Global Markets: Moving towards re-opening Canada/U.S. border

Cloud trouble for Fastly, Japan's economy contracts

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Frustration over the closure of the Canada/United States border has been growing in both countries, just as the Canadian government explores a multi-phase approached to re-opening it. Prime Minister Justin Trudeau said on Monday that only fully vaccinated travelers would be permitted to cross, as the summer tourist season is about to kick-off. Reports stated that officials from both countries considered re-opening the border this month, but now July is viewed as more likely.

– Numerous social media, news and government websites came back online on Tuesday after a widespread outage at cloud-based content provider Fastly. A statement from Fastly said, “the issue has been identified and a fix has been applied. Customers may experience increased origin load as global services return.” However, an explanation for the outage wasn’t provided. Among the great many websites that went down were Reddit, Amazon, PayPal, Spotify, Verge, along with CNN, the BBC, the New York Times, the Financial Times, the Guardian and Bloomberg News. Websites for the United Kingdom government and the U.S. White House were also affected.

– The Japanese government stated on Tuesday that the country’s economy shrank 3.9 per cent during the first quarter of 2021 due to the COVID-19 pandemic. However, reports said the contraction was smaller than the 4.8 to 5.1 per cent drop analysts projected. Reduced cuts to public and capital spending helped to ease the decline, which was generated in part by a fall in private consumption. Meanwhile, increases in real wages pointed to a recovery.

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