Global Markets: Clusters of new COVID-19 cases in China

WINNIPEG, May 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

As countries around the world test varying stages of re-opening measures, China’s health authority said the resurgence in cases of COVID-19 cases in recent days implies that measures cannot be relaxed yet. The country’s lockdown measures were lifted a month ago. Dr. Anthony Fauci, United States director of the National Institute of Allergy and Infectious Diseases, will testify before the U.S. Senate and warn lawmakers of the consequences of reopening the economy too soon.

The border closure between the U.S. and Canada is set to expire on May 21, but many Canadian officials think it’s too soon. British Columbia’s health minister said allowing non-essential travellers across the border “isn’t the right step” at this stage in the pandemic. Ontario Premier Doug Ford echoed the sentiment.
 
Saudi Arabia is imposing austerity measures in light of plummeted global crude oil prices. The measures include suspending a cost-of-living allowance for state employees and raising taxes. “These measures are painful but necessary to maintain financial and economic stability over the medium to long term … and to overcome the unprecedented coronavirus crisis with the least damage possible,” said Finance Minister Mohammed al-Jadaan. Saudi Arabia employs approximately 1.5 million civil servants.
 

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