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Global markets: Canada’s foreign asset position softens in Q1

By Commodity News Service Canada

WINNIPEG, June 13 – The following is a glance at the news moving markets globally.

CANADA’S FOREIGN ASSET POSITION DOWN IN FIRST-QUARTER
After six quarters of gains, Canada’s net foreign asset position decreased by C$220.2 billion in the first quarter to C$264.8 billion. This decline more than offset the C$201.7 billion gain recorded in the fourth quarter of 2015, Statistics Canada said in a report on Monday.

According to StatsCan, Canada’s international assets were down in the first quarter, while international liabilities edged up. As a result, the net international investment position deteriorated for the first time since the second quarter of 2014. During this period, Canada went from being a net foreign debtor to being a net foreign creditor.

CHINA’S INVESTMENT FALLS TO A 15-YEAR-LOW
Growth in China’s fixed-asset investment dropped to a 15-year-low from January to May 2016—falling below ten per cent, according to reports on Monday.

IRAN PLANS ON BOOSTING CRUDE REFINING CAPACITY
Iran has a four-year plan to increase its crude refining capacity and fuel quality, according to reports on Monday.

Iran will be building five new plants, and plans on raising production capacity by 2020 to approximately 3.2 million barrels.

The country now produces about 1.85 million barrels per day.

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