Global Markets: U.S. Presidential count continues

By MarketsFarm

WINNIPEG, Nov. 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

Friday marks the third day of counting votes to determine the 2020 United States presidential election, with mail-in votes in key swing states yet to be counted. Democratic nominee Joe Biden is leading in Pennsylvania, Georgia, Nevada, and Arizona, though margins remain too close to call. Yesterday, President Trump launched a baseless attack on the veracity of the election, claiming his opponents were “trying to steal an election.” Fact-checkers have confirmed this claim is false, as election officials are simply counting legally cast votes.

The Canadian economy added 84,000 jobs in October, marking the sixth consecutive month of growth despite the COVID-19 pandemic. October’s gains pale in comparison to September, when 378,000 jobs were added. U.S. employers added 638,000 jobs to the economy, bringing the unemployment rate to 6.9 per cent.

Italy is shutting down some regions of the country in order to quell the spread of COVID-19. New restrictions call for the closure of nonessential businesses, but are more flexible than the country’s near-total lockdown that lasted 10 weeks in the spring. Italy’s move mirrors those in many parts of Europe where COVID-19 cases are surging again. However, most countries are avoiding the economic carnage of a total lockdown.

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