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Fed survey finds economy slowing in some areas of country – Yahoo Canada Finance

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J&J Sees Vaccine Decision by March; U.K. Deaths: Virus Update

(Bloomberg) — Johnson & Johnson’s single-dose Covid-19 vaccine may not be authorized for use until March, weeks later than U.S. officials have suggested. The number of hospitalized patients in the U.S. was roughly flat this week, and probably will begin declining for the first time since September.The U.K. reported the most deaths in one day since the pandemic began. Germany agreed on stricter rules for travelers arriving from high-risk nations to curb the spread of more transmissible Covid-19 strains. Turkey granted emergency approval to the vaccine developed by Sinovac Biotech Ltd. of China.Japan expanded its state of emergency beyond the Tokyo region, encompassing an area that accounts for more than half of its economy. The worsening outbreak is casting doubt on the fate of the postponed Olympics, which are set to be held in the nation’s capital in less than 200 days.Key Developments:Global Tracker: Cases top 91 million; deaths surpass 1.96 millionVaccine Tracker: More than 30.5 million shots given worldwideU.S. vaccine shift stirs fresh unease as 128 million join lineU.K. promises to crack down on people flouting lockdown rulesVisitors to U.S. will require proof of a negative Covid-19 testHow Covid-19 has turned the spotlight back on obesitySubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on coronavirus cases and deaths.Mozambique Closes Bars, Casinos (3:10 p.m. NY)Mozambique imposed stricter restrictions to curb a second wave of the coronavirus after the December holidays. President Filipe Nyusi closed bars, casinos and beaches as the daily tally of new confirmed cases surged to a record 730, bringing the cumulative total to 23,726. Alcohol sales will also be restricted as coronavirus patients fill 80% of private hospital bed-spaces and half of those run by the government.Portugal Tightens Curbs, Keeps Schools Open (3:06 p.m. NY)The Portuguese government tightened restrictions while keeping all schools open. Shops will have to close with several exceptions including supermarkets and other food stores, Prime Minister Antonio Costa said in Lisbon on Wednesday.From Friday, people will have a duty to stay at home and remote working will be mandatory when possible. Those measures may have to be in place for a month, he said.In March, the government’s confinement measures included closing schools. Portugal on Wednesday reported the biggest daily increase in confirmed virus cases since the start of the outbreak. There were 10,556 new cases in a day, more than the previous record of 10,176 announced on Friday.J&J Sees Decision on Vaccine Clearance in March (1:44 p.m. NY)Johnson & Johnson’s highly anticipated single-dose Covid-19 vaccine may not be authorized for use until March, weeks later than U.S. officials have suggested.Operation Warp Speed officials have said they believe that the shot could receive emergency clearance from U.S. regulators as soon as the middle of next month. But that timeline may be aggressive, based on the drugmaker’s expectations for when it will have reliable data in hand demonstrating the one-shot vaccine’s efficacy.J&J will first have its chance to analyze late-stage data in the last week of January or the first week of February, Chief Scientific Officer Paul Stoffels said Tuesday in an interview. From that point, the company will need one to two weeks to analyze the data and prepare documents for regulators in the U.S. and elsewhere, he said.“We hope and trust that somewhere in March, we may get that approval,” Stoffels said.U.S. Hospitalizations Near First Decline in Months (1:16 p.m. NY)The number of hospitalized Covid-19 patients was roughly flat in the U.S. this week, and likely will begin declining for the first time since September.The numbers are now dropping compared with a week earlier in both the Northeast and Midwest, according to the Covid Tracking Project. In the West, they were up 0.8%, the least since Oct. 1 on a percentage basis. The South has the most alarming momentum, with an increase of 4.2% from seven days earlier.The most recent pandemic wave has packed medical facilities, which are desperate for a reprieve. Hospitals across the country are currently caring for more than 130,000 Covid patients, according to Tracking Project data, more than double the load at any earlier point.Outbreaks Not Driven by In-Person Classes, CDC Says (1:13 p.m. NY)The return to in-person classes in nearly two-thirds of the U.S. hasn’t led to a rash of community outbreaks, federal scientists said in a study of 2.87 million cases among those under age 24.Disease rates in counties where in-person learning is available for school-age children and adolescents is similar to areas where classes are entirely online, according to a report by the U.S. Centers for Disease Control and Prevention. It concludes schools should be the last to close, and the first to reopen.NBA Postpones Seventh Game of the Season (12:30 p.m. NY)The National Basketball Association is struggling to keep its games on schedule as Covid-19 contact tracing forces more players to the sideline, leaving teams without enough players on their rosters.The league postponed its seventh game of the season, which started shortly before Christmas, with Wednesday’s matchup between the Atlanta Hawks and Phoenix Suns called off.French Vaccine Skepticism Wanes (12:30 p.m. NY)French citizens are increasingly willing to get a Covid-19 shot, as the alarming spread of the coronavirus overcomes their skepticism of the vaccines.The share of the population that plans to get vaccinated has increased to 47%, up 9 points from a week earlier, according to an Elabe survey on Wednesday. While vaccine resistance is a “French specificity,” acceptance of the Covid shot is growing, Prime Minister Jean Castex said in response to Senate questions.Turkey Approves Sinovac Vaccine (12:09 p.m. NY)Turkey has granted emergency approval to the vaccine developed by Sinovac Biotech Ltd. of China.Safety tests have been completed and the vaccine is “sufficiently safe,” said Turkish Health Minister Fahrettin Koca, who became the first person to be officially inoculated in the country. He urged Turkish citizens to get the shots.Turkey has received 3 million doses of CoronaVac, the official name of Sinovac’s vaccine, and expects to receive 10 million new doses over the next two weeks. In all, Turkey has contracted to buy 50 million doses from Sinovac. Chinese-developed vaccines have faced skepticism over a lack of safety and efficacy transparency.On Dec. 24, Turkey reported a 91.25% efficacy rate for CoronaVac in a trial involving thousands of volunteers. That’s a significantly higher level than findings in Brazil and Indonesia. The lower efficacy ratios in Brazil were due to trial participants being medical workers facing a high risk of contracting Covid-19, Sinovac said on Wednesday.Denmark Set to Expand Restrictions (11:14 a.m. NY)Denmark’s government will extend the country’s near-total lockdown until Feb. 7 amid concerns that the more infectious British variant of Covid-19 may take hold in the Nordic country, according to local media.The current restrictions, which include the shutting of restaurants, bars and non-essential shops, as well as schools, apply until Jan. 17. An announcement is expected after an afternoon meeting between the government and party leaders, TV2 and other media reported on Wednesday, citing sources close to the decision-making process.U.K. Has Most Deaths Since Pandemic Began (11 a.m. NY)The U.K. reported a further 1,564 deaths within 28 days of a positive test on Wednesday, the most since the pandemic began, as England enters week two of its third coronavirus lockdown.It comes as the country’s hospitals are filling up with patients suffering from the disease, and amid growing concerns that its lockdown may not be strict enough to control the spread of the new strain of the virus.On Wednesday, U.K. Prime Minister Boris Johnson said there are early signs the current measures are working but did not rule out tougher restrictions.Two More U.K. Strains in NYC (10:46 a.m. NY)Two new Covid-19 cases with the U.K. variant were found in New York City, bringing the state’s total to 12, Mayor Bill de Blasio said in a briefing Wednesday.The city reported 279 new hospitalizations with Covid-19 symptoms, above the 200 public threshold, with hospital use in the city running at 4.62 persons per 100,000 in the population. The seven-day average positivity rate reached 8.89%, exceeding the public-health standard of 5%.Meanwhile, de Blasio said the city was on track to reach its goal of vaccinating 1 million New Yorkers by the end of the month. He said the city is talking to the New York Yankees to add Yankee Stadium to the city’s growing list of vaccine distribution sites, a day after the New York Mets offered Citi Field as a venue.The city has administered more than 250,000 shots, de Blasio said. Eligibility was expanded this week to age 65 and older. The mayor said he expected immuno-compromised individuals will be eligible soon.“The vast majority of appointments have already been booked. The key thing here is we need more vaccine,” he said.France Says Earlier Curfew Is Working (9:39 a.m. NY)French government spokesman Gabriel Attal said that bringing forward the curfew to 6 p.m. from 8 p.m. in certain parts of the country has been effective against the spread of the virus.Where the earlier curfew is in place, “the growth dynamic of the virus isn’t as speedy as in other areas,” he told reporters in Paris following a weekly cabinet meeting.Astra to Boost Vaccine Deliveries for U.K. Effort (9:17 a.m. NY)AstraZeneca pledged to deliver 2 million doses a week of its coronavirus vaccine for the U.K. before mid-February as it ramps up production to help fuel the country’s immunization campaign.“It does need to become a national priority to ensure that we have the right capacity and capability for vaccine manufacturing onshore here,” Tom Keith-Roach, president of Astra’s U.K. operations, said at a hearing at the House of Commons.Switzerland to Close Shops (9:10 a.m. NY)Switzerland will close shops and toughen social distancing restrictions in a bid to prevent a surge of a faster-spreading strain that has already swamped U.K. hospitals.Non-essential shops will be closed from Jan. 18 until the end of February. Restaurants and fitness centers will also have to stay shut until then, and private gatherings will be restricted to five people, according to the government on Wednesday.N.J. to Expand Vaccine Eligibility (8:39 a.m. NY)New Jersey Governor Phil Murphy said he was “gratified to hear” that the CDC recommended that states expand eligibility to seniors. The 65-and-over population will be eligible “effective almost immediately, in the next day or two,” Murphy said Wednesday in a CNBC interview.The state has administered 243,734 doses, according to the latest data. That’s about 37% of the vaccines distributed to New Jersey. The state so far has limited vaccines to health-care workers, long-term care residents and first responders.Scotland Toughens Lockdown Restrictions (8:15 a.m. NY)Scotland’s 5.5 million people, already subject to nationwide lockdown rules, will from Saturday face a series of additional restrictions intended to curb the spread of the virus, First Minister Nicola Sturgeon said.The country’s devolved government, which is responsible for health, is imposing the extra restrictions in areas ranging from click-and-collect shopping to takeaways and the consumption of alcohol outdoors in an effort to limit social interactions, Sturgeon told lawmakers in Edinburgh on Wednesday.More Countries Find Patients With U.K. Variant (7:45 a.m. NY)The Philippines said it detected the Covid-19 variant first reported in the U.K in the samples of a male citizen who arrived from the United Arab Emirates on Jan. 7 via an Emirates flight.Hungary, meantime, registered the first three cases of the strain, Chief Medical Officer Cecilia Muller said at a briefing on Wednesday. The mutated virus is considered much more transmissible than earlier strains.Putin Expands Vaccinations (7:45 a.m. NY)Russian President Vladimir Putin ordered his government to expand vaccination against Covid-19 to all adults starting next week, lifting the last remaining restrictions on who could get the shots. The inoculation campaign Putin kicked off last month had initially been limited to medical workers and other groups seen as especially in need, before expanding amid reports of limited demand.The state-run fund behind Russia’s main Sputnik V vaccine said on Jan. 10 that more than 1.5 million people had already gotten at least one shot of the two-injection regimen. A total of 2.1 million doses will be produced for public use by the end of January, Deputy Prime Minister Tatyana Golikova told Putin Wednesday.African Union Secures Vaccine Doses (7:10 a.m. NY)The African Union secured almost 300 million Covid-19 vaccine doses for the continent, a step toward starting the complex task of inoculating more than 1.2 billion people with limited logistical and financial resources.South African President Cyril Ramaphosa, who is also the AU chairman, is expected to give more detail on the vaccines later Wednesday, according to Ahmed Ogwell Ouma, deputy director of the Africa Centres for Disease Control and Prevention. The order would be by far the largest on the continent to date.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

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

The Canadian Press. All rights reserved.

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Economy adds 47,000 jobs in September, unemployment rate falls to 6.5 per cent

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OTTAWA – The economy added 47,000 jobs in September, while the unemployment rate declined for the first time since January to 6.5 per cent, Statistics Canada reported on Friday.

The agency says youth and women aged 25 to 54 drove employment gains last month, while full-time employment saw its largest gain since May 2022.

The overall job gains followed four consecutive months of little change, the agency said.

The unemployment rate has been steadily climbing over the past year and a half, hitting 6.6 per cent in August.

Inflation that month was two per cent, the lowest level in more than three years as lower gas prices helped it hit the Bank of Canada’s inflation target.

The central bank has cut its key interest rate three times this year, and is widely expected to keep cutting as inflation has subsided and the broader trend points to a weakening in the labour market.

Despite the job gains in September, the employment rate was lower in the month, reflecting continued growth in Canada’s population.

Statistics Canada said since the employment rate saw its most recent peak at 62.4 per cent in January and February 2023, it’s been following a downward trend as population growth has outpaced employment growth.

On a year-over-year basis, employment was up by 1.5 per cent in September, while the population aged 15 and older in the Labour Force Survey grew 3.6 per cent.

The information, culture and recreation industry saw employment rise 2.6 per cent between August and September, after seven months of little change, Statistics Canada said, with the increase concentrated in Quebec.

The wholesale and retail trade industry saw its first increase since January at 0.8 per cent, while employment in professional, scientific and technical services was up 1.1 per cent.

Average hourly wages among employees rose 4.6 per cent year-over-year to $35.59, a slowdown from the five-per-cent increase in August.

The unemployment rate among Black and South Asian Canadians between 25 and 54 rose year-over-year in September and was significantly higher than the unemployment rate for people who were not racialized and not Indigenous.

Black Canadians in that age group saw their unemployment rate rise to 11 per cent last month while for South Asian Canadians it was 7.3 per cent. For non-racialized, non-Indigenous people, it rose to 4.4 per cent.

This report by The Canadian Press was first published Oct. 11, 2024.

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

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

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