World equity markets scaled fresh records as a year-end rally climbed further on Friday with upbeat Chinese economic data and optimism a U.S.-Sino trade deal is imminent raising global growth prospects, but the dollar weakened as risk appetite grew.
Wall Street set new all-time highs at the open or soon after and European shares rose to a third day of record peaks this week as various equity markets remained on course for their best year since the global financial crisis a decade ago.
Profits at Chinese industrial firms grew at the fastest pace in eight months in November, rising 5.4 per cent from a year earlier to 593.9 billion yuan ($84.93 billion). The gains snapped three months of decline, but broad weakness in domestic demand remains a risk for corporate earnings in 2020.
The U.S.-China trade war rattled international commerce. Bilateral trade between the two largest economies fell 15.2 per cent in the 12 months through November versus the same period ended in 2018, according to Panjiva, a S&P Global Market Intelligence unit.
The dollar slipped across the board as increased investor appetite for risk sapped the safe-haven appeal of the greenback.
In Toronto, Canada’s main stock index slipped slightly after reaching another record high on Friday as investors cheered upbeat economic data from China amid growing optimism over an initial U.S.-China trade deal.
The Toronto Stock Exchange’s S&P/TSX composite index was unofficially down 11.94 points, or 0.07 per cent, at 17,168.21, after hitting a record high of 17,230.58 just after the opening bell.
The index is set for its best year since the global financial crisis, powered by returning confidence in the global economy in the wake of an imminent U.S.-China trade truce and hopes of a smooth Brexit.
Marijuana producers led a 2.7-per-cent drop in health care stocks. Hexo Corp. fell 18.3 per cent, while Aurora Cannabis Inc., Canopy Growth Corp. and Cronos Group Inc. all dipped more than 4 per cent.
The energy sector climbed 0.2 per cent, while the materials sector, which includes precious and base metals miners and fertilizer companies, slipped 0.5 per cent.
Leading the index were Semafo Inc., up 4.4 per cent, NovaGold Resources Inc., up 3.3 per cent, and Westshore Terminals Investment Corp., higher by 2.4 per cent.
MSCI’s gauge of stock performance in 49 countries gained 0.35 per cent while the pan-European STOXX 600 index rose 0.21 per cent, both setting all-time highs.
Equity markets are poised to rise further in 2020, even as high valuations pose a concern, said Rahul Shah, chief executive of Ideal Asset Management in New York.
“Considering the dynamics of the market right now we think that equity investors should be positioning for further bullish momentum in 2020,” Shah said.
“Valuations have been ticking up a little bit, but there have been many times in market history where valuations stay above average for a while,” he said.
The S&P 500 ended little changed on Friday and the Nasdaq ended an 11-day streak of gains after some late-session weakness, although the Dow managed to eke out another record as investors paused after a year-end rally.
The Dow Jones Industrial Average rose 23.53 points, or 0.08 per cent, to 28,644.92, the S&P 500 gained 0.07 points, or 0.00 per cent, to 3,239.98 and the Nasdaq Composite dropped 15.77 points, or 0.17 per cent, to 9,006.62.
The S&P 500 was just shy of surpassing a 29.6 per cent gain in 2013, which would give the U.S. benchmark its best year since 1997.
Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.8 per cent to 555.39, a level not seen since mid-2018. It is up 15.5 per cent so far this year.
Emerging market stocks rose 0.58 per cent.
Germany’s benchmark 10-year Bund yield held steady below recent six-month highs while U.S. Treasury yields fell as the government debt found support following a sell-off that sent yields to one-month highs.
Yields have risen amid increased risk appetite driven by optimism that a Phase 1 U.S.-Sino trade pact will spur global growth and as major central banks around the world inject liquidity into the market.
The euro rose to a 10-day high. The dollar index fell 0.62 per cent, with the euro up 0.78 per cent to $1.1183. The Japanese yen strengthened 0.20 per cent versus the greenback at 109.43 per dollar.
U.S. gold futures climbed to a seven-week high of $1,518.70 an ounce. Spot gold added 0.1 per cent.
Oil prices rose to the fourth consecutive weekly gain on Friday, steadying at three-month highs after new data showed U.S. crude inventories fell far more than expected, while upbeat economic data and optimism over a U.S.-China trade deal fueled a year-end stock market rally.
Brent crude rose 24 cents to settle at $68.16 a barrel, the highest since mid-September. The international benchmark has climbed nearly 27 per cent since the end of 2018.
West Texas Intermediate rose 4 cents to settle at $61.72 a barrel, another three-month high. The U.S. benchmark has risen 36 per cent so far this year.
U.S. crude stocks fell by 5.5 million barrels in the week to Dec. 20 to 441.4 million barrels, according to the Energy Information Administration, far exceeding analysts’ expectations of a 1.7 million-barrel drop.
“Inventories are bullish almost across the board,” said Josh Graves, senior market strategist at RJO Futures in Chicago.
A year-end stock market rally also helped lift oil prices as consumer sentiment continued to improve, he said.
“It’s a Santa Claus rally. People tend to buy more things that will indirectly drive the price of oil up,” Graves said.
Bank of England will have to act to contain inflation – Bailey
“Monetary policy cannot solve supply side problems but it will have to act and must do so if we see a risk particularly to medium-term inflation and to medium-term inflation expectations,” Bailey said on Sunday.
“And that’s why we at the Bank of England have signalled, and this is another such signal, that we will have to act,” he said during a panel discussion organised by the Group of 30 consultative group. “But of course that action comes in our monetary policy meetings.”
(Reporting by William Schomberg; Editing by Alex Richardson)
UPDATE: U.S. expected to reopen border November 8, mixed doses eligible – BlackburnNews.com
UPDATE: U.S. expected to reopen border November 8, mixed doses eligible
October 15, 2021 7:25pm
There is word the U.S. will allow fully vaccinated Canadians with mixed doses of the COVID-19 vaccine to enter when the land border reopens to travellers next month.
The Centers for Disease Control and Prevention said early Friday evening that individuals who received doses of two or more different COVID-19 vaccines, including the Astra Zeneca vaccine, will be considered eligible to enter the United States starting in November.
“While CDC has not recommended mixing types of vaccine in a primary series, we recognize that this is increasingly common in other countries so should be accepted for the interpretation of vaccine records,” a statement from the agency read.
Earlier on Friday, a White House official told the Canadian Press on condition of anonymity, since the policy has not yet been made public, that the official reopening date for land borders will be November 8.
However, New York State Congressman Brian Higgins tweeted the date too.
The White House is indicating the U.S. will start allowing vaccinated Canadians to enter the U.S. through land ports of entry beginning on November 8. pic.twitter.com/dlWWZsL1wU
— Brian Higgins (@RepBrianHiggins) October 15, 2021
The Canada Border Services Agency also reminded Canadians what they would need to re-enter the country once land and water border points do open.
Travellers re-entering Canada will have to complete a PCR test within 72 hours of arriving at the border. They will also have to provide proof they are fully vaccinated against COVID-19 using the ArriveCan app.
“Antigen tests, often called ‘rapid tests,’ are not accepted,” said the CBSA statement.
For trips of less than 72 hours, Canadians and those registered under the Indian Act, permanent residents and protected persons can take their PCR test before they leave the country.
“Unvaccinated or partially vaccinated travellers who are eligible to enter Canada must continue to follow pre-arrival, arrival, and Day-8 molecular COVID-19 testing requirements, and quarantine for 14 days,” continued the statement.
Canada reopened its border to American travellers on August 9.
Travelling with kids under 12? What to know about the latest COVID-19 rules – Globalnews.ca
Canadians hoping to travel internationally for the holidays have much to celebrate.
A White House official told Global News on Friday that fully vaccinated Canadians will be able to travel to the U.S. by land or sea for non-essential trips starting Nov. 8. Later in the day, came the news that Canadians with mixed vaccines will also be able to cross the border.
And Canada lifted its quarantine requirement for vaccinated travellers entering the country by land and air back in July.
But one large group of vaccinated adults who may still have to shelve any plans for cross-border holiday trips: those with children under the age of 12 who cannot get the coronavirus vaccine yet.
While international travel with young children is possible, it remains riskier and more complicated. Here’s what to know.
Border communities react to U.S. decision to reopen following pandemic closure
Re-entering Canada with kids under 12
Children under 12 who are travelling with fully vaccinated parents, step-parents, guardians or tutors don’t need to quarantine upon re-entering Canada but won’t be able to go back to their routines right away, either. That’s because they won’t be allowed to attend school, daycare or camp for 14 days after their return, according to guidelines posted on the website of the government of Canada.
The kids may also need to postpone seeing their grandparents for a while. Unvaccinated children returning from a trip abroad must avoid contact with people 65 years of age or older, as well as with those who have a compromised immune system or underlying medical condition that makes them more susceptible to complications from COVID-19.
Families must also ensure the children aren’t travelling on crowded public transport or attending crowded settings like amusement parks or sporting events.
Still, the kids won’t stay locked up in the house for two full weeks. They’re still allowed to go to the park, to head out for a walk, or to accompany their parents on errands to the grocery store or pharmacy, provided they avoid crowds, wear masks at all times, and maintain physical distancing.
There are also testing requirements. For unvaccinated children aged five and older, families have to provide negative COVID-19 results from tests taken right before entry, upon arrival, and eight days after coming back. As for adults, these must be molecular not rapid antigen tests.
Children under the age of five are exempt from the testing requirement, but parents should still include them as travellers in their submissions through the ArriveCAN app, which enables travellers to upload their trip details, test results and quarantine plans, if applicable. Use of the app has become mandatory for virtually anyone entering Canada by air, land or marine vessel.
In addition to the federal directives, parents should also check for any additional public health requirements in their local jurisdiction.
Children under the age of 12 travelling with unvaccinated adults must quarantine upon entering Canada.
How the U.S. border reopening could impact local businesses
Travelling to the U.S.
Starting on Nov. 8, children under 12 will also be allowed into the U.S., provided they’re travelling with someone who satisfies U.S. vaccination requirements.
Canadians who have received two shots of the Moderna, Pfizer or AstraZeneca vaccines will be able to enter the U.S. U.S. authorities have also said the U.S. will accept international travellers vaccinated with mixed doses of any FDA or WHO-approved COVID-19 vaccines, which include Moderna, Pfizer or AstraZeneca vaccines.
There will be no need for a COVID-19 test to enter the U.S. by land or sea for vaccinated visitors. However, proof of a negative COVID-19 test taken within three calendar days of travel is still required to board a flight to the U.S. for all passengers except children under the age of two.
As U.S. reopens border, calls for Canada to end COVID-19 test requirement
Regardless of entry requirements, travelling abroad with children who aren’t vaccinated remains “risky,” even if parents have received their two shots, says Anna Banerji, associate professor of pediatrics at the University of Toronto’s Dalla Lana School of Public Health.
“There’s the risk of (unvaccinated children) getting sick or potentially spreading it,” she says.
The risk varies based on your destination, local rate of COVID-19 cases and vaccinations, as well as public health measures in place, she says. Some U.S. states, she notes, still have three times the average number of cases per population than Canada has.
“In many parts of the States, COVID is not under control,” she says.
Even if you’re flying to a destination with low rates of COVID-19 and stringent rules to contain the contagion, you’ll still be on an airplane for hours, potentially with people from all over the world, Banerji cautions.
The safer choice is to wait until young children have also had their full dose of vaccine, she says.
Earlier this month, Pfizer was the first vaccine maker to ask the U.S. Food and Drug Administration to authorize emergency use of its COVID-19 vaccine in children aged five to 11.
Pfizer has submitted its initial trial data to Health Canada and plans to make a formal submission by mid-October, a spokesperson previously told Global News. As of Friday, Pfizer had not made the submission to the regulator.
Banerji says she’s hopeful children aged five to 11 will be vaccinated within the next two to three months.
— with files from Global News national reporter Aaron D’Andrea
© 2021 Global News, a division of Corus Entertainment Inc.
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