adplus-dvertising
Connect with us

Health

Global stock markets weighed down by virus fears

Published

 on

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, Feb. 19, 2020. Brendan McDermid, Reuters

NEW YORK — Coronavirus fears weighed on global stock markets Thursday as investors headed for the exits even after China reported a big drop in new cases and eased borrowing costs to cushion the epidemic’s economic impact.

After powering to a record close the day before, traders fearing the virus could spread and harm the global economy, or simply capitalizing on high prices to take profits, sent Wall Street into the red.

But Art Hogan of National Holdings said the drop on Wall Street “much more that we have not taken a pause for a bit. It’s healthy.”

“We’ve been up since October; we have not had two down days in a row in the S&P 500 yet this year,” Hogan said.

Meanwhile, Vice Chair of the US Federal Reserve Richard Clarida said in an interview with CNBC the US economy has “solid fundamentals.”

That echoed the upbeat findings of regional business surveys, and the Philadelphia Federal Reserve Bank’s manufacturing index released Thursday, which jumped to a 3-year high.

However he warned the virus, could have a “noticeable impact on Chinese growth” and potential hurt production elsewhere.

The world’s second-largest economy, plays a key role in global supply chains, and investors are hoping central banks will do what is necessary to protect corporate earnings and economic growth.

The People’s Bank of China (PBoC) lowered prime rates for one-year and five-year loans, but the moves were “not nearly enough,” said Stephen Innes of AxiCorp.

The bank’s actions still helped the Shanghai stock market reach a 1.8 percent closing gain.

But as Wells Fargo analysts noted, “Newly confirmed cases are quickly increasing in South Korea, although reported cases in China appear to be moderating.”

In Europe, stock markets were well down by the close, but London outperformed as a weakening pound gave a fillip to stock prices in the export sector.

Air France-KLM shares plunged after the airline reported that the coronavirus had blown a large hole in 2020 earnings to date while separately unveiling lower profits for 2019.

After European bourses shut, the International Air Transport Association said that worldwide airline revenue lost to the virus was projected at $29.3 billion, mostly in the Asia-Pacific region, especially in China.

The dollar rose against all its major rivals, with many analysts pointing to its safe haven status amid the coronavirus crisis.

However, Matt Weller, head of market research at GAIN Capital, said politics also were playing a role.

An “underappreciated driver” for the greenback, he said, “may be the prospects for President (Donald) Trump to get reelected.”

Gold, another popular safe-haven investment, continued firm after reaching a 7-year high on Wednesday.

Oil prices rebounded as hopes spread that the impact of the virus on economic growth, and therefore crude demand, will be limited.

KEY FIGURES AROUND 6 A.M. FRIDAY IN MANILA 

New York – Dow: DOWN 0.4 percent to 29,219.98 (close)

New York – S&P 500: DOWN 0.4 percent to 3,373.23 (close)

New York – Nasdaq: DOWN 0.7 percent to 9,750.96 (close)

London – FTSE 100: UP 0.3 percent at 7,436.64 points (close)

Frankfurt – DAX 30: DOWN 0.9 percent at 13,664.00 (close)

Paris – CAC 40: DOWN 0.8 percent at 6,062.30 (close)

EURO STOXX 50: DOWN 1.1 percent at 3,822.98 (close)

Tokyo – Nikkei 225: UP 0.3 percent at 23,479.15 (close)

Shanghai – Composite: UP 1.8 percent at 3,030.15 (close)

Hong Kong – Hang Seng: DOWN 0.2 percent at 27,609.16 (close)

Euro/dollar: DOWN at $1.0782 from $1.0805 at 2200 GMT

Pound/dollar: DOWN at $1.2883 from $1.2920

Euro/pound: UP at 83.89 pence from 83.63

Dollar/yen: UP at 112.08 from 111.37

Brent Crude: UP 0.1 percent at $59.04 per barrel

West Texas Intermediate: UP 0.9 percent at $53.77

Source link

Continue Reading

Health

Canada to donate up to 200,000 vaccine doses to combat mpox outbreaks in Africa

Published

 on

 

The Canadian government says it will donate up to 200,000 vaccine doses to fight the mpox outbreak in Congo and other African countries.

It says the donated doses of Imvamune will come from Canada’s existing supply and will not affect the country’s preparedness for mpox cases in this country.

Minister of Health Mark Holland says the donation “will help to protect those in the most affected regions of Africa and will help prevent further spread of the virus.”

Dr. Madhukar Pai, Canada research chair in epidemiology and global health, says although the donation is welcome, it is a very small portion of the estimated 10 million vaccine doses needed to control the outbreak.

Vaccine donations from wealthier countries have only recently started arriving in Africa, almost a month after the World Health Organization declared the mpox outbreak a public health emergency of international concern.

A few days after the declaration in August, Global Affairs Canada announced a contribution of $1 million for mpox surveillance, diagnostic tools, research and community awareness in Africa.

On Thursday, the Africa Centres for Disease Control and Prevention said mpox is still on the rise and that testing rates are “insufficient” across the continent.

Jason Kindrachuk, Canada research chair in emerging viruses at the University of Manitoba, said donating vaccines, in addition to supporting surveillance and diagnostic tests, is “massively important.”

But Kindrachuk, who has worked on the ground in Congo during the epidemic, also said that the international response to the mpox outbreak is “better late than never (but) better never late.”

“It would have been fantastic for us globally to not be in this position by having provided doses a much, much longer time prior than when we are,” he said, noting that the outbreak of clade I mpox in Congo started in early 2023.

Clade II mpox, endemic in regions of West Africa, came to the world’s attention even earlier — in 2022 — as that strain of virus spread to other countries, including Canada.

Two doses are recommended for mpox vaccination, so the donation may only benefit 100,000 people, Pai said.

Pai questioned whether Canada is contributing enough, as the federal government hasn’t said what percentage of its mpox vaccine stockpile it is donating.

“Small donations are simply not going to help end this crisis. We need to show greater solidarity and support,” he said in an email.

“That is the biggest lesson from the COVID-19 pandemic — our collective safety is tied with that of other nations.”

This report by The Canadian Press was first published Sept. 13, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Health

How many Nova Scotians are on the doctor wait-list? Number hit 160,000 in June

Published

 on

 

HALIFAX – The Nova Scotia government says it could be months before it reveals how many people are on the wait-list for a family doctor.

The head of the province’s health authority told reporters Wednesday that the government won’t release updated data until the 160,000 people who were on the wait-list in June are contacted to verify whether they still need primary care.

Karen Oldfield said Nova Scotia Health is working on validating the primary care wait-list data before posting new numbers, and that work may take a matter of months. The most recent public wait-list figures are from June 1, when 160,234 people, or about 16 per cent of the population, were on it.

“It’s going to take time to make 160,000 calls,” Oldfield said. “We are not talking weeks, we are talking months.”

The interim CEO and president of Nova Scotia Health said people on the list are being asked where they live, whether they still need a family doctor, and to give an update on their health.

A spokesperson with the province’s Health Department says the government and its health authority are “working hard” to turn the wait-list registry into a useful tool, adding that the data will be shared once it is validated.

Nova Scotia’s NDP are calling on Premier Tim Houston to immediately release statistics on how many people are looking for a family doctor. On Tuesday, the NDP introduced a bill that would require the health minister to make the number public every month.

“It is unacceptable for the list to be more than three months out of date,” NDP Leader Claudia Chender said Tuesday.

Chender said releasing this data regularly is vital so Nova Scotians can track the government’s progress on its main 2021 campaign promise: fixing health care.

The number of people in need of a family doctor has more than doubled between the 2021 summer election campaign and June 2024. Since September 2021 about 300 doctors have been added to the provincial health system, the Health Department said.

“We’ll know if Tim Houston is keeping his 2021 election promise to fix health care when Nova Scotians are attached to primary care,” Chender said.

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

The Canadian Press. All rights reserved.

Source link

Continue Reading

Health

Newfoundland and Labrador monitoring rise in whooping cough cases: medical officer

Published

 on

 

ST. JOHN’S, N.L. – Newfoundland and Labrador‘s chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.

Dr. Janice Fitzgerald says that so far this year, the province has recorded 230 confirmed cases of the vaccine-preventable respiratory tract infection, also known as pertussis.

Late last month, Quebec reported more than 11,000 cases during the same time period, while Ontario counted 470 cases, well above the five-year average of 98. In Quebec, the majority of patients are between the ages of 10 and 14.

Meanwhile, New Brunswick has declared a whooping cough outbreak across the province. A total of 141 cases were reported by last month, exceeding the five-year average of 34.

The disease can lead to severe complications among vulnerable populations including infants, who are at the highest risk of suffering from complications like pneumonia and seizures. Symptoms may start with a runny nose, mild fever and cough, then progress to severe coughing accompanied by a distinctive “whooping” sound during inhalation.

“The public, especially pregnant people and those in close contact with infants, are encouraged to be aware of symptoms related to pertussis and to ensure vaccinations are up to date,” Newfoundland and Labrador’s Health Department said in a statement.

Whooping cough can be treated with antibiotics, but vaccination is the most effective way to control the spread of the disease. As a result, the province has expanded immunization efforts this school year. While booster doses are already offered in Grade 9, the vaccine is now being offered to Grade 8 students as well.

Public health officials say whooping cough is a cyclical disease that increases every two to five or six years.

Meanwhile, New Brunswick’s acting chief medical officer of health expects the current case count to get worse before tapering off.

A rise in whooping cough cases has also been reported in the United States and elsewhere. The Pan American Health Organization issued an alert in July encouraging countries to ramp up their surveillance and vaccination coverage.

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

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending