Economy

IMF says too soon to quantify impact of coronavirus on China's economy – National Post

Published

5 years ago

January 30, 2020

WASHINGTON — The International Monetary Fund said on Thursday it is closely monitoring China’s coronavirus outbreak, but it is too soon to quantify the potential economic impact there of the virus, which is halting tourism and commerce throughout the country.

IMF spokesman Gerry Rice told a regular news briefing that the direct impact on consumer and business demand had been most severe in Hubei Province, the outbreak’s epicenter, and the extent of the impact depends on how quickly the virus subsides.

Rice added that China has enough fiscal space to support its economy though the crisis if necessary and ensure that households and businesses have access to credit.

“We’ve seen the direct impacts, mostly on demand as people have stayed home in China and what is usually a busy retail and tourism season has essentially come to a halt,” Rice said. “At the same time, on the supply side, there have been production stoppages, transport delays and frictions and workers staying home.”

Rice said the outbreak was having an indirect impact on market confidence and business uncertainty, which has hurt equity and bond markets elsewhere, with Chinese markets closed for the Lunar New Year holiday.

“How large the impact will be exactly is hard to tell at this point,” Rice said, adding that so far it has been most severe in Hubei Province, which represents about 4.5% of Chinese economic output.

But transport restrictions could impact sales and economic activity throughout China, Rice said.

The IMF’s assessment appeared cautious compared to those from some private economists and companies. One Chinese economist has estimated that China’s growth would be reduced by as much as a percentage point this year. (Reporting by David Lawder Editing by Chizu Nomiyama and Jonathan Oatis)

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

21 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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