Combination of lockdowns and vaccinations critical at this point: Medical officer
The Ontario government is expected to invoke a province-wide “emergency brake” for up to a month to help reverse the rapid rise in COVID-19 cases and hospitalizations, according to CTV News. The move would mean residents wouldn’t be able to gather with anyone outside of their home, indoor dining would remain closed and retail would operate with strict capacity limits. These measures come as provinces across the country struggle to contain the spread of COVID-19. Canada’s top doctor, Theresa Tam, has said the national case counts are now 66 per cent higher than just three weeks ago. On Wednesday, Quebec announced it was moving three cities, including the provincial capital, back into lockdown as of today. Earlier this week, British Columbia also activated new restrictions to help limit the spread of the virus.
OIL AROUND US$60 A BARREL AHEAD OF OPEC+ MEETING
The price of oil is trading around US$60 a barrel ahead of today’s OPEC+ policy meeting. The group is currently curbing output by about 7 million barrels per day to help support prices and reduce oversupply. Demand for oil and fuel has been hit hard by the ongoing global pandemic.
TSX ENDS Q1 UP 7.4%
The S&P/TSX Composite finished the first quarter in 2021 up 7.4 per cent. The top gaining sectors were health care, up 38 per cent and energy, up 19 per cent. There's been broad momentum on the index year to date, with all but two subgroups trading in positive territory at the end of the first-quarter. Canada’s main index ranks 34 among its 92 global market peers with Mongolia leading the pack where its benchmark index soared nearly 80 per cent in the quarter.
OTHER NOTABLE STORIES
- Brookfield Asset Management reached an agreement to acquire the shares of Brookfield Prop]erty Partner it doesn’t already own, taking its subsidiary private.
- Johnson & Johnson has said that a batch of 15 million COVID-19 vaccine doses has failed quality standards and is unusable.
- Notable data: Canadian building permits, U.S. initial jobless claims, ISM U.S. manufacturing index
- OPEC+ ministerial meeting