WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Half of all eligible Canadians – those aged 12 or over – are now fully vaccinated against COVID-19, according to CTV News. This number represents 44 per cent of the Canadian population, with more than 26 million Canadians receiving their first dose and over 16 million of those receiving their second dose. Despite the encouraging numbers, 4.5 million Canadians aged 12 to 39 have still not received a COVID-19 vaccine dose and the proportion of Canadians fully vaccinated is not enough to reach herd immunity.
– The International Energy Agency (IEA) warned in its monthly report that global oil markets will “tighten significantly” unless OPEC+ agrees to increase production. Saudi Arabia and the United Arab Emirates are at an impasse over how much crude oil should be released for sale, causing oil supply to remain unchanged amid pent-up demand. However, even if OPEC+ resolves its standoff, the IEA believes that OPEC+’s plan for a 400,000-barrel-per-day output is not enough to satisfy demand.
– The United States Consumer Price Index (CPI) jumped by 0.9 per cent in June, the U.S. Labor Department announced today, the largest monthly increase since 2008. Over the past 12 months, the CPI rose by 5.4 per cent, also the largest yearly gain since 2008. COVID-19 vaccines, low interest rates and relief funds helped drive prices, as well as a global semiconductor shortage which raised prices for used vehicles.