Global Markets: Coronavirus spreading in China, other countries

By MarketsFarm

WINNIPEG, Jan. 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Six people have died from a coronavirus outbreak in China with more than 300 confirmed cases as of Tuesday. The coronavirus hasn’t been contained to Wuhan and is spreading throughout China with cases reported in Shanghai, Beijing, and Chongqing as well as Zhejiang province. The situation could be made worse as the country prepares to celebrate the Lunar New Year on Jan. 25. Outside of China coronavirus has been reported in Thailand, South Korea, Japan and Taiwan.

– United States President Donald Trump was center stage at the World Economic Forum in Davos on Tuesday. Trump took credit for the improving U.S. economy as he railed against the U.S. Federal Reserve, climate change and his impeachment trial in the U.S. Senate. While at Davos, the U.S. president is expected to have one-one-one meetings with several world leaders as well as gatherings with business leaders. Trump’s agenda didn’t include meetings with forum attendees such as climate activist Greta Thunberg or Ukrainian President Volodymyr Zelenskiy.

– Statistics Canada released its manufacturing sales report for November, which showed a 0.6 per cent drop to C$57 billion. Economists had predicted a decline of 0.2 per cent. The report noted sales were down in 11 of 21 industries, including those in primary metal, chemical and food. There were increases in transportation and fabricated metals. Non-durable goods slipped 1.3 per cent while durable goods went unchanged.

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