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Stock indexes end mixed as damage to the economy piles up – Yahoo Canada Finance

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The Canadian Press

A look at what provinces and territories have said about COVID-19 vaccine plans

The federal government says the largest mass immunization effort in Canadian history could begin as early as next week. Prime Minister Justin Trudeau says Ottawa expects to receive up to 249,000 doses of the COVID-19 vaccine developed by pharmaceutical giant Pfizer and German partner BioNTech. Health Canada has approved its use. The second vaccine in line for approval in Canada is from Moderna. The Canadian military will have a role to play in vaccine distribution. Various provinces have started spelling out their plans as well. Here’s a look at what they’ve said so far: —Newfoundland and LabradorPremier Andrew Furey says he anticipates receiving 1,950 doses of the COVID-19 vaccine at the St. John’s receiving site next week.The announcement comes as Furey told reporters Monday that the province would remain outside of the Atlantic “bubble,” meaning all visitors to the province must self-isolate for 14 days, regardless of whether they come from Atlantic Canada.The province announced no new cases on Monday, but the town of Harbour Breton was on high alert as officials were still trying to chase down the source of an infection announced in the region over the weekend.Furey says the province expects another shipment of the vaccine later in the month.—Prince Edward IslandHealth officials on Prince Edward Island say they are ready to administer the COVID-19 vaccine when the first shipment of the vaccine arrives next week.Chief medical officer of health Dr. Heather Morrison says the province plans to begin by administering the Pfizer vaccine to priority groups, including residents and staff of long-term care homes, health-care workers and adults in Indigenous communities.Morrison says she expects to receive 1,950 doses in the first shipment, and the clinic will have to be held at the storage location because the Pfizer vaccine must be kept frozen. She says the province will be able to start administering the doses the day after the vaccine arrives.—New BrunswickNew Brunswick health officials say the province expects to receive up to 1,950 doses of the Pfizer vaccine around Dec. 14 as part of the first of two shipments that may occur this month.The province is working to identify the priority groups that will receive the vaccine in the first phase of vaccinations, based on recommendations from the federal government.—Nova ScotiaNova Scotia’s chief medical officer of health says the province will receive 1,950 doses of Pfizer’s vaccine for an initial test run beginning Tuesday.Dr. Robert Strang says the first doses will be used to immunize front-line health workers in the Halifax area who are most directly involved in the pandemic response.Strang says because the vaccine has specific handling requirements, Pfizer has stipulated that the initial round of immunizations take place near where the doses are stored.Nova Scotia has one ultralow-temperature freezer to store the vaccine at the tertiary care teaching complex at the Queen Elizabeth II Health Sciences Centre.Strang says the province is getting another freezer through Ottawa that will operate out of a central depot for vaccines at the public health office in Halifax. The province is also looking at securing freezers from the private sector.—QuebecQuebec says the first doses of the COVID-19 vaccine could be administered in the province as early as next week.Health Minister Christian Dube says the province plans to give its first doses of the Pfizer vaccine to about 2,000 people in long-term care homes.In a technical briefing before a Monday news conference, public health experts said residents of long-term care homes and health-care workers would have first priority to receive the vaccine. The groups next in line are people living in private seniors residences, followed by residents of isolated communities and then anyone aged 80 and over.Dube says Quebec also expects to receive enough Pfizer vaccines between Dec. 21 and Jan. 4 to vaccinate 22,000 to 28,000 people.It comes as Premier Francois Legault said Tuesday that his government isn’t ruling out implementing further restrictions.—OntarioOntario will begin administering COVID-19 vaccinations on Tuesday at hospitals in Toronto and Ottawa. Premier Doug Ford says the University Health Network in Toronto and the Ottawa Hospital will be the first sites to receive and administer the shots from Pfizer. He says health-care workers providing care in long-term care homes and other high-risk settings will receive the initial doses. The province says Ontario will receive 6,000 doses of Pfizer’s COVID-19 vaccine on Monday.Retired Gen. Rick Hillier, who is leading Ontario’s vaccine task force, says the province anticipates it will receive 90,000 doses of the Pfizer vaccine by the end of December and will distribute it to 13 hospitals across Ontario. He also says Ontario may also receive between 30,000 and 85,000 doses of the Moderna vaccine by the new year, provided it is approved by Health Canada in the coming weeks.Hillier has noted, however, that it may be April before the shots are widely available to residents. The province expects to be able to vaccinate 1.2 million people during the first three months of 2021.It will also be prioritizing the rollout of the vaccine in regions with the highest rates of COVID-19 infection.Health Minister Christine Elliott says while the vaccine is not mandatory, people who do not get the shot may face travel restrictions or may not be able to access some communal spaces.Elliott says the province will provide proof of immunization to everyone who receives a dose—Manitoba Premier Brian Pallister says some 900 health-care workers in critical care units will be the first to receive the vaccine after doses start to arrive as early as next week.As more shipments come in, priority will be given to other health-care workers, seniors and Indigenous people.The province hopes to vaccinate more than 100,000 people by March — that’s roughly seven per cent of Manitoba’s population.Officials say they’ve been setting up a large-scale “supersite” to deliver the vaccine. The first freezer able to store the Pfizer vaccine at low temperatures has been delivered and installed, with another four on the way. The province says the vaccine will become more widely available at a larger number of sites, similar to a conventional vaccination campaign, such as the annual flu shot.–SaskatchewanSaskatchewan plans to start immunizing critical health-care workers against COVID-19 in a pilot project next week. Premier Scott Moe says the province expects to receive 1,950 doses of Pfizer’s vaccine by Tuesday. A pilot vaccination program at the Regina General Hospital will give the vaccine to health-care workers in intensive and emergency care, COVID-19 units and those working in testing and assessment centres.The first official stage of Saskatchewan’s vaccination program will be in late December when the province receives more doses. It will target more health-care workers, staff and residents in long-term care, seniors over 80 and people in remote areas who are at least 50.Some 202,052 doses of the Pfizer vaccine are expected to arrive within the first quarter of next year, and there are to be 10,725 weekly allocations.Moe says vaccinations for the general population is expected to begin in April.–AlbertaAlberta Health Minister Tyler Shandro says the first Pfizer vaccinations will begin Dec. 16, focusing on two hospitals in Edmonton and two in Calgary.There will be 3,900 doses going to intensive care doctors, nurses, respiratory therapists and care-home workers.Shandro says the vaccine must be administered at its delivery site, so it can’t go to care homes.The second batch is expected later this month.The province says it eventually plans to roll out the vaccine from 30 different locations.—British ColumbiaBritish Columbia’s provincial health officer, Dr. Bonnie Henry, says because the Pfizer vaccine needs to be stored at ultracold temperatures, officials will bring people to the vaccine instead of the vaccine to the people.Henry says workers in long-term care facilities will be the first to get the doses starting next week.She expects about 400,000 residents to be vaccinated by March.Those recipients are to be health-care workers, people over 80, vulnerable populations, and front-line workers, including teachers and grocery workers.—Nunavut Nunavut’s chief public health officer says the territory will look to get the Moderna vaccine once it’s available in Canada. Dr. Michael Patterson, says Moderna’s vaccine is preferred because Pfizer’s requires cold storage and shipping would be too difficult in Nunavut. Patterson says Iqaluit is the only community where it would be possible to store the Pfizer vaccine.Patterson says the territory’s focus for vaccine rollout will be higher risk groups, such as elders. He says the rollout depends on how many doses Nunavut gets, which is still unknown. Lorne Kusugak, Nunavut’s health minister, says he’s been lobbying the federal government to make Nunavut a high priority to receive COVID-19 vaccines.__Northwest TerritoriesN.W.T. officials say they hope to have details of its vaccine plan released by Dec. 11._YukonYukon says it will get enough of the Moderna vaccine by spring to vaccinate 75 per cent of its residents.A statement from the Yukon government says the territory’s allocation is in recognition of it’s large Indigenous populations and remote communities.Premier Sandy Silver says getting vaccinated is the best thing residents can do to protect themselves and their loved ones.”Over time, widespread immunization will allow us to return to a life without COVID-19 restrictions.”This report by The Canadian Press was first published Dec. 16, 2020.The Canadian Press

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Economy

Liberals announce expansion to mortgage eligibility, draft rights for renters, buyers

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OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.

She says the changes will come into force in December and better reflect the housing market.

The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

This report by The Canadian Press was first published Sept. 16, 2024.

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Economy

Statistics Canada says manufacturing sales up 1.4% in July at $71B

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OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.

The increase followed a 1.7 per cent decrease in June.

The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.

Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.

Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.

In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.

This report by The Canadian Press was first published Sept. 16, 2024.

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S&P/TSX gains almost 100 points, U.S. markets also higher ahead of rate decision

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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 climbed to their best week of the year.

“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.

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

While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.

Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.

But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.

Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.

“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.

“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.

A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.

It would also be “counter to what they’ve signaled,” he said.

More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.

“That’s going to be more important than the size of the cut itself,” he said.

In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.

“Here, the labour situation is worse than what we see in the United States,” he said.

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.

— With files from The Associated Press

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

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

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