Global Markets: Bombardier, GM restarting plants in Canada

By MarketsFarm

WINNIPEG, May 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Two Canadian manufacturers are resuming production after being shut down due to the COVID-19 pandemic. Bombardier announced on Thursday it is gradually reopen its aircraft and rail operations. General Motors said production at its St. Catherines, Ont. engine plant will resume in a series of stages beginning on May 11.

– The United States Department of Labor reported on Thursday that 3.2 million Americans filed for unemployment benefits for the first time the week ended May 2. Although the weekly amount of first time claims has declined for five consecutive weeks, analysts said the amount of unemployed Americans still shows the U.S. economy remains weak. When continued jobless claims are factored in, total claims rose to 22.6 million.

– A styrene monomer leak and a fire at the LG Polymer plant in Vishakhapatnam, India on Thursday has reportedly killed 11 people, injured approximately 1,000 and forced thousands more to flee. Officials said the gas is not poisonous or lethal but can cause breathlessness and a loss of coherence.

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