The Canadian stock market turned negative on Thursday — erasing all its gains seen in the first two days of September. At 11:30 AM ET, the TSX Composite Index was down by 1.5% for the day. This could just be the start of another big market crash in 2020 — the nightmare that I’ve been warning about for many weeks.
The key U.S. indexes were trading with massive losses today — possibly culminating their five-month-long sharp recovery. At the time of writing, Dow Jones Industrial Average was down by over 2% for the session, while the S&P 500 Index — which posted its all-time high yesterday — was trading at a nearly 3% loss.
Market crash 2.0 is here
In February, the global spread of coronavirus started taking a toll on global investors’ sentiments. In the following month, fears about slowing economic growth — due to the pandemic led closures — triggered the worst stock market sell-off since the 2008 recession.
At the time, no expert was predicting the kind of sharp recovery that the market has witnessed in the last few months.
In many of my recent articles, I’ve argued that the recent market recovery doesn’t necessarily reflect the real picture of the global economy. In contrast, such a recovery could make the situation worse by creating a stock market bubble that might burst anytime. And my nightmare about another big market crash in 2020 seems to be coming true.
Why are stocks falling?
Multiple factors might have caused today’s massive stock market losses. To begin with, the COVID-19 crisis is still lurking around, and a recent rise in new cases in many Canadian provinces and in many U.S. states proves that it’s still far from over. It could play a big role in another big stock market sell-off.
The prolonged pandemic is likely to hurt sectors across Canada, including banking, retail, and consumer discretionary. For example, top banks such as Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) and Royal Bank of Canada (TSX:RY)(NYSE:RY) — which released their quarterly reports in the final week of August — gave a very grim outlook for the economy.
In its latest quarterly earnings report, RBC — the largest Canadian bank — forecasted that “weak business and consumer confidence is expected to keep GDP well-below year-ago levels by the end of the calendar year.” CIBC also gave a similar weak economic outlook in its report.
While RBC reported a nearly 12% YoY increase in its latest quarterly revenue, it was mainly driven by a rise in its capital market segment volume. In contrast, both RBC’s and Canadian Imperial Bank’s core banking operations disappointed and didn’t showcase any sign of a near-term strong recovery. The total revenue of CIBC fell by 0.5% YoY in Q3, and its adjusted earnings fell by nearly 13%. Despite a rise in the bank’s capital market segment, its core banking segment performed as badly as RBC’s personal and commercial banking segments.
The shares of both these banks are trading with over 3.5% year-to-date losses. Now, the prolonged pandemic could send their stocks spiraling even lower — adding fuel to the broader market turmoil.
Don’t get trapped in the market turmoil
If you’re one of those investors who have been ignoring the real underlying weakness in most companies’ fundamentals, then you should start diversifying your stock portfolio right now. This is high time when you should consider including some stocks in your investment portfolio that didn’t rally much, despite a sharp market recovery in the last few months.
Many such undervalued stocks might not be as affected by the second market crash in 2020, as other stocks that rallied in the last few months without any major improvement in their fundamentals.
Here’s a FREE LIST OF SUCH CHEAP STOCKS to help you diversify:
What you need to know about COVID-19 in Alberta on Sunday, Sept. 20 – CBC.ca
- No new numbers will be released by the province today. Numbers from Saturday and Sunday will be released on Monday.
- Alberta has identified its first likely case of COVID-19 transmission within a school, with two cases at an elementary school in Edmonton. Transmission within a school “was not unexpected and is not a cause for alarm,” said Dr. Deena Hinshaw, Alberta’s chief medical officer of health, at an early afternoon news conference Friday.
- Alberta reported 107 new cases of COVID-19 on Friday, bringing the total number of confirmed cases since the start of the pandemic to 16,381.
- There were 1,424 active cases across the province, according to the latest update, down 59 from the day before.
- As of Friday morning across the province, there have been 78 instances of someone with COVID-19 attending school while infectious. Currently, 57 of the 2,415 schools in Alberta have reported an infectious person who attended the school.
- The Alberta Teachers’ Association released a survey Friday outlining how teachers and school leaders feel about how the pandemic has been handled in schools.
- Alberta is starting to see a similar case load to Ontario and Quebec, which concerns experts because it has a much lower population. The number of new cases daily have gone up by about 55 per cent in the last month and the province is facing widespread community transmission.
- Across Canada, provinces say people are flouting provincial rules around gathering size limits, leading officials to impose new restrictions as COVID-19 infections climb across the country.
- With COVID-19 case counts rising in many communities, kids back in schools and more people returning to work, many public health experts agree that the “social circles” or “social bubbles” that worked as a safe approach in the early days of the lockdown now come with more risk.
- Alberta will no longer recommend asymptomatic testing for the general population with fall flu season looming.
- One new death was reported Friday, a woman in her 50s from the North zone not linked to any outbreak.
- A total of 255 people have died of COVID-19 in Alberta.
- As of Thursday afternoon, there had been 10 schools in Alberta classified as having outbreaks, with one Calgary school under a “watch” (defined as five or more cases where the disease could have been acquired or transmitted in the school) and the rest with fewer cases.
- The City of Edmonton announced Thursday it’s cancelling a mask exemption card program.
What you need to know today in Alberta:
Alberta said Friday that the province’s first likely case of COVID-19 transmission within a school had been confirmed, at a public elementary school in Edmonton, Waverley School.
Hinshaw said both individuals were infectious within the school and that one of them “seems to have been the source for the other.”
With the province’s school relaunch strategy weeks underway, the Alberta Teachers’ Association released a survey Friday that outlines how teachers and school leaders feel about how the pandemic has been handled in schools.
Alberta is starting to see a similar case load to Ontario and Quebec, which is concerning as the prairie province has a much lower population, said Dr. Stephanie Smith, an infectious disease expert at the University of Alberta in Edmonton.
For the first 15 days of September in Alberta, the province has reported an average of 137 new cases of COVID-19 per day. That’s up from an average of 88 cases for that same period in August, meaning that cases have gone up by about 55 per cent in the last month.
The province is also facing widespread community transmission of COVID-19, rather than the disease appearing in a few specific hotspots, like a long-term care facility, said Smith.
While some of the increase in Alberta cases could be attributed to more testing in September, with upwards of 30,000 people tested per day, these jumps in case counts are still concerning, said Smith.
With fall influenza season looming, Alberta will prepare for an expected surge in demand for laboratory tests by scaling back asymptomatic testing — the practice of conducting COVID-19 tests on people without symptoms, the province announced Thursday.
“In addition to potentially contracting COVID-19, Albertans will have a greater chance of catching a cold or flu, which have very similar symptoms to COVID-19,” Hinshaw said.
“More people with symptoms means that we will see more people needing to be tested. Our labs need to support cases of both COVID-19 and influenza.”
Hinshaw said those with symptoms who were in close contact with confirmed cases and those linked to an outbreak will still be tested.
Provincial labs completed 13,003 COVID-19 tests over the past 24 hours, the province said Thursday.
In Calgary, drop-in COVID-19 testing is now being provided at the Bow Trail assessment centre, which is located inside the old Greyhound bus terminal. The Richmond Road Diagnostic and Treatment Centre now offers COVID-19 testing by appointment only.
A Calgary teacher working at a public high school where a COVID-19 outbreak has been declared says he doesn’t feel safe at work because of the sheer number of people he comes in contact with each day.
“I feel that I have the most dangerous job as a teacher in the province,” said the Lester B. Pearson High School instructor, who CBC News agreed not to name because he fears professional retribution.
St. Wilfrid Elementary School in Calgary is the only school under the “watch” category, which Alberta Health defines as an outbreak with five or more cases where the disease could have been acquired or transmitted in the school.
There are also 12 schools in the province with outbreaks of two to four cases.
- Notre Dame High School, Calgary.
- Lester B. Pearson High School, Calgary.
- Henry Wise Wood High School, Calgary.
- Auburn Bay School, Calgary.
- Crescent Heights High School, Calgary.
- Chris Akkerman School, Calgary.
- Ross Sheppard High School, Edmonton.
- Centre High, Edmonton.
- McNally School, Edmonton.
- Waverley School, Edmonton.
- Chinook High School, Lethbridge.
- Foothills Composite High School, Okotoks.
The City of Edmonton is cancelling a mask exemption card program introduced in early August, interim city manager Adam Laughlin told council Thursday.
Cards already issued will be honoured, Laughlin said, but no new cards will be issued.
Here’s the regional breakdown of active cases reported on Friday:
- Calgary zone: 450, down from 470 on Thursday.
- Edmonton zone: 711, down from 751.
- North zone: 197, up from 193.
- Central zone: 24, down from 29.
- South zone: 38, unchanged.
- Unknown: 4, up from 2.
Find out which neighbourhoods or communities have the most cases, how hard people of different ages have been hit, the ages of people in hospital, how Alberta compares to other provinces and more in: Here are the latest COVID-19 statistics for Alberta — and what they mean
What you need to know today in Canada:
As of 10 a.m. ET on Sunday, Canada had 142,776 confirmed or presumptive coronavirus cases. Provinces and territories listed 124,187 of those as recovered or resolved. A CBC News tally of deaths based on provincial reports, regional health information and CBC’s reporting stood at 9,251.
The Quebec government is expected to announce new restrictions today, including reducing the size of private gatherings and imposing new restrictions on bars and restaurants in Montreal and Quebec City after an increase in COVID-19 infections.
Bloc Québécois Leader Yves-François Blanchet and his wife Nancy Déziel both tested positive for COVID-19. The party confirmed that both will be in isolation until the end of September.
Federal Conservative Leader Erin O’Toole also had a COVID-19 test come back positive on Friday and is now isolating.
Ontario public health officials say they can’t trace how roughly half of the latest COVID-19 patients got infected.
The data suggests that many Ontarians are contracting COVID-19 through unmemorable interactions with others in the course of their daily lives. Experts are worried that failing to track the source of so many new infections will hamper efforts to rein in the spread of the virus.
B.C, Alberta, Manitoba and Quebec have also all reported a bump in cases throughout September, and some have paused their reopening plans as a result.
Those under 40 are driving the spread in most provinces. In Ontario, health officials have identified smaller, indoor gatherings as the culprit. Younger people may also be working in precarious jobs where their exposure is increased, or where sick days may not be readily available.
Some of Canada’s biggest cities are seeing a surge in household waste thanks to myriad COVID-related trends, including the re-emergence of disposable goods, a summer full of home renovations and the continuous growth of online shopping.
Early figures from the cities of Vancouver, Calgary, Winnipeg, Toronto and Halifax reveal that the amount of residential garbage collected has increased significantly since the start of the pandemic.
Canadians yearning to travel abroad — despite the COVID-19 pandemic — can now get medical insurance to cover costs if they get sick with the coronavirus while travelling.
More than six months into the global pandemic, the Liberal government is being accused of failing to meet the needs of the Canadians with disabilities who are among those hardest-hit by the public health crisis.
Marie-Claude Landry, chief commissioner of the Canada Human Rights Commission, said COVID-19 has “expanded the circle of vulnerability” in Canada — but people with disabilities still aren’t getting the support they need.
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 at least 10 days from the onset of symptoms, until the symptoms have disappeared.
The province also operates a confidential mental health support line at 1-877-303-2642 and addiction help line at 1-866-332-2322, both available 24 hours a day.
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.
'A heartbreak': Ranchman's searching for new owner amid COVID-19 pandemic – Calgary Herald
Article content continued
“With everything happening and the Calgary downtown being almost completely empty, it’s created sort of the perfect storm for restaurant killing and hospitality killing.”
Ranchman’s has been synonymous with Calgary cowboy culture for nearly 50 years after it first opened its doors April 27, 1972.
The country nightclub was a popular spot during the Calgary Stampede and throughout the rest of the year, being named the “Country Club of the Year” by the Canadian Country Music Association 11 times.
The venue temporarily shut its doors due to the COVID-19 pandemic on March 17, and it has remained closed since. Nightclubs such as Ranchman’s are not permitted to reopen until Stage 3 of Alberta’s relaunch, and public-health officials have said there is currently no timeline for when that might happen.
The bar was founded by Harris Dvorkin and Kevin Baker but ownership traded hands in 2017, following Dvorkin’s death. Calgary bar scene mainstay Doug Rasberry purchased the property alongside a group of local business owners.
Members of the Ranchman’s ownership group did not respond to numerous requests for comment from Postmedia.
Campbell said owners were only talking to “a select few people” about the situation.
“This was a heartbreak for him. Doug (Rasberry) was the first guy, when I took Ranchman’s to the market three and a half years ago, Doug lit up like a kid at Christmas. He was so excited to have an opportunity to take this history on,” he said.
Calgary’s famous Ranchman’s country bar up for lease; iconic rafter saddles seized by bank – Global News
Ranchman’s Cookhouse and Dancehall in Calgary, a country bar known for its rafter saddles and mechanical bull, is up for lease.
The building that hosts the bar, at 9615 Macleod Trail S.E, has been listed publicly for the first time in its history.
It had initially been taken over by new owners in 2017 — when the former owners sold the business, but kept ownership of the building itself.
One concern is the iconic saddles that hang in the rafters have been seized by the bank, said realtor Rob Campbell.
Even though they don’t belong to the business owner, they’re being considered assets and are in the process of being seized.
Campbell said he’s received many calls with concerns from local members of the rodeo community over the loss of the history.
Ranchman’s opened in 1972, nearly 50 years ago.
It closed due to the COVID-19 pandemic on March 17 and has not reopened.
Nightclubs are part of Stage 3 of Alberta’s relaunch and are not permitted to be open in the province yet.
© 2020 Global News, a division of Corus Entertainment Inc.
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