Coronavirus contagion fear spreads across global markets, roiling loonie, oil
The Chinese coronavirus outbreak could dent Canada’s economy just like the severe acute respiratory syndrome that killed nearly 800 people in 2002-03 and cost the global economy billions, according to Scotiabank.
Global oil prices might drop 4 per cent on weaker demand from tourism and air travel, it said. The impact on China’s GDP could be about 1 per cent, about the same as the 2003 event, the bank said. Air Canada slipped for a fifth day, taking its plunge to about 12 per cent over that stretch, the biggest drop since June 2016. The airline reported quarterly losses during the 2002-2003 SARS epidemic as travellers avoided Toronto.
The outbreak’s impact on the Canadian economy will likely reinforce some trends in slackening demand and strengthen forecasts the Bank of Canada will cut interest rates this year, perhaps twice to 1.25 per cent from 1.75 per cent, Scotiabank said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian officials now focusing on containing spread of coronavirus and reassuring public that risk is lowHealth officials are now racing to identify and contact individual passengers to speak to them about the risks and to take precautions
Read more »
Coronavirus Q&A: Common symptoms and everything else Canadians should knowThe World Health Organization stopped short of calling coronavirus a global health emergency last week, while officials here have said Canadians are at low risk of contracting the illness.
Read more »
‘Sell first, ask questions later’: Stocks suffer biggest plunge in 4 months as coronavirus spreads‘Sell first, ask questions later’: Stocks tumble around the world as coronavirus spreads
Read more »
Pregnant Canadian woman stuck in Wuhan, China, coronavirus epicentreA teacher who is living with his pregnant wife and child in a city that is at the epicentre of China's coronavirus outbreak is hoping to get his family out safely.
Read more »
More Canadian cases of coronavirus 'would not be unexpected': officialsWhile stressing that the risk of the new coronavirus being spread from one person to another in Canada remains low, federal health officials say Canadians should not be surprised to hear of more individual cases within the country.
Read more »
Experts downplay coronavirus fears despite Canada's first 'presumptive positive' caseIn the wake of the announcement that Canada has confirmed its first 'presumptive positive' case of coronavirus, health officials and experts are downplaying the severity of the virus, suggesting most cases could be mild.
Read more »