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Global Markets: Drone attack cuts Saudi production, hikes prices

By MarketsFarm

WINNIPEG, Sept. 16 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Following a drone attack on Saudi Arabia’s Aramco oil processing plant on Sept. 14, United States President Donald Trump has blamed Iran. In turn, Iran denied any responsibility for the attack, which was carried out by Yemen-based Houthi rebels. The attack cut Saudi production by 5.7 million barrels per day and crude oil prices skyrocketed by at least five per cent. The Houthi rebels are part of the civil war in Yemen, which has been a proxy war between Saudi Arabia and Iran.

– Chinese Premier Li Keqiang stated it has continued to be very difficult to maintain the country’s economic growth at six per cent, according to a Reuters report. Stemming from the U.S./China trade war, Chinese economic growth has slid to its slowest pace in about 30 years.

– Members of the United Auto Workers in the U.S. are set to strike against General Motors for the first time in 12 years. The UAW has sought pay increases for new employees, who start at less than US$20 per hour, taking eight years to rise to US$30 per hour. In return GM offered to increase investments in four of their auto plants along with wage and health care increases.

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