Global Markets: U.S. weekly jobless claims increase

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Despite the prospects of a recovering economy after the COVID-19 pandemic, weekly jobless claims in the United States unexpectedly rose for the week ended July 17. Claims for benefits increased by 51,000 to 419,000 in total, exceeding the predicted number of 350,000 by analysts. Even though the number of COVID-19 cases is increasing, economists do not expect large-scale business shutdowns.

– U.S. President Joe Biden picked tech executive David Cohen to be the country’s new ambassador to Canada on Wednesday. Cohen is a lawyer, lobbyist and fundraiser who is currently a senior advisor for Brian L. Roberts, the CEO of U.S. communications giant Comcast. Cohen was also the chief of staff for former Philadelphia mayor Ed Rendell. However, Cohen’s appointment has been criticized as an example of patronage considering his ties to the Democratic Party and lack of diplomatic experience.

– Products are in short supply in supermarkets and some gas stations are closed in the United Kingdom after the nation’s official health app told thousands of workers to self-isolate for 10 days following contact with someone infected with COVID-19. A meat industry body told Reuters on Wednesday that food supply chains “were on the edge of failing” due to lack of labour. Because of the noise the app makes for a notification, the British press has dubbed the matter a “pingdemic”.

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