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At midday: Wall Street hits record high after Trump signs fiscal aid bill – The Globe and Mail

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All three major U.S. stock indexes opened at record highs on Monday, and Treasury yields rose as long-awaited stimulus and Brexit trade deals fueled investors’ risk appetite.

U.S. equities followed their European counterparts higher in a broad rally, with small- and mid-cap stocks outperforming.

President Donald Trump reversed course on Sunday by signing a $2.3 trillion fiscal relief and spending package into law, heading off a potential government shutdown and setting the stage for Democrats in Congress to push for more robust $2,000 direct payments to millions of Americans.

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“It’s a positive tone to the U.S. market and part of that is the signing of the stimulus package by Trump, which appeared to be in doubt but has finally been accomplished,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

Britain reached a trade agreement with the European Union on Thursday, days before leaving one of the world’s largest trading blocs, and urged businesses to prepare for disruptions resulting from the completion of Brexit.

“The Brexit deal is big news, and a big relief because it’s dragged on for such a long time,” Ghriskey added. “And we have a deal that everyone accepts, it’s a good deal for everyone.”

The Dow Jones Industrial Average rose 292.14 points, or 0.97%, to 30,492.01, the S&P 500 gained 33.39 points, or 0.90%, to 3,736.45 and the Nasdaq Composite added 70.75 points, or 0.55%, to 12,875.49.

European shares enjoyed their fourth straight session of gains following the U.S. stimulus and Brexit trade deals.

The ongoing rollout of coronavirus vaccines also buoyed sentiment, with Pfizer Inc announcing that it expects to complete distribution of 200 million doses in Europe by September.

Markets in Britain and Canada were closed on Monday in observance of the Boxing Day holiday.

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The pan-European STOXX 600 index rose 0.73% and MSCI’s gauge of stocks across the globe gained 0.59%.

Emerging market stocks lost 0.25%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.17% lower, while Japan’s Nikkei rose 0.74%.

U.S. Treasury yields crept higher and the yield curve steepened, stoked by risk-on sentiment in the wake of the stimulus bill becoming law.

Benchmark 10-year notes last fell 7/32 in price to yield 0.9531%, from 0.93% late on Thursday.

The 30-year bond last fell 25/32 in price to yield 1.6999%, from 1.666% late on Thursday.

The dollar slipped against a basket of world currencies as the euro gained strength as investors began pricing out Brexit risk.

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The dollar index fell 0.12%, with the euro up 0.09% to $1.2215.

The Japanese yen weakened 0.28% versus the greenback at 103.80 per dollar, while Sterling was last trading at $1.3454, down 0.69% on the day.

Crude prices steadied as hopes for a demand rebound helped offset the prospect of increased OPEC+ output.

U.S. crude fell 0.21% to $48.13 per barrel and Brent was last at $51.35 per barrel, up 0.12% on the day.

Gold pared its early gains as the dollar recovered its losses amid the stocks rally.

Spot gold added 0.6% to $1,887.81 an ounce.

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Reuters

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Pfizer COVID-19 vaccine delays worsen, deliveries see more than 60-per-cent cut so far – The Globe and Mail

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Jasna Stojanovski and Melissa Hyde, registered pharmacy technicians at St. Michael’s Hospital in Toronto, prepare syringes with COVID-19 vaccine on the first day of Unity Health’s vaccine program on Dec. 22, 2020.

Melissa Tait/The Globe and Mail

Provinces will not get a per-capita share of COVID-19 vaccine doses while the country grapples with a dramatic slowdown in shipments from Pfizer-BioNTech that continues to worsen.

Major-General Dany Fortin, who is leading Canada’s vaccine logistics, told reporters Thursday the delivery from Pfizer for the week of Feb. 1 will be cut to just 79,000 doses, amounting to a 79-per-cent drop. On Tuesday, he said Canada will get none of the 208,650 doses originally expected next week.

Last week, Maj.-Gen. Fortin said the country’s shipments from Pfizer would drop by 50 per cent over a four-week period and the company would make up the missed deliveries by the end of March. On Thursday, he said Pfizer has not yet disclosed what Canada’s shipment will be the week of Feb. 8, but so far the drop in deliveries amounts to a more than 60-per-cent cut.

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“Despite this bump on the road, Pfizer continues to assure us that they’re on track to meet the total allocation of four million doses to Canada by the end of March,” Maj.-Gen. Fortin said.

Experts say the slowdown will have a double impact: in the short term, risking the ability of provinces to deliver the second shot on time, and in the long term, forcing a more cautious approach in the vaccine rollout as they hold back more vaccine to create a buffer against future delivery interruptions.

Last week Pfizer said it needed to slow production to retool its Belgian manufacturing plant. The company said the temporary slowdown would allow it to nearly double production capacity. The federal government initially said all countries would be equally affected by the slowdown, but Pfizer announced later that the supply to the European Union would return to normal on Jan. 25.

Late Thursday, the Prime Minister announced on Twitter that he had spoken with Albert Bourla, the chief executive officer of the American multinational. He said he spoke about the “timely delivery” of vaccines.

Other world leaders have said they are in direct contact with him.

When will Canada’s general vaccination for COVID-19 begin? The federal and provincial rollout plans so far

Can COVID-19 vaccines be combined? Do they work against variants? Pressing pandemic questions answered

How many coronavirus cases are there in Canada, by province, and worldwide? The latest maps and charts

Last week, the Public Health Agency of Canada told The Globe and Mail the slowdown would hit Canada between Jan. 25 and Feb. 21. On Thursday, it said it would instead affect Canada’s shipments between Jan. 18 and Feb. 14.

This week Canada had a 9 per cent cut to its deliveries, according to the Public Health Agency of Canada. Maj.-Gen. Fortin said the overall drop is minimal, but due to “shipping decisions made by the manufacturer,” some provinces would have a more severe impact.

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Its on-the-ground implications have not yet been communicated to provinces. In an e-mailed statement, a spokesperson for Ontario Premier Doug Ford, Ivana Yelich, said the province needs the details “sooner rather than later so we can make further adjustments to our vaccine rollout plan after multiple changes to distribution numbers over a few short days.”

Mr. Ford told reporters Thursday he had spoken with the CEO of Pfizer Canada and told him, “Pfizer has let us down.” The Premier is hoping Pfizer will ship some of the doses from its Michigan plant north, but the first 100 million doses from that plant have already been promised to the United States.

Toronto Mayor John Tory said he has been in touch with Pfizer executives, but he wouldn’t disclose who and his office would only say they are outside the country.

With reports from Laura Stone, Jeff Gray and Oliver Moore

Sign up for the Coronavirus Update newsletter to read the day’s essential coronavirus news, features and explainers written by Globe reporters.

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Two New Cases of COVID-19 – Government of Nova Scotia

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[unable to retrieve full-text content]

  1. Two New Cases of COVID-19  Government of Nova Scotia
  2. Two new cases of COVID-19 reported Thursday in Nova Scotia  CBC.ca
  3. Two COVID-19 cases reported Thursday  HalifaxToday.ca
  4. Inside Canada’s Economy During Second Wave of Covid-19  Bloomberg Markets and Finance
  5. Jan. 21 update: Two new COVID-19 cases reported in Nova Scotia  TheChronicleHerald.ca
  6. View Full coverage on Google News



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Trudeau speaks to Pfizer CEO as delays to vaccine shipments get worse – CP24 Toronto's Breaking News

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MIa Rabson, The Canadian Press


Published Thursday, January 21, 2021 4:39PM EST


Last Updated Thursday, January 21, 2021 8:00PM EST

OTTAWA – Prime Minister Justin Trudeau spoke to Pfizer CEO Albert Bourla by phone Thursday, the same day the company informed Canada delays to its shipments of COVID-19 vaccines are going to be even worse than previously thought.

Maj.-Gen. Dany Fortin, the military commander now overseeing the vaccine logistics for the Public Health Agency of Canada, said last week a factory expansion at Pfizer’s Belgium plant was going to slow production, cutting Canada’s deliveries over four weeks in half.

In exchange, Pfizer expects to be able to ship hundreds of millions more doses worldwide over the rest of 2021.

Tuesday, Fortin said Canada would receive 80 per cent of the previously expected doses this week, nothing at all next week, and about half the promised deliveries in the first two weeks of February.

Thursday, he said the doses delivered in the first week of February will only be 79,000, one one-fifth of what was once expected. Fortin doesn’t know yet what will come the week after, but overall, Canada’s doses over three weeks are going to be just one-third of what had been planned.

Trudeau has been under pressure to call Bourla, as the delayed doses force provinces to cancel vaccination appointments and reconsider timing for second doses.

Fortin said some provinces may be hit even harder than others because of limits on the way the Pfizer doses can be split up for shipping. The vaccine is delicate and must be kept ultra frozen until shortly before injecting it. The company packs and ships specialized coolers, with GPS thermal trackers, directly to provincial vaccine sites.

Ontario Premier Doug Ford said earlier this week he doesn’t blame the federal government for the dose delays but wanted Trudeau to do more to push back about it.

“If I was in (Trudeau’s) shoes … I’d be on that phone call every single day. I’d be up that guy’s yin-yang so far with a firecracker he wouldn’t know what hit him,” he said of Pfizer’s executives.

Trudeau informed Ford and other premiers of the call with Bourla during a regular teleconference to discuss the COVID-19 pandemic. Until Thursday, all calls between the federal cabinet and Pfizer had been handled by Procurement Minister Anita Anand.

Ford also spoke to Pfizer Canada CEO Cole Pinnow Wednesday.

Trudeau didn’t suggest the call with Bourla made any difference to the delays, and noted Canada is not the only country affected.

Europe, which on the weekend thought its delayed doses would only be for one week after European Commission President Ursula von der Leyen spoke to Bourla, now seems poised to be affected longer. Italy is so angry it is threatening to sue the U.S.-based drugmaker for the delays.

Mexico said this week it is only getting half its expected shipment this week and nothing at all for the next three weeks. Saudi Arabia and Bahrain also reported delays getting doses. Pfizer Canada spokeswoman Christina Antoniou said more countries were affected but wouldn’t say which ones.

Fortin said Pfizer has promised to deliver four million doses to Canada by the end of March and that is not going to change with the delay. With the current known delivery schedule, the company will have to ship more than 3.1 million doses over 7 1/2 weeks to meet that commitment.

Deliveries from Moderna, the other company that has a COVID-19 vaccine approved for use in Canada, are not affected. Canada has received about 176,000 doses from Moderna to date, with deliveries arriving every three weeks.

Moderna has promised two million doses by the end of March.

Both vaccines require first doses and then boosters several weeks later for full effectiveness. Together Pfizer and Moderna intend to ship 20 million doses to Canada in the spring, and 46 million between July and September. With no other vaccines approved, that means Canada will get enough doses to vaccinate the entire population with two doses by the end of September.

This report by The Canadian Press was first published Jan. 21, 2021.

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