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Global Markets: COVID-19 spreads, forcing more changes

By MarketsFarm

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

– The spread of COVID-19 continues in Canada as Yukon and the Northwest Territories have reported their first cases late Sunday evening. A Yukon couple who travelled to the United States tested positive, said Yukon’s chief medical officer. The Northwest Territories reported its first case on March 20. The NWT government immediately restricted travel to and from the territory, with the supply chain exempt from the measures. As of Monday morning, Canada has more than 1,470 confirmed cases of COVID-19 and 20 deaths.

– The U.S. Federal Reserve announced on Monday measures to help secure the unprecedented range of credit due to the COVID-19 pandemic. Among the steps the Fed is taking include programs to lend against student loans, credit card loans and U.S. government backed loans to small businesses. Also, the Fed will introduce programs to purchase bonds of larger employers and making loans available to them. “It has become clear that our economy will face severe disruptions,” stated the Federal Open Market Committee in a statement.

– Signs are pointing to the 2020 Olympic and Paralympic Games in Tokyo will likely be cancelled or postponed due to the COVID-19 pandemic. Canada announced on Sunday they won’t send their athletes to the games which are scheduled to start on July 24. Australia said the Games cannot proceed on schedule and should be postponed to 2021. Japan Prime Minister Shinzo Abe acknowledged on Monday the Games could be postponed.

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