By MarketsFarm
WINNIPEG, April 28 – The following is a glance at the news moving markets in Canada and globally.
– The United States economy experienced an unexpected contraction in the first quarter of 2022, with the country’s gross domestic product down by 1.4 per cent on an annualized basis. The decline was the first in nearly two years, coming on the heels of solid 6.9 per cent growth in the fourth quarter, according to Commerce Department data. Average market expectations had been for 1.1 per cent growth.
– Beijing will close all schools in the city of 21 million people on Friday, in an effort to prevent a wider COVID outbreak in the Chinese capital and avoid the need to take stricter measures as seen in Shanghai. Three rounds of mass testing are taking place in Beijing, with 50 new cases announced on Thursday.
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– Vaccine-maker Moderna may be the first to gain approval for a COVID-19 vaccine for children younger than six years of age in the U.S., as the company has moved forward with asking U.S. regulators for approval. Currently only children aged five or older can be vaccinated using Pfizer’s vaccine. Pfizer is also expected to be soon applying for approval for its own child-sized shots for younger children.
