World Health Organization officials said Friday they are increasing the risk assessment of the coronavirus, which has spread to at least 49 countries in a matter of weeks, to “very high” at a global level. Outside China as of Friday morning, 4,351 cases across at least 48 countries have been confirmed, including 67 deaths, WHO Director-General Tedros Adhanom Ghebreyesus said. About two dozen countries have reported only one case.
Stocks tumbled once again on Friday, adding losses to the market’s worst week since the financial crisis, as worries over the coronavirus and its impact on the economy continue to rattle investor sentiment. Investors are now waiting to see if central banks will start cuttings rates in order to halt the sell offs, however, it will likely be a week or so before such action takes place. The Bank of Canada meets next week as part of its regular schedule, it may pull the trigger rather than wait six more weeks.
Oil prices are still low and so is the Canadian dollar, oil’s impact to the Canadian economy will be significant especially in Western Canada. Expect further weakness on the Canadian dollar.
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