By Commodity News Service Canada
WINNIPEG, April 5 – The following is a glance at the news moving markets globally.
IMF CHIEF SAYS GLOBAL ECONOMIES ARE LOSING MOMENTUM
Christine Lagarde, the chief of the International Monetary Fund (IMF) said economies are losing momentum, and economic recovery has been too slow, according to reports on Tuesday.
Lagarde urged governments to take economic action, but added that there is no crisis.
SAUDI ARABIA EXPECTED TO SIGN DEAL WITH EGYPT
Saudi Arabia is set to sign a US$20 billion deal on Thursday to help finance Egypt’s crude oil needs for the next five years, according to reports on Tuesday.
The two countries are also set to sign a deal in which Saudi Arabia will help Egypt develop its Sinai region.
CANADA’S EXPORTS FALL FROM RECORD-HIGH
Canada’s exports fell 5.4 per cent to C$43.7 billion in February, after reaching a record high in January. Export prices decreased 3.2 per cent and volumes were down 2.2 per cent. Imports declined 2.6 per cent to C$45.6 billion, as prices were down 1.4 per cent and volumes decreased 1.2 per cent, Statistics Canada said in a report on Tuesday.
Consequently, Canada’s merchandise trade deficit with the world widened from C$628 million in January to C$1.9 billion in February.