Global Markets: Stocks tumble in North America, Europe

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Stocks in Europe and in North America are expected to experience a selloff on Monday as investors become more wary of a quick financial recovery due to the COVID-19 Delta variant. Contracts on the S&P 500 and Nasdaq have already dropped by one per cent this morning, while those on the Stoxx Europe 600 index have already declined by 2.5 per cent. The European Central Bank will make a decision on its key interest rate on Thursday.

– The United Kingdom removed most of its coronavirus restrictions on Monday, which the press has dubbed “Freedom Day”. Face masks are no longer required in England and social distancing measures were removed, as well as limits on the number of people attending events. Elsewhere in the U.K., some restrictions are still in place. Despite this, cases topped 50,000 per day last week for the first time since January. Health Secretary Sajid Javid tested positive for COVID-19 on Saturday, which forced U.K. Prime Minister Boris Johnson and Chancellor of The Exchequer Rishi Sunak to self-isolate for 10 days.

– The United States and its allies have accused China of a global cyber hacking campaign earlier on Monday. The U.S. is joined by Canada, Australia, Japan, New Zealand, the U.K., the European Union and NATO. The U.S. Justice Department also announced today that four Chinese nationals were charged for a global hacking campaign targeting companies, universities and government agencies in the U.S. and elsewhere from 2011 to 2018.

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