Global markets: Japan, Germany cut economic forecasts

CNS Canada –– The following is a glance at the news moving markets globally.

JAPAN CUTS INDUSTRIAL PRODUCTION, ECONOMIC OUTLOOK – The Japanese government downgraded its assessment of industrial production and identified some areas of weakness in a monthly government report released on Wednesday.

The reduced forecast for industrial production is due to weaker demand from Asian emerging economies.

Additionally, the government downgraded its overall assessment of the economy for the second consecutive month.

GERMANY CUTS FORECAST FOR ECONOMIC GROWTH – Germany has reduced its forecast for this year’s economic growth, but only slightly.

The government pegged inflation at 1.7 per cent compared with the previous forecast of 1.8 per cent.

The slowdown has been attributed to weaker emerging economies, but gains in consumer spending helped offset some losses.

AGRICULTURAL GROUP BUYS EIGHT U.S. SEED COMPANIES – An agricultural distribution company has bought eight seed companies in the U.S..

Pinnacle Agriculture Holdings, LLC, purchased eight regional seed companies throughout Nebraska, Iowa, Illinois and Minnesota.

Pinnacle will be operating the businesses as part of the AgVenture, Inc.

OIL FUTURES GAIN, BUT OUTLOOK IS GRIM – Oil neared US$49 a barrel on Wednesday, as some market watchers, including OPEC leaders expect the global supply glut to ease soon.

However, the International Energy Agency has said they expect demand for the commodity to slow in 2016, and Iranian production to increase.