By MarketsFarm

WINNIPEG, June 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

There were 40,000 new COVID-19 cases reported in the United States on Friday, which is an all-time high. Arizona, Texas, and Florida have been hit particularly hard. The dramatic increase has been partially attributed to expanded testing procedures. There are about 600 deaths per day due to COVID-19, down from mid-April highs of approximately 2,200 per day.

India has also seen a spike in COVID-19 cases, with cases totalling approximately 500,000 in total. More than 400 deaths were reported in the last 24 hours. The number of COVID-19 cases globally is expected to reach 10 million next week, according to the World Health Organization.

According to the U.S. Commerce Department, consumer spending increased by 8.2 per cent in May, partially recovering record-breaking plunges in March and April. However, the economy is still likely to significantly retract this quarter. Consumer spending dropped by 6.6 per cent in March and 12.6 per cent in April.