Global Markets: Jilin imposes COVID-19 lockdown

By MarketsFarm

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

China’s Jilin city has imposed lockdown measures, which include restricting travel, closing off residential areas, and banning social gatherings after an outbreak of confirmed COVID-19 cases. The first case was reported a week ago, and there are currently 21 active cases.

United States Federal Reserve Chair Jerome Powell said the U.S. economy faces extreme risks that could do significant damage to households and businesses if policymakers don’t intervene. “The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” said Powell at an online event. “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.”

Crude oil prices were near five-week highs following hopes of demand levels bouncing back to pre-pandemic levels as countries around the world ease restrictions. However, clusters of cases are still popping up. Crude oil values are down by almost 60 per cent on the year. The Energy Information Administration has predicted demand for crude oil will fall by 8.4 million barrels per day.

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