Global Markets: Canada to unveil travel rules for fully vaccinated residents

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– New measures for Canadian citizens, permanent residents and foreign nationals when they enter Canada will be announced later today. Currently, those without citizenship or resident status can only enter Canada if their travel is related to work, school or essential business. Over the weekend, Canada reached two vaccination benchmarks: 75 per cent of its eligible population received one dose of COVID-19 vaccine and 20 per cent are fully vaccinated. However, restrictions on non-essential travel at the Canada/United States border will remain in place until July 21. Public Safety Minister Bill Blair told CBC News on Sunday the border is unlikely to be fully re-opened until 75 per cent of the eligible population is fully vaccinated against COVID-19. Canada is set to receive 5.2 million COVID-19 vaccine doses this week alone.

– Organizers of the 2020 Olympic Games in Tokyo, which were postponed to next month, are allowing fans to be in the stands during the events. There will be a limit of 20 per cent capacity at the venues or up to 10,000 spectators, whichever is fewer. Fans must be masked, cannot cheer and must return home afterwards. Only Japanese residents are allowed to attend the events. The Olympics has received staunch public opposition in Japan, especially by the medical community, citing the country’s low vaccination rate compared to other developed nations and its overrun medical system.

– The Bank of America stated in a report released today that the price of crude oil will exceed US$100 per barrel by next year, expecting a post-pandemic travel rebound. Trading house Trafigura Group and financial firm Goldman Sachs had already predicted that crude oil would exceed the price next year. OPEC+ nations will meet next week to discuss the option of producing more oil and releasing it into the market.

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