Global Markets: U.S. now leads world in COVID-19 cases

U.K. PM announces he has COVID-19

By MarketsFarm

WINNIPEG, March 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The United States surpassed Italy and China on Thursday as the country with the most reported cases of COVID-19. As of Friday morning, the U.S. had approximately 86,000 cases and more than 1,300 deaths, according to Johns Hopkins University. President Donald Trump has faced sharp criticism, for downplaying the severity of the pandemic. Trump suggested social distancing measures could end as early as April 13. Meanwhile, U.S. Surgeon General Dr. Jerome Adams stated on Friday that Detroit, Chicago and New Orleans could be the next hotspots for the pandemic.

– United Kingdom Prime Minister Boris Johnson announced on Friday that he has tested positive for COVID-19. This comes a day after the prime minister was answering questions in the House of Commons. In a video message posted to Twitter, the 55-year-old Johnson said he developed symptoms later that evening. The PM stated he will continue working, but could delegate his duties to Foreign Secretary Dominic Raab. Home Secretary Matt Hancock also has COVID-19. There have been almost 12,000 reported cases of COVID-19 in the U.K. with about 580 deaths, according to Johns Hopkins University.

– The pandemic has led to numerous market shifts around the world, including in-store egg prices in the U.S. hitting record highs of more than US$3.10 per dozen due to strong consumer demand. Meanwhile, lean hog prices on the commodities market dropped three cents per pound as consumer demand has sharply waned. Elsewhere, Vietnam announced it’s stockpiling 270,000 tonnes of rice. India’s 21-day lockdown has greatly impeded the movement of agricultural goods from the farms to the stores, causing widespread shortages. In Ukraine, bakers asked the government to restrict grain exports as bread prices there could jump 15 to 20 per cent.

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