Futures on the S&P 500 Index pared losses and the dollar turned lower as investor concern seemed to ease over the latest flare-up between America and China. European stocks fell.
Treasuries held on to their gain notched on news that the U.S. ordered China’s Houston consulate to quickly close. The State Department later said the order was to protect intellectual property and “private information” of Americans. China’s Foreign Ministry said it would “react with firm countermeasures.”
Pfizer Inc. jumped in the premarket after saying the government ordered up to 600 million doses of its vaccine candidate against COVID-19. Silver rose to its highest level in almost seven years.
Fresh Sino-U.S. tension including new charges of Chinese hacking are adding to potential risks weighing on investors who recently drove global equities to a five-month high. After the success of a European rescue package this week, Senate Republicans and the Trump administration are struggling to reach consensus on another stimulus plan. The president warned the coronavirus crisis will probably worsen before improving.
“I’m more concerned going into the August, September period: what’s going to then be the next catalyst to take the broader market higher,” Andrew Sheets, a cross-asset strategist at Morgan Stanley, said on Bloomberg TV. It’s going to be “a tougher period for stocks,” he said.
Elsewhere, oil in New York dropped from a four-month high on signs of a surprise gain in U.S. crude stockpiles.
Here are some key events coming up:
- Quarterly earnings gather steam, with reports due from Microsoft, Blackstone Group, Roche, Intel, Unilever, Canadian Pacific, Daimler, Hyundai and Mattel.
- The EIA crude oil inventory report is due Wednesday.
- U.S. weekly jobless claims come on Thursday.
These are the main moves in markets:
- Futures on the S&P 500 Index decreased 0.1 per cent as of 8:30 a.m. New York time.
- The Stoxx Europe 600 Index decreased 0.9 per cent.
- The MSCI Asia Pacific Index declined 0.8 per cent.
- The MSCI Emerging Market Index dipped 0.5 per cent.
- The Bloomberg Dollar Spot Index fell 0.3 per cent.
- The euro jumped 0.5 per cent to US$1.1584.
- The British pound decreased 0.1 per cent to US$1.2717.
- The onshore yuan weakened 0.2 per cent to 6.996 per dollar.
- The Japanese yen weakened 0.2 per cent to 107.04 per dollar.
- The yield on 10-year Treasuries fell one basis point to 0.59 per cent.
- The yield on two-year Treasuries decreased less than one basis point to 0.14 per cent.
- Germany’s 10-year yield declined two basis points to -0.48 per cent.
- Britain’s 10-year yield dipped less than one basis point to 0.132 per cent.
- Japan’s 10-year yield declined one basis point to 0.019 per cent.
- West Texas Intermediate crude declined 1.4 per cent to US$41.32 a barrel.
- Brent crude declined 1.2 per cent to US$43.77 a barrel.
- Gold strengthened 0.9 per cent to US$1,858.18 an ounce.
–With assistance from Joanna Ossinger, Adam Haigh and Ranjeetha Pakiam.
COVID-19 Bulletin #150 – news.gov.mb.ca
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Ontario adds 151K new jobs in July, majority are part-time positions – CTV Toronto
Ontario added 151,000 new jobs in July, the country’s national statistics agency said, but the majority of them were part-time positions.
After losing more than one million jobs in a three-month time span following the declaration of the COVID-19 pandemic, Ontario added about 378,000 jobs in June. In July, employment in the province grew by 2.2 per cent.
The Labour Force Survey (LFS) released on Friday, which used the week of July 12 to 18 as a sample, said that businesses and workplaces across Canada have continued to reopen after being shuttered due to COVID-19 restrictions. At the same time, the survey was conducted while much of the province was still in Stage 2 of Ontario’s economic reopening plan.
“Although public health restrictions had been substantially eased in most parts of the country—with the exception of some regions of Ontario, including Toronto—some measures remained in place, including physical distancing requirements and restrictions on large gatherings,” Statistics Canada said.
Of the 151,000 jobs added in Ontario, Statistics Canada said that about 145,000 were part-time positions. The agency attributed that number to the fact that part-time workers were hit hardest by the shuttered economy months ago.
“This was due to a number of factors, including part-time work being more prevalent in industries that were most affected by the COVID-19 economic shutdown, namely retail trade and accommodation and food services.”
Ontario’s unemployment rate has now fallen to 11.3 per cent, down from 12.2 per cent the previous month.
In Toronto, employment also rose by about 2.2 per cent, with close to 26,000 jobs added in the city. Statistics Canada says that employment in Toronto has now reached 89.9 per cent of its February, pre-COVID-19 level.
Ontario Premier Doug Ford posted a brief message on social media Friday afternoon saying he was happy to see the July labour numbers.
“What I love are the job numbers today, 150,000 people going back to work, the premier said in a video on Twitter, noting that there is still work to do to rebuild the province’s economy.
“That is great news for the people of Ontario.”
About 419,000 jobs were gained across Canada in the month of July, reducing the national unemployment rate to 10.9 per cent.
16 new cases of COVID-19 reported in Manitoba Saturday – Global News
Manitoba public health officials announced 16 new cases of COVID-19 in the province Saturday.
That brings the total number of cases in Manitoba to 507.
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The province said Manitoba has now performed 100,074 tests for COVID-19 with 1,263 lab tests completed on Friday. The test positivity rate for Manitoba is 1.23 per cent.
The active caseload is 148 with 351 people considered recovered.
Nine people are in hospital due to the virus with three of those in the intensive care unit. The number of deaths attributed to the virus remains unchanged at eight.
Health officials say 12 of the new cases are from the Prairie Mountain health region and four are from the Southern health-Sante Sud health region.
While case investigations are ongoing, the province says a majority of today’s cases appear to be linked to known clusters in the Brandon area or close contacts.
© 2020 Global News, a division of Corus Entertainment Inc.
COVID-19 Bulletin #150 – news.gov.mb.ca
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