Canada’s main stock index fell on Wednesday, as energy stocks fell with oil prices.
At 11:30 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 76.03 points, or 0.49%, at 15,439.88.
The energy sector slid 3.5% as a barrel of U.S. crude oil fell 1.5% to $37.79. Brent crude, the international standard, slipped 1.1% to $40.51 per barrel.
The financials sector slipped 0.9%, while industrials stocks inched up 0.2%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5 % even as gold futures fell.
Canada’s annual inflation rate fell 0.4% in May, as the COVID-19 pandemic pushed gasoline prices lower year-over-year, Statistics Canada said.
The S&P 500 and the Dow were largely flat on Wednesday as a record rise in coronavirus cases in six U.S. states dented sentiment following a three-day rally on hopes of a swift recovery from a coronavirus-driven downturn.
Arizona, Florida and Oklahoma were among the states that saw a record increase in new infections on Tuesday as businesses reopened. Beijing extended its movement curbs as it fought the worst resurgence of the disease since early February.
Cruise operator Norwegian Cruise Line Holdings Ltd tumbled about 6.7% as it extended the suspension of its voyages through September end due to the virus outbreak.
Peers Carnival Corp and Royal Caribbean Cruises Ltd also dropped 6.1% and 7.8% each.
The benchmark S&P 500 wrapped up its best three-day percentage rise in a month on Tuesday after a report on a massive fiscal stimulus plan and a stunning retail sales report for May reflected a pickup in demand as businesses reopened.
“The market got ahead of itself based on the Fed stimulus,” Matt Peden, chief investment officer at GuideStone Capital Management in Dallas said. “There could be further consolidation in the marketplace, that would be healthy, and would bring stocks closer to a more rational valuation level.”
Encouraging economic data and trillions of dollars in monetary and fiscal stimulus have propelled a rally in the Wall Street indexes from their late-March trough.
The S&P 500 is about 3% below its record closing high hit in February, while the tech-heavy Nasdaq was about 1% below its all-time closing high on June 10.
Federal Reserve Chair Jerome Powell warned on Tuesday that a full recovery is unlikely until the public is confident that the disease is under control, as he testified before U.S. lawmakers. The second day of his virtual hearing will begin at 12 p.m. ET (1400 GMT).
The Dow Jones Industrial Average was down 25.50 points, or 0.10%, at 26,264.48, the S&P 500 was up 0.91 points, or 0.03%, at 3,125.65. The Nasdaq Composite was up 49.02 points, or 0.50%, at 9,944.88 with Apple Inc, Microsoft Corp and Amazon providing the biggest boost.
Energy and utilities led losses among the major S&P sectors.
Oracle Corp fell 4.2% after its quarterly revenue missed estimates as the pandemic led clients in the hospitality, retail and transportation sectors to postpone purchases.
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Canada’s economy creates almost 1 million jobs in June – Canada Immigration News
Lifting coronavirus-related lockdown restrictions around the country has sparked the beginning of Canada’s economic recovery.
Many Canadians and permanent residents returned to work for their previous employers while others started new jobs.
Between February and April, a total of 3 million people lost their jobs due to the lockdown, and another 2.5 million were absent from work due to coronavirus-related reasons, according to a Statistics Canada report published on Friday.
May saw a slow start of economic recovery as 290,000 people returned to work. Building on this, the month of June helped alleviate low unemployment rates across the country as employment increased by a record 953,000 people.
These last two months saw the labour market recover by a staggering 40%. Over 1.24 million people gained employment, after 3 million people lost their jobs earlier in the year.
Canada’s overall unemployment rate dropped from 13.7% in May to 12.3% in June.
In addition, the report says that labour force participation rate has increased substantially over the last two months up to 63.8% in June. In comparison, it was 65.5% in February, before coronavirus-related restrictions.
The labour force participation rate is the percentage of the population, aged 15 or older, who are part of the labour force.
This suggests that many people are now more optimistic about the potential of finding a job. The Canada Emergency Student Benefit (CESB)’s requirement to actively search for work may be another factor. The CESB was introduced to alleviate financial struggles of students who may have been affected by the coronavirus-related restrictions
Moreover, the number of people who work less than half of their usual hours also decreased in June to 26.9% down from 34.3%.
The rise of employment across all provinces is largely aligned with the easing of lockdown restrictions.
Employment in Ontario increased by 378,000 (or 5.9%), Quebec by 248,000 (or 6.5%) and British Columbia by 118,000 (or 5.4%).
As Canada begins reopening its economy, many Canadians and permanent residents have returned to work or have begun looking for work.
In addition, Immigration, Refugees and Citizenship Canada (IRCC) has returned to normal in terms of Express Entry draws. The latest draw held was an all-program draw. This means that candidates for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Class (FSTC) were also considered.
Since the travel restrictions were put in place to slow the spread of the coronavirus pandemic, IRCC had been holding program-specific draws, alternating between Provincial Nominee Program (PNP) draws and Canadian Experience Class (CEC) draws.
Canada’s latest job statistics is good news for these immigrants since they can expect a stronger job market once they have obtained permanent residence.
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COVID-19: Alberta reports 77 new cases on Friday, death count falls by 1 – CTV News
Alberta reported 77 new cases of COVID-19 on Friday, bringing its total number of cases to 8,596.
There are 592 active cases across the province and 7,844 people have recovered from the coronavirus.
The province’s death count fell by one on Friday, from 161 to 160. The number of COVID-19-related deaths fell from 18 to 17.
“One of the deaths reported at the Misericordia has been determined to not have COVID-19 as a contributing cause of death,” a spokesman for the province told CTV News.
The city of Edmonton has now surpassed 1,000 total cases, with 1,001. Its number of active cases sits at 173.
More than 510,000 COVID-19 tests have now been completed in Alberta.
Edmonton, Calgary top Canadian cities in unemployment – CTV News Edmonton
Alberta has the second-worst provincial unemployment rate in Canada after Newfoundland and Labrador..
According to new Statistics Canada data, unemployment reached 15.5 per cent in June.
It marks an 8.8 per cent difference from the same time last year.
The only province with a higher unemployment rate is Newfoundland and Labrador, at 16.5 per cent.
And unemployment in Alberta’s largest cities is also highest among Canadian major urban centres: about 15.7 per cent of the Edmonton workforce is currently unemployed, and 15.6 per cent of the Calgary workforce.
In May, their unemployment rates were 13.6 per cent and 13.4 per cent, respectively.
The news comes alongside a report that Canada added 953,000 jobs in June as businesses forced to close by the pandemic began to reopen.
“That’s important progress but we have a long way to go,” Alberta Premier Jason Kenney commented Friday at a news conference in Fort Saskatchewan, where a carbon capture and storage facility recently reached the five-million equivalent tonnes milestone.
Kenney’s government’s economic recovery plan centres on infrastructure projects that create jobs and making Alberta an attractive place for investment – as does the facility at the Shell Scotford complex, Kenney said.
“Projects like this are a key part of Alberta’s recovery plan to build, to diversify, and to create jobs. When the global economy comes back form COVID, when demand returns for oil and gas, we are going to see, I believe, something of a supply shortage because of all the upstream exploration that has been cancelled, and so we’ll see prices go up. And that will be a great opportunity for Alberta, especially as we make progress on pipelines,” he said.
“But there’s one critical factor, we’ve got to bring investment back. And that means we’ve got to demonstrate our progress on environmental responsibility which is why investments like this… are so important to jobs, the economy, and the future prosperity of Alberta.”
The national unemployment rate fell to 12.3 per cent after hitting a record-high of 13.7 per cent in May.
With files from CTVNews.ca
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