when compared to adjusted operating ratios in previous quarters, a press release from the company said on Wednesday.

“Despite decreased revenues, tied to a delayed grain harvest and stiff economic headwinds, our business model continues to perform on the cost side,” said E. Hunter Harrison, CP’s Chief Executive Officer.

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