World share markets rose on Monday, led by a rebound on Wall Street, even as rising COVID-19 cases threaten to stall the recovery of the world’s largest economy.
Canada’s main stock index gained on Monday as energy stocks were lifted by higher oil prices.
The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally, a grim milestone for the global pandemic that seems to be resurgent in some countries even as other regions are still grappling with the first wave.
The energy sector climbed 2.9%, helped by gains in oil prices.
At 12:05 p.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 213.08 points, or 1.4%, at 15,402.06.
Domestic data showed that producer prices in Canada rose by 1.2% in May from April on higher prices for meat, fish, and dairy products, as well as energy and petroleum products.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold prices steadied on Monday, holding close to a near eight-year peak scaled last week.
Financial stocks increased 1.2%, while the industrial and utility sectors rose 1.5% and 2.2%, respectively.
Wall Street’s main indexes rose on Monday following a sharp selloff last week, as investors clung to hopes of a stimulus-backed economic rebound even as coronavirus cases surged, while a jump in Boeing shares boosted the blue-chip Dow.
The planemaker rose 6.4% after the Federal Aviation Administration confirmed on Sunday it had approved key certification test flights for the grounded 737 MAX that could begin as soon as Monday.
A spike in virus infections in Southern and Western states last week spooked U.S. markets, but the threat of a deeper-than-feared recession has led investors to expect that the Federal Reserve or Congress will step in with more stimulus. “The market believes that the Fed has its back,” said Sam Stovall, chief investment strategist at CFRA Research in New York.
“If things get really bad, the Fed will step in with additional monetary easing and basically reach into their bag of tricks to do whatever they need to support the market.”
All 11 major S&P 500 sub-indexes were in the black, with industrial and material stocks leading gains.
The benchmark S&P 500 has rebounded since a coronavirus-driven crash in March, up about 17% since April and set for its best quarter since 1998, as the economy showed signs of a pickup.
Data on Monday showed contracts to buy previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around. Later this week, investors will focus on employment, consumer confidence and manufacturing data for June.
Still, the BlackRock Investment Institute downgraded U.S. equities to “neutral”, citing risks of fading fiscal stimulus, an extended epidemic as well as renewed China-U.S. tensions.
Stovall said some of the choppy trading on Monday was likely down to mutual fund rebalancing their portfolios at the end of the month.
The Dow Jones Industrial Average rose 434.25 points, or 1.74%, to 25,449.8, the S&P 500 gained 31.35 points, or 1.04%, to 3,040.4 and the Nasdaq Composite added 65.72 points, or 0.67%, to 9,822.94.
Coty Inc jumped 8.7% after it said it would buy a 20% stake in reality TV star Kim Kardashian West’s makeup brand KKW for $200 million.
Facebook Inc extended declines from Friday as a report said PepsiCo Inc was set to join a growing number of companies pulling ad dollars from the social media platform.
Oil prices edged higher on Monday, after bullish data from Asia and Europe, but sharp spikes in new coronavirus infections around the world tempered gains.
Brent crude rose 30 cents, or 0.7%, to $41.32 a barrel. U.S. crude rose 44 cents, or 1.1%, to $38.93 a barrel.
The recovery of economic sentiment in the euro zone intensified in June with improvements across all sectors, European Commission data showed on Monday. Overall sentiment rose to 75.7 points in June from 67.5 in May, though still short of expectations.
In China, profits at industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction.
But fears of a second wave of the pandemic are keeping prices from going higher. The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally.
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Alberta to give out second round of 20 million masks through fast food restaurants – Edmonton Journal
Alberta will distribute another 20 million non-medical masks, mostly through drive-thru restaurants, beginning July 13.
As with the first round distributed in June, Albertans can pick up the masks at McDonald’s, A&W and Tim Hortons.
The province recommends the wearing of a mask to help prevent the spread of COVID-19 when two metres of physical distancing is not possible.
“The first phase of free mask distribution in Alberta was a huge success and the response was an incredible show of community support,” Health Minister Tyler Shandro said in a Sunday news release.
Masks will also be distributed to municipalities without easy access to a restaurant, First Nations and Metis settlements, long-term care and senior’s centres, women’s shelters, homeless shelters and addiction treatment facilities.
Convenience-store chain 7-Eleven will assist with the distribution of masks to transit services throughout Alberta.
Last month, four free masks could be picked up at one of 600 drive-thrus, using the honour system. Shandro said 95 per cent of people in the province live within 10 kilometers of one of these restaurants.
Calgarians are making Stampede show go on
BMO Kids’ Day Pancake Drive-thru
July 8 at Stampede Park, from 9 a.m. to 4 p.m.
Complimentary breakfast, provided by BMO
Advance registration at CalgaryStampede.com required.
Community Pancake Drive-thru
July 11 at Southcentre Mall from 9 a.m. to noon
Advance registration at CalgaryStampede.com required.
Stampede Food Truck Rally
A taste of the midway, from corn dogs to cotton candy.
July 6, Max Bell Centre, 2 to 8 p.m.
July 7, Max Bell Centre, 2 to 8 p.m.
July 8, Grey Eagle Casino, 2 to 8 p.m.
July 9, Shane Homes YMCA at Rocky Ridge, 2 to 8 p.m.
July 10, Spruce Meadows, 2 to 8 p.m.
July 11, Vivo, 2 to 8 p.m.
July 12, Grey Eagle Casino, 2 to 8 p.m.
Source: Calgary Stampede
COVID-19 in Alberta on Sunday, July 5
What you need to know today in Alberta:
The Calgary Stampede may have been cancelled for the first time in almost a century, but a limited number of events are still ongoing to keep Stampede spirit alive, including yesterday’s pancake breakfast drive-thru.
The cancellation of the festival is a massive blow to Calgary’s economy. On average over the past five years, the Stampede has brought in $79.2 million in gross revenue and turned a profit of $21.4 million after expenses.
K-Days, Edmonton’s 10-day exhibition, is also cancelled this year.
As of Sunday, there were 572 active cases in the province. The regional breakdown was:
- Edmonton zone: 240 cases.
- Calgary zone: 216 cases.
- South zone: 73 cases.
- North zone: 38 cases.
- Central zone: three cases.
- Unknown: two cases.
What you need to know today in Canada:
Prince Edward Island reported its first new cases of COVID-19 in more than two months on Saturday.
The province announced three new cases — including an individual who worked at Whisperwood Villa, a Charlottetown seniors’ home.
According to Dr. Heather Morrison, chief public health officer for the province, all three cases were residents who had travelled within the country.
Watch: Infectious disease expert on airline travel, NHL hubs and testing for COVID-19.
As of 6 a.m. ET on Sunday, Canada had 105,317 confirmed and presumptive coronavirus cases. Provinces and territories listed 68,990 of the cases as recovered or resolved. A CBC News tally of deaths based on provincial reports, regional health information and CBC’s reporting stood at 8,720.
Self-assessment and supports:
Alberta Health Services has an online self-assessment tool that you can use to determine if you have symptoms of COVID-19, but testing is open to anyone, even without symptoms.
The province says Albertans who have returned to Canada from other countries must self-isolate. Unless your situation is critical and requires a call to 911, Albertans are advised to call Health Link at 811 before visiting a physician, hospital or other health-care facility.
If you have symptoms, even mild, you are to self-isolate for 10 days from the onset of symptoms.
The province also operates a confidential mental health support line at 1-877-303-2642 and addiction help line at 1-866-332-2322, available from 7 a.m. to 11 p.m., seven days a week.
Online resources are available for advice on handling stressful situations and ways to talk with children.
There is a 24-hour family violence information line at 310-1818 to get anonymous help in more than 170 languages, and Alberta’s One Line for Sexual Violence is available at 1-866-403-8000, from 9 a.m. to 9 p.m.
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