Global Markets: Powell, Yellen to testify to U.S. Congress

Source: Canadian Cattlemen

WINNIPEG, March 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Stock index futures in the United States declined in early trading on Tuesday as investors await testimony by both Federal Reserve chair Jerome Powell and Treasury secretary Janet Yellen in congressional hearings later today. Investors believe Powell will reiterate his own confidence in an economic rebound while they are listening closely to Yellen regarding the possibility of additional stimulus.

– The U.S. Data Safety and Monitoring Board (DSMB) has expressed concern AstraZeneca used outdated data when measuring its own COVID-19 vaccine’s efficacy. Yesterday, the pharmaceutical company reported 79 per cent efficacy for its vaccine and 100 per cent for seniors. “We urge the company to work with the DSMB to review the efficacy data and ensure the most accurate, up-to-date efficacy data be made public as quickly as possible,” the National Institute for Allergy and Infectious Diseases said in a statement.

– George Weston Ltd. has announced today it will divest from Weston Foods’ bakery division, which includes brands such as Ace Bakery, Wonder and Country Harvest. While the division brought in C$2.1 billion in sales in 2020, the company said in a statement the decision was made after a strategic review conducted by its board of governors. George Weston added that eventual proceeds will go towards share repurchases.