Global Markets: Canada’s economy continues to grow

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

– Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew by 0.4 per cent month-to-month in February, compared to economists’ prediction of a 0.5 per cent gain. The report also provided a preliminary estimate for March, a gain of 0.9 per cent, which would be Canada’s 11th straight month of GDP increases. At this rate, Canada’s economy should return to pre-pandemic levels before the end of the year.

– Brazil became the second country to officially surpass 400,000 deaths due to COVID-19 yesterday, with a quarter of those deaths occurring in April alone. Currently, the seven-day average is 2,400 deaths, which is a decline from the 3,100 deaths at its peak. However, only six per cent of Brazilians are vaccinated and epidemiologists fear a third wave in mid-June during the winter.

– In the United States, advance retail sales jumped by 9.8 per cent in March, surpassing Dow Jones’ estimate of 6.1 per cent. In February, sales went down by 2.7 per cent. Sporting goods, clothing and food and beverages led the gains as Americans made good use of recent stimulus cheques. The Labor Department also reported 576,000 new jobless claims for the week ending April 10, the lowest weekly total since the early days of the pandemic.

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