Author : Rachel Poole
Date : March 6, 2021
Global equities continued falling this week as bond yields ticked up. The S&P 500 and Dow Jones made up losses incurred earlier in the week, ending 0.81% and 1.82% up respectively. On the other hand, the Nasdaq took a beating, ending the week 2.06% down. The US 10-year Treasury note increased to 1.57% from 1.40% last week. The price of a barrel of West Texas Intermediate crude oil increased nearly 8% to $66.36 while volatility, as measured by the Cboe Volatility Index (VIX), remained unchanged, closing at 27.5.
Source: funds-europe.com
The Friday jobs report from the US Labor Department reported optimistic figures for the month of February as the vaccination rates rise and restrictions loosen in several states. The US economy added 379,000 workers to nonfarm payrolls and the U-3 unemployment rate dropped from 6.4% to 6.2%. However, employment is still down more than 9 million jobs from pre-pandemic levels and 18 million people are receiving some sort of unemployment aid.
Source: NBC News
Global Confirmed Covid-19 cases: 116,000,000
Global Covid-19 deaths: 2,580,000
US Confirmed Covid-19 cases: 28,900,000
US Covid-19 deaths: 521,000
*As of Friday evening
Source: Johns Hopkins Resource Center
The European Commission will propose a European Union (EU)-wide digital certification that will provide proof of vaccination. The EC hopes this “digital green pass” will allow the bloc to promote safe travel within the region and abroad. A major issue facing the EU is not just distrust in Covid-19 vaccines but vaccine distrust overall. Only 59% of people in Western Europe trust the safety of vaccines as compared to 79% worldwide, according to a Wellcome Global Monitor survey. The United Kingdom is also debating a Covid-19 vaccine passport to enable citizens to get into grocery stores and bars.
Source: Bloomberg
At least 38 people were killed in clashes between military forces and protesters in Myanmar on Wednesday, marking it the deadliest day since the military seized power on February 1st. More than 1,700 have been detained. as the military cracks down on dissent. Despite international pressure from international and regional leaders, Myanmar’s military continues to crack down on dissent. Yesterday, the US has announced new trade restrictions on the junta and the United Nations Security Council discussed what should be done in response.
Source: CNN
This week both the US and European Union announced sanctions on Russian officials in response to the poisoning and imprisonment of Russian opposition leader Alexey Navalny. A recently declassified US intelligence report found that Navalny was indeed poisoned by Russian agents with a nerve agent last year. The Russian government denies the allegations and rebukes the sanctions, promising reciprocal action.
Source: AP News
President Joe Biden announced the US will have enough vaccines to vaccinate its entire adult population by the end of May. This is largely due to the deal the government has made with Merck, one of the world’s largest drug makers. The US government will provide Merck $270 million to help produce the Johnson & Johnson vaccine, which received FDA approval last weekend.
Source: The Hill
President Biden met virtually with Mexican President Andres Manual Lopez Obrador to discuss cooperation on migration and other issues to improve bilateral relations. Also this week, Secretary of State Antony Blinken spoke with Venezuelan opposition leader Juan Guaido to reaffirm the US’ support in pressuring Nicolas Maduro’s government and facilitating a regime change. The US recognizes Guaido as the country’s interim president.
Source: KTLA
Microsoft announced a new addition to its augmented and mixed reality lineup at its Ignite conference earlier this week. Mesh, a holographic mixed reality platform that runs on the company’s Azure framework, will allow its users to collaborate in a shared virtual space, using 3D avatars to conduct virtual meetings in mixed reality. The company announced plans to open a software development kit for the platform, allowing third-party developers to begin building applications for the platform.
Source: Bloomberg
Oil prices rose about 8% on the week as OPEC and its allies announced they would continue production cuts from January of this year into April. The move reflects rising uncertainty about oil demand, as fears about the sustainability of the market recovery abound. While the International Energy Agency expects demand to recover about 60% of its pandemic-depressed volume, concerns about vaccine efficacy and the overall coronavirus recovery effort have led OPEC to play it safe for the time being.
Source: Al Jazeera
On Monday, the city council of Petaluma, California voted unanimously to stop the creation of any new gas stations in the city, making it the first U.S. city to do so. While existing gas stations will continue to operate, the city hopes the ordinance will encourage citizens to transition to electric and hydrogen vehicles, with the goal of becoming carbon-neutral by 2030. The state of California has announced in 2018 that it intends to become carbon-neutral by 2045, and that it will ban the sale of new gas-powered vehicles by 2035.
Source: Business Insider
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