MANILA (Reuters) – The Philippines stock market tumbled on Monday after the government reimposed coronavirus lockdown measures in and around Manila in response to fresh outbreaks, dashing hopes of a swifter economic recovery.
The restrictions, due to take effect from Tuesday, are being reinstated after a group of doctors and nurses warned that the healthcare system could collapse as a result of surging COVID-19 cases.
“It’s a bitter but necessary pill given the plight of our medical frontliners,” said Francis Lim, president of the Management Association of the Philippines. “We hope the government will deep dive into our COVID-19 strategy and find more effective ways to execute it.”
The Philippine economy had been one of Asia’s fastest growing before the pandemic but is now on the brink of recession. The main stock index .PSI> fell as much as 3.9% on Monday, its lowest in more than two months.
Quarterly growth data is due on Thursday and economists expect a deeper contraction compared with the 0.2% contraction decline in the first quarter as the pandemic-induced lockdown shuttered businesses and sapped domestic consumption, a main driver of growth.
“We reiterate that the Philippines is indeed headed into a severe crash landing with the probability of the economy returning to its former glory any time soon now declining by the day,” said Nicholas Mapa, economist at ING bank.
The country recorded a single-day record of 5,032 new infections on Sunday, taking total confirmed cases of COVID-19 to around 103,000.
Case numbers have grown exponentially since authorities relaxed a previous lockdown in June and the Philippines is now close to overtaking Indonesia as the country with the highest number of infections in Southeast Asia.
The government announced late on Sunday it was placing metro Manila and nearby provinces such as Laguna, Cavite, Rizal and Bulacan under so-called “Modified Enhanced Community Quarantine” for two weeks from Tuesday.
Public transport will be barred, working from home will be instituted where possible, and only one person per household allowed out for essential goods.
(Reporting by Neil Jerome Morales and Karen Lema; editing by Jane Wardell)
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.
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.
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.
