WINNIPEG, Apr. 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Although cases of COVID-19 are over a million around the world, some world leaders are attempting to return their countries to business as usual. Brazil’s far-right leader Jair Bolsonaro has attempted to loosen quarantine restrictions in order to support the country’s economy. That was resoundingly condemned by Bolsonaro’s Health Minister, other aides, and top military officers. Opposing politicians have proposed impeachment proceedings against Bolsonaro for endangering the public health of Brazilians.
New data from the United States Department of Labor showed U.S. employment had plummeted in early March, before the effects of the COVID-19 pandemic took hold. As of March 12, the unemployment rate was 4.4 per cent. However, that is expected to jump to 10 per cent in the coming months.
Oil futures jumped by over 16 per cent following news of an emergency meeting scheduled for next week for the Organization of Petroleum Exporting Countries and its allies (OPEC+). The cartel will hold a video conference on Monday that is open to all producers, not just members of OPEC+. The goal of the meeting is to agree on a global supply cut totalling 10 million barrels per day.