Global Markets: Rate of Canadian housing grew 1.9 per cent in August

By MarketsFarm

WINNIPEG, Sept. 10 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Recent data from the Canada Mortgage and Housing Corp. (CMHC) showed the annual rate of housing rose by 1.9 per cent in August when compared to the previous month. The rate of housing rose by approximately 227,000 housing units, compared to economists’ expectations of 215,000 housing units.

– Global oil prices have continued higher due to reports of low United States stockpiles and an impending production cuts by the Organization of Petroleum Exporting Countries. OPEC+ members will meet in the United Arab Emirates later this week. Oil futures are up for the fifth day in a row, which is the longest run since July. However, crude prices are still down by more than 10 per cent compared to earlier in the year, due mainly to the U.S.- China trade war bringing long-term demand into question.

– Egypt’s inflation lowered to an annual rate of 4.9 per cent in August, the lowest rate in almost seven years. The central bank is expected to cut interest rates later this month in order to keep encouraging economic growth. Neighbouring Turkey also cut interest rates last month.

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