WINNIPEG, Apr. 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Over four million people applied for unemployment benefits in the United States last week, bringing the number of unemployed during the COVID-19 pandemic to total 26.5 million. According to the U.S. Department of Labor, the 4.3 million jobless claims during the week ended April 18 followed 5.34 million the week before. April’s rate of unemployment is expected to be around 20 per cent.
Canadian Prime Minister Justin Trudeau has announced an additional C$9 billion in funding for post-secondary students and recent graduates in the midst of the COVID-19 pandemic. The Canada Emergency Student Benefit will support students who are not eligible for the Canada Emergency Response Benefit. Students will receive C$1,250 per month or C$1,750 if they have dependents or disabilities, from May until August.
Crude oil values have recovered from previous historic lows due to stoked tensions in the Persian Gulf. In a tweet, U.S. President Donald Trump said he has instructed the U.S. Navy to “shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.” Hossein Salami, head of Iran’s Revolutionary Guard, replied: “I have ordered our naval forces to destroy any American terrorist force in the Persian Gulf that threatens security of Iran’s military or non-military ships.” Brent crude oil rose by nine per cent, while West Texas Intermediate (WTI) gained 22.6 per cent.