Global Markets: Demonstrations achieving economic disruption

COVID-19 deaths, cases spike in China

By MarketsFarm

WINNIPEG, Feb. 13 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Demonstrations across Canada impeding rail traffic appear to have achieved their goal of disrupting the country’s economy. Dozens of protests across Canada have stopped or slowed hundreds of freight and passenger trains on a daily basis. In turn this has adversely affected ports in Vancouver, Prince Rupert, Montreal and Halifax, according to reports. The protests have been in support of the Wet’suwet’en Nation, who are opposed to the Coastal GasLink pipeline crossing their traditional territory in British Columbia. Perrin Beatty, the CEO of the Canadian Chamber of Commerce, took issue with demonstrations, telling CBC News “it’s damaging our international reputation as a reliable supplier.” Beatty called on the federal government to end the demonstrations.

– There’s been a spike in deaths from the coronavirus in the China. China’s National Health Commission said 254 people died on Wednesday from COVID-19, the illness cause by the coronavirus, which brought the death toll to 1,367. Also, there were 15,152 newly confirmed cases in China, which pushed the total number to almost 60,000. That spike was largely due to a new method to diagnose COVID-19. However, the numbers of deaths and new cases was set to have a negative effect on global commodity and stock markets on Thursday.

– United Kingdom Prime Minister Boris Johnson shuffled his cabinet following an argument with Chancellor of the Exchequer Sajid Javid. The dispute was said been over Johnson’s demand Javid fire his five special advisors, according to the BBC. Javid was replaced by Rishi Sunak, who had been the Chief Secretary to the Treasury. Johnson also fired Attorney General Geoffrey Cox and Northern Ireland Secretary Julian Smith.

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