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Daily Pulse

One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.

Michel Doucet

Michel Doucet
Vice-President and
Portfolio Manager

July 5, 2021

Canada

After nearly 16 months of rigid travel restrictions, Canada is finally starting to loosen the rules -- but only for a specific few. Effective Monday, fully vaccinated Canadians and permanent residents -- those who have had a full course of a COVID-19 vaccine approved for use in Canada -- will be able to skip the 14-day quarantine. Eligible air travellers will also be exempt from the requirement that they spend their first three days in Canada in a government-approved hotel. But the Canada Border Services Agency has a warning: would-be travellers will still be prohibited from entering the country if they were not eligible to travel to Canada before Monday. Travellers must use the ArriveCAN app or web portal prior to departure to log their vaccination details, as well as the results of a negative COVID-19 test that's less than three days old. Anyone who arrived before Monday will still be required to spend a full two weeks in quarantine upon arrival, the agency says.

United States

Americans are celebrating the Fourth of July after the coronavirus pandemic forced the cancellation of most events last year, raising hopes that life is on the road to a semblance of normalcy as cases and deaths from Covid-19 near record lows. The White House has encouraged people to come together and watch fireworks displays to mark the country’s “independence” from the virus. Businesses and restaurants are reopening across the country as restrictions are being relaxed and air travel briefly surpassed 2019 levels at the start of the holiday weekend. President Joe Biden is hosting an Independence Day party on Sunday with 1,000 essential workers and military families on the South Lawn of the White House, marking the first large-scale event held by the president. He delivered remarks on the progress the U.S. has made against the virus. Though the country has made significant progress against the pandemic due to the vaccination rollout, the Fourth of July weekend also comes as U.S. health officials monitor the spread of the Covid delta variant, which is believed to be more transmissible than other strains earlier in the pandemic.

Europe

France might still be in the throes of the coronavirus pandemic as the delta variant spreads rapidly, but officials and business leaders are looking ahead to a period of recovery and reflecting on the wider outlook for France’s political and economic future. “The rebound is very steep, it’s even steeper than last year. So we are quite happy with that,” Agnès Bénassy-Quéré, chief economist at the French Treasury, told CNBC Sunday, pointing to the national statistics office raising its growth forecast for France in 2021 to 6%. “The official forecast is still at 5% for 2021 because we are still cautious about the fall. As you were saying, there is a delta variant, and we have kept some restrictions up to the end of the year. So already in the spring, when this forecast was made, it included some restrictions, light restrictions of the second half of the year. So far, we have not changed this forecast, then we will see what happens when we have to build the 2022 budget,” he said, speaking to CNBC’s Charlotte Reed while attending an economic forum in Aix-en-Provence.

Asia

Oil producer group OPEC will resume talks on Monday with non-OPEC partners, seeking to broker a deal on crude output after the group unexpectedly failed to reach an agreement last week. The energy alliance, often referred to as OPEC+, on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments. It also proposed to extend the remaining output cuts to the end of 2022. The United Arab Emirates rejected these plans, however, blocking an agreement for the second consecutive day to leave oil markets in limbo over the weekend.

Shares of Japanese conglomerate SoftBank Group plunged 5.39% on Monday. The losses came after Chinese regulators claimed SoftBank-backed Didi illegally collected users’ personal data and ordered app stores to stop offering Didi’s app. The move came just days after the ride-hailing giant’s market debut on the New York Stock Exchange. “The app can no longer be downloaded in China, although existing users who had previously downloaded and installed the app on their phones prior to the takedown may continue using it,” Didi said in a Sunday release. The company had earlier announced Friday that it had suspended new user registration in China.

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