Global Markets: Uptick in COVID-19 cases around the world

By MarketsFarm

WINNIPEG, June 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

Germany has imposed new lockdown orders in a district after a spike in COVID-19 cases linked to a meat processing plant. The Australian government has also closed two primary schools in Melbourne following a rise in cases. The European Union will meet in Brussels in July 17 to discuss a global COVID-19 economic recovery package. It will be their first physical meeting since the pandemic began.

Tariffs on Canadian aluminum exported to the United States may be re-imposed, according to some reports. The Trump administration has said if Canada refuses to impose export restrictions, the U.S. will re-impose a 10 per cent tariff on aluminum, implemented by July 1.

Global crude prices have climbed higher due to lower production out of Russia. The country has reportedly curbed exports to multi-year lows in order to keep supplies low. Russia is an ally of the Organization of Petroleum Exporting Countries, which has coordinated supply cuts in order to mitigate global reductions in demand.

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