By Commodity News Service Canada
WINNIPEG, January 7 – The following is a glance at the news moving markets globally.
CHINESE YUAN FALLS AGAIN, STOCKS FOLLOW
Global stock markets took a tumble on Thursday, as China allowed its currency, the Yuan, to fall to a five-month-low.
The People’s Bank of China weakened the official midpoint rate on Thursday, in a similar move to the one taken in August, when the currency saw a two per cent devaluation.
INDIA EXPECTED TO BE FASTEST GROWING ECONOMY
New data from the World Bank supports the idea that India will be the fastest growing economy over the next three years.
India’s economy will grow by a 7.8 per cent in 2016 and 7.9 per cent in the following two years, according to World Bank estimates.
VOLKSWAGEN TO BUY BACK CARS POST EMISSION SCANDAL
Volkswagen assumes it will have to buy back about 115,000 cars in the US due to its emission scandal, according to reports.
Volkswagen came under heat in September, 2015, for installing a device in its vehicles that would allow it to pass an emissions test when it otherwise wouldn’t.