The Bank of Canada will probably brush off the economy’s stronger-than-expected rebound and stick to its narrative of a long and bumpy recovery that will require extraordinary support for years to come. Governor Tiff Macklem pledged in July to keep the central bank’s policy interest rate at 0.25% for at least two more years, and he’ll almost certainly reiterate that commitment in a decision due at 10 a.m. Wednesday in Ottawa. That’s along with a promise to purchase at least C$5 billion ($3.8 billion) a week in Canadian government bonds to keep borrowing costs low across the yield curve, and to provide even more stimulus if needed.
AstraZeneca Plc stopped giving shots of its experimental coronavirus vaccine after a person participating in one of the company’s studies got sick, a potential adverse reaction that could delay or derail efforts to speed an immunization against Covid-19 for the world. The pause stemmed from a standard review of the company’s vaccine trials after one person developed an unexplained illness, AstraZeneca said in a statement. The move was intended to give researchers time to examine safety data while maintaining the integrity of the trials, the company said. The vaccine, which AstraZeneca is developing with researchers from the University of Oxford, has been viewed as one of the leading candidates to reach the market.
General Motors Co. shares rose to a more than six-month high after it took a $2 billion equity stake in startup Nikola Corp. and agreed to manufacture a new electric- pickup model. In a bid to diversify the Detroit-based automaker’s alternate-fuel vehicle strategy, GM will contribute technology and manufacturing in exchange for an 11% stake in Nikola and board seat, according to a statement Tuesday. GM is not committing any cash to the deal.
New York Governor Andrew Cuomo said colleges with more than 100 Covid-19 cases may have to switch to remote learning. The state health department is issuing regulations to require colleges to notify the state when they have 100 cases in two weeks.
The European Central Bank says some lenders still haven’t done enough to beef up their European Union operations before the Brexit transition phase expires at the end of the year. Some banks need to make more progress in moving staff and assets to their EU units, an ECB spokeswoman said in a statement
India’s fatalities from coronavirus infections are creeping up after the country surpassed Brazil to have the world’s second-highest number of cases. India has reported more than 1,000 deaths from Covid-19 for eight consecutive days. That’s higher than the daily death toll in other hard-hit nations like the U.S., Brazil, Russia and Mexico. With almost 74,000 virus-related deaths, India has the world’s third-most people killed by the virus.