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Global Markets: United States unemployment levels drop

By MarketsFarm

WINNIPEG, Sept. 11 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– United States unemployment hit its lowest rate in nearly five months, according to recent data. Jobless claims dropped to 204,000 during week ended Sept. 7, which is a 15,000 reduction from the week prior. This data indicates a tight labour market, despite some signs that the economy is cooling.

– Oil values continued on the decline as the International Energy Agency (IEA) outlined challenges oil producers face in balancing the oil market. The IEA said OPEC+ is facing increasing competition from other producers. OPEC+ producers have agreed to continue to curb output in response to quieting global demand. “The market is giving up on OPEC+ being able to support the price,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S, to Bloomberg. “They can control production but not demand.”

– The global financial industry remains braced for a messy Brexit, following the most recent snafu regarding Prime Minister Boris Johnson suspending Parliament until just two weeks before the scheduled exit date. “Although there seems to be a ‘Brexit fatigue’ in the financial sector, supervisors continue to encourage institutions to prepare contingency plans for a no-deal Brexit and have themselves set further steps in motion to minimize negative impact on financial markets,” wrote three European Union financial authorities, in a joint report released Thursday.

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