Canada News
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Hedge funds reduced wagers on a rally in commodities to the lowest this year on mounting speculation that Greece will leave the euro, slowing global growth and curbing demand for everything from copper to soybeans.
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Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.
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Wheat futures fell for the first time in six sessions in Chicago after climbing to the highest price in more than eight months in earlier trading, as rain in Ukraine and Russia may relieve drought concerns.
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Stephen Stanley, chief economist at Pierpont Securities LLC, has derided the Federal Reserve for downplaying improvement in the U.S. economy. Yet his 2.6 percent forecast for growth this year is below the midpoint in the central bank’s projection of 2.4 percent to 2.9 percent.
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