Global Markets: Coronavirus claims 170 lives

By MarketsFarm

WINNIPEG, Jan. 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Nearly 8,000 people have been diagnosed with the new coronavirus, with over 7,700 reported cases in China. Additional cases have also been reported in nearly 20 countries. Some airlines have temporarily suspended flights to and from China in an effort to quell the spreading virus. The World Health Organization is holding a meeting today to decide if the outbreak should be declared a global health emergency, which could increase coordination between governments.

– United States gross domestic product (GDP) expanded by an annualized rate of 2.1 per cent for the second consecutive quarter, according to data released by the Department of Commerce. Consumer spending decreased to total 1.8 per cent, and business investments were lower than expected as well. However, increases in home building and a narrowing trade deficit supported the GDP growth.

– Oil prices have fallen to three-month lows due to concerns that the coronavirus will impact demand. Several airlines have ceased service to China until the spread of the disease is controlled. The Organization of Petroleum Exporting Countries (OPEC) will move their March meeting up into February in order to address the situation.

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