Tag Archives: business

North American stock markets partly rebounded despite crude hitting a five-month low | Instant News


TORONTO – North American stock markets partially rebounded from Wednesday’s correction on a broad-based rally despite crude oil prices hitting their lowest level in about five months.

The climb began in the morning after European Central Bank president Christine Lagarde said financial institutions had agreed to add stimulus measures to tackle the impact of increasing COVID-19 infections, said Erik Bregar, head of currency strategy at the Exchange Bank of Canada.

“He showed clearly that more stimulus is coming in Europe in December and everything has been moving up since then,” he said in an interview.

Riskier currencies and European bonds responded, suggesting that more quantitative easing or a cut in deposit rates could occur in December, Bregar said.

“When you see the global market catching something positive, it raises everything,” he said. referring to the reaction in North America.

The energy sector fell on the TSX as crude oil futures slumped below US $ 37 per barrel to their lowest closing price since early June. Crescent Point Energy Corp. took the lead with a 5.7 percent drop.

The December crude oil contract fell US $ 1.22 to US $ 36.17 per barrel and the December natural gas contract rose one cent to US $ 3.30 per mmBTU.

The S & P / TSX composite index closed up 84.13 points at 15,670.70. It was a day after losing 434 points, or 2.7 percent, on concerns about a growing viral infection.

In New York, the Dow Jones industrial average rose 139.16 points to 26,659.11, a day after losing 943 points. The S&P 500 index rose 39.08 points to 3,310.11, while the Nasdaq composite index rose 180.72 points to 11,185.59.

Bregar said he doesn’t think fiscal stimulus negotiations in the US have developed into anything to encourage a rebound and he questions whether the US Federal Reserve will follow the ECB and offer additional assistance unless encouraged to do so.

“I don’t think the Fed knows what to do,” he said. “My bet is to do something when the market forces their hand.”

Thursday’s market moves came after record US third-quarter GDP and increased weekly unemployment figures.

The world’s largest economy grew at an astronomical annual rate of 33.1% from July to September, after shrinking by 31.4% in the second quarter. However, economic growth has not fully recovered from the pandemic.

“Here’s a happy headline: GDP is up 33 percent. But that doesn’t mean much to the market, at least in my opinion,” he said, adding the unemployment figures and unemployment figures were not surprising.

The number of US workers filing for unemployment benefits fell to 751,000 from 791,000 a week earlier, but continued claims remained very high.

Eight of the 11 major TSX sectors were higher, including materials and finance.

Materials rose 1.5 percent with Alamos Gold Inc. surged 12.5 percent despite lower gold prices.

December gold contracts fell US $ 11.20 to US $ 1,868.00 per ounce and December copper contracts fell 0.75 percent to nearly US $ 3.06 per pound.

The financial heavyweights gained 1.3 percent with Manulife Financial Corp. up 2.1 percent and Royal Bank of Canada 1.9 percent higher.

A five percent drop by Shopify Inc. pushing technology lower.

The Canadian dollar was trading for 74.91 US cents compared with 75.18 US cents Wednesday.

More global risk-off activity could send the loonie on a new downtrend, falling to around 73 cents, Bregar said.

“Any big sell-off in stocks or a sustained move lower could impact the Canadian dollar.”

This report by The Canadian Press was first published on October 29, 2020.

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North American stock markets partly rebounded despite crude hitting a five-month low | Instant News


TORONTO – North American stock markets partially rebounded from Wednesday’s correction on a broad-based rally despite crude oil prices hitting their lowest level in about five months.

The climb began in the morning after European Central Bank president Christine Lagarde said financial institutions had agreed to add stimulus measures to tackle the impact of increasing COVID-19 infections, said Erik Bregar, head of currency strategy at the Exchange Bank of Canada.

“He showed clearly that more stimulus is coming in Europe in December and everything has been moving up since then,” he said in an interview.

Riskier currencies and European bonds responded, suggesting that more quantitative easing or a cut in deposit rates could occur in December, Bregar said.

“When you see the global market catching something positive, it raises everything,” he said. referring to the reaction in North America.

The energy sector fell on the TSX as crude oil futures slumped below US $ 37 per barrel to their lowest closing price since early June. Crescent Point Energy Corp. took the lead with a 5.7 percent drop.

The December crude oil contract fell US $ 1.22 to US $ 36.17 per barrel and the December natural gas contract rose one cent to US $ 3.30 per mmBTU.

The S & P / TSX composite index closed up 84.13 points at 15,670.70. It was a day after losing 434 points, or 2.7 percent, on concerns about a growing viral infection.

In New York, the Dow Jones industrial average rose 139.16 points to 26,659.11, a day after losing 943 points. The S&P 500 index rose 39.08 points to 3,310.11, while the Nasdaq composite index rose 180.72 points to 11,185.59.

Bregar said he doesn’t think fiscal stimulus negotiations in the US have developed into anything to encourage a rebound and he questions whether the US Federal Reserve will follow the ECB and offer additional assistance unless encouraged to do so.

“I don’t think the Fed knows what to do,” he said. “My bet is to do something when the market forces their hand.”

Thursday’s market moves came after record US third-quarter GDP and increased weekly unemployment figures.

The world’s largest economy grew at an astronomical annual rate of 33.1% from July to September, after shrinking by 31.4% in the second quarter. However, economic growth has not fully recovered from the pandemic.

“Here’s a happy headline: GDP is up 33 percent. But that doesn’t mean much to the market, at least in my opinion,” he said, adding the unemployment figures and unemployment figures were not surprising.

The number of US workers filing for unemployment benefits fell to 751,000 from 791,000 a week earlier, but continued claims remained very high.

Eight of the 11 major TSX sectors were higher, including materials and finance.

Materials rose 1.5 percent with Alamos Gold Inc. surged 12.5 percent despite lower gold prices.

December gold contracts fell US $ 11.20 to US $ 1,868.00 per ounce and December copper contracts fell 0.75 percent to nearly US $ 3.06 per pound.

The financial heavyweights gained 1.3 percent with Manulife Financial Corp. up 2.1 percent and Royal Bank of Canada 1.9 percent higher.

A five percent drop by Shopify Inc. pushing technology lower.

The Canadian dollar was trading for 74.91 US cents compared with 75.18 US cents Wednesday.

More global risk-off activity could send the loonie on a new downtrend, falling to around 73 cents, Bregar said.

“Any big sell-off in stocks or a sustained move lower could impact the Canadian dollar.”

This report by The Canadian Press was first published on October 29, 2020.

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Aggreko Electric Power Provider Spurs Growth | Instant News


Thanks to Aggreko

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Asia Today: The virus arrives in the previously clean Marshall Islands | Instant News


The Marshall Islands have reported their first cases of the coronavirus after two people flying from Hawaii to a US military base tested positive

The tiny Pacific nation is among the last places in the world to have no reported cases of the virus.

The Office of the Chief Secretary said in a statement that a 35-year-old woman and a 46-year-old man had tested positive this week after flying direct from Honolulu to the base on Kwajalein Atoll.

The office said the two cases were not linked, the two people remained in quarantine, and there was no possibility of community transmission.

The office asked people to remain calm and said all government business and operations would proceed as normal.

Home to some 78,000 people, the Marshall Islands maintain close military and civilian ties with the US under free association ties.

Other developments in the Asia-Pacific region:

– The number of confirmed coronavirus victims in India surpasses 8 million with daily cases dropping to their lowest level this week. The Ministry of Health reported another 49,881 infections in the past 24 hours. The ministry on Thursday also reported 517 additional deaths, bringing the total deaths to 120,527. Life in India is edging back to pre-virus levels with shops, businesses, subways and cinemas reopening. But health experts warn that the Hindu festival season and winter setting could lead to a more localized outbreak.

– Officials in China’s northwestern region of Xinjiang believe they have contained the country’s latest coronavirus outbreak. In all of the 23 newly active cases, people had previously tested positive but were not yet showing symptoms, according to the National Health Commission. Thursday is the second day in parallel with testing showing no spread of the virus. Such developments seem to indicate that new infections have been contained, Wang Xijiang, deputy director of the disease prevention and control center in Kashgar Xinjiang prefecture. More than 4.7 million people in Kashgar have been tested.

– Australia has been trying to prevent new coronavirus cases from reaching its shores by barring most of its population from leaving in the first place. The ban poses a grievous burden on its multicultural population, about half of whom were born overseas or have immigrant parents. Prime Minister Scott Morrison has held Australia’s travel ban as an example to the world of how to avoid the next severe wave of coronavirus spread by infected citizens while traveling for holidays. But with Australia being one of the countries most successful at containing the spread of the virus, some question how long such a ban can be justified.

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The Federal Council is expanding the use of masks to the outside | Instant News


New health safety measures were announced on Wednesday by the Federal Council to stem the sharp rise in the number of Covid-19 contamination.

Alain Berset spoke Wednesday about the health crisis.

BASIC

The wearing of masks will take effect from Thursday outdoors, in high-traffic places such as restaurant terraces, around shops or Christmas markets. The Federal Council extended its obligations in this area on Wednesday.

Since 19 October, wearing masks is mandatory in all closed public spaces, including station platforms, bus stops and airports. From now on, it is necessary to equip oneself where preventive distances cannot be maintained, inside and outside.

This applies to busy pedestrian areas, outdoor areas of facilities and establishments such as shops, theaters, cinemas, concert halls, restaurants, bars as well as Christmas markets and markets.

Masks will also be compulsory at secondary school level II, the level after compulsory education. It will also be used anywhere in the work place, except where distance can be respected or in individual offices. Teleworking should be liked by employers. Employee protection must be ensured.

Children under 12 years are exempt. Just like a person who can beg for medical reasons. Restaurant and bar patrons can remove them while seated. Several cantons took office in the last week.

Closed discotheque

Closed discotheques and nightclubs, four tables in restaurants and bars, demonstrations of more than 50 people banned: The Federal Council is adapting its strategy against the coronavirus. The measures took effect Thursday for an indefinite period.

Owners of discotheques, nightclubs and other dance venues across Switzerland must close their doors. The high risk of spreading the virus is very high in these places, the government said on Wednesday.

Restaurants and bars have to stop their service from 11pm to 6am. Only four people can group together per table, but exceptions will be made for families with children.

Meetings of family or friends in private circles will be limited to ten people, due to the high amount of contamination in this context. Events attended by more than 50 people are no longer allowed whether they are sports, culture, religion or any other activity.

On the other hand, parliamentary and municipal assemblies can take place. Political demonstrations and collecting signatures for referendums or initiatives are possible, depending on the protective measures in place.

Exceptions for professionals

Indoor non-professional sports and cultural activities are limited to fifteen people. Distance and mask wearing must be respected. In large halls, masks are not mandatory if distances are guaranteed.

Contact sports are prohibited. This rule applies from the age of 16 years.

Among professionals, athletes can continue their training and competition, professional artists, their training and performance. Amateur choirs can no longer practice, unlike professionals.

Teaching at universities and other secondary schools will be conducted remotely from 2 November. Lessons in compulsory and secondary schools II (gymnasiums and vocational schools) can be given face-to-face.

Quick test

Rapid tests can be used from Monday to determine Covid-19 infection. The Federal Council has decided to introduce them to isolate positive cases faster. He also set new rules for quarantine on Wednesday.

The National Reference Center for Emerging Viral Infections (crive) in Geneva is evaluating the accuracy of this test, which provides a result in 15 minutes. Less sensitive than the virological PCR test, the antigenic test cannot be used for the entire population.

Only people who show symptoms, meet Federal Office of Public Health (OFSP) criteria and who are not part of the risk category may benefit from rapid testing. Symptoms should have appeared less than four days ago.

If the rapid test results are negative, but the person has symptoms, they should be isolated for up to 24 hours after symptoms disappear. A single test did not rule out infection, the government recalled.

Asymptomatic people who have been alerted by the SwissCovid tracking app can also undergo a rapid test. Regardless of the outcome, they must remain under quarantine. If positive, they should also have a PCR test.

The test will be replaced by the Confederation; but only for people who meet the criteria issued by FOPH.

Unlike the virological PCR test, the antigen test does not look for viral genetic material, but for the proteins present in the virus. Analytical techniques are faster and generally do not require special equipment. It is possible to do it in a delocalized way, without a laboratory.

According to first-hand experience, the fact of getting results quickly increases the desire to be tested and tell those around him.

Quarantine

In light of the very high incidence of coronavirus cases in Switzerland, the Federal Council also raised the threshold value to put countries and territories on the quarantine list.

Only countries and territories where the incidence exceeds the incidence in Switzerland by more than 60 will be declared at risk. Those who returned will have to undergo quarantine. This duration is maintained for ten days. People who avoid quarantine can be punished with a maximum fine of 10,000 francs

Exceptions for business travel and people traveling for medical reasons are also adjusted. Currently, this trip cannot last more than five days. This rule was abolished.

Changes took effect Thursday.

Country is at risk

Belgium, Czech Republic, Andorra and Armenia: The Federal Council now classifies only these four countries as well as three zones in France as areas at risk of being linked to the coronavirus. The government has changed the criteria.

The new ordinance will take effect Thursday. Only people entering Switzerland from these four countries will have to undergo a ten-day quarantine. In France, the Hauts-de-France and Île-de-France regions as well as the overseas territories of French Polynesia are of concern.

As of Wednesday morning, 12,099 people were quarantined after arriving in Switzerland. Also on Wednesday, the list of risk areas covered more than sixty countries and many regions in neighboring countries.

New rules

In light of the explosion of cases in Switzerland, the Federal Council decided to change its criteria. Previously, the rule was for countries with more than 60 new infections per 100,000 population in the past 14 days on the list, with the exception of border areas.

According to the new regulations, only countries or regions with an index of 14 days per 100,000 population over 60 are higher than Switzerland on the list. According to the Federal Public Health Office (OFSP), the current value of nearly 763 cases per 100,000 population in Switzerland is significantly higher than in other countries.

Health Minister Alain Berset said last week that it was illogical to include a list of countries and territories that have fewer infections than Switzerland.

(ATS / NXP)

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