Мария Давыдова

News - Davydova Maria

BOJ makes no monetary policy change, gives weak inflation estimate

The Bank of Japan (BOJ) made no change in its monetary policy settings on Thursday. The central bank also slashed its consumer inflation forecast for the year until March 2022. During the two-day rate review that ended on Thursday, the BOJ kept its short-term interest rate target at -0.1% and its 10-year bond yields at […]

UK consumers warned of pre-Christmas price increases

British retailers saw the smallest year-on-year drop in their average selling price of goods since the pre-pandemic period and announced pre-Christmas price increases on Wednesday. Shop prices climbed 0.4% in October, according to the British Retail Consortium (BRC). The latest figure was 0.4% lower than last year’s reading, touching the weakest year-on-year drop since January […]

China’s industrial profit surges in September

Despite increasing prices and supply disruptions, China’s industrial firm profits surged at a quicker rate in September.  The increase was attributed to a growth in mining and raw material industries amid some firms’ challenge with higher costs. Based on the data from the statistics bureau on Wednesday, profits surged 16.3% to 738.74 billion yuan, sharply […]

China vows to “clean up and rectify” coal storage sites

China announced that it will conduct “clean up and rectification” work on coal storage sites in some of the country’s coal-producing areas and ban storage sites without approval. The announcement is the latest in China’s move to tackle soaring coal prices. The National Development and Reform Commission (NDRC) stated on Tuesday that there were several […]

Oil climbs to multi-year highs over tight supply, solid demand

Oil prices went up on Monday, extending their pre-weekend gains and reaching multi-year highs amid a tight global supply and solid demand in the U.S. and other regions as economies bounced back from pandemic-induced recessions. Brent crude futures edged up 0.8%, or 71 cents, to $86.24 per barrel. The contract earlier climbed to its highest […]

China coal futures sink further

China’s thermal coal futures plunged about 13% on Friday, extending their losses since Tuesday when Beijing announced its plan to step in to ease the commodity’s rising prices and help electricity producers get out of a widespread energy shortage. Zhengzhou Commodity Exchange’s most active thermal coal futures fell to 1,384 yuan per ton by 1130 […]

European stocks decline on Evergrande impact; quarterly results mixed

European shares have declined Thursday, caused by distressing sentiment on worries that have resurged from China’s property sector and mixed quarterly results. The pan-European STOXX 600 index slipped by 0.4% at 0710 GMT, plunging from its highest level in the past 6 weeks. Asian stocks likewise suffered a decline due to the news of the […]

Declines in European stocks seen; Kering, ASML’s results drag shares

European shares slipped even lower on Wednesday when reports of underwhelming earnings were made public from French luxury group Kering and Dutch semiconductor company ASML obscuring notable results from Nestle and other companies. The pan-European STOXX 600 index declined by 0.1% on 0710 GMT, despite Asian peers tracking a strong finish on Wall Street. Kering […]

Australian economy to recover in Q4, rate hike in 2024

The Reserve Bank of Australia sees an economic recovery in the fourth quarter. However, possible interest rate hike was not  expected until 2024. Minutes of the central bank’s policy meeting on October 5 showed that the projected recovery would be weaker than last year’s progress as lockdowns were lifted in New South Wales and Victoria. […]

Dollar falls as U.S. data disappoint

The dollar dropped on Tuesday morning in Asia, hovering close to its previous range. The decline was attributed to weaker-than-expected United States’ factory data and investors’ expectations for an earlier monetary policy tightening in other countries. The U.S. Dollar Index that measures the greenback against other major currencies fell 0.23% to 93.727 by 11:44 PM ET (3:44 […]

New Zealand’s inflation worsens in Q3

New Zealand’s Consumer Price Index (CPI) surged at the quickest rate in over a decade in the third quarter. The increase was attributed to housing-related costs and other supply constraints. The latest data released on Monday showed CPI’s growth of 2.2%, higher than the second quarter’s 1.3% rise. The recently released figure was the strongest […]

Gold down, poised for weekly gain

Gold fell on Friday in Asia but was still on track for its best week in over five months. The greenback and U.S. Treasury yields’ losses also mitigated the yellow metal’s decline even as the U.S. Federal Reserve prepares for the start of asset tapering. Gold futures dropped by 0.11% to $1,795.95 by 11:55 PM […]

Asian shares climb on Wall Street; Chinese economy worries burden gains

On Friday, Asian shares climbed, painting a pleasant picture on Wall Street after a set of solid U.S. corporate earnings. While this is the case, the matter stands that fears regarding the Chinese economy have placed caps on potential gains. Oil prices have reached multi-year highs, slowing down growth in North Asian energy-importing markets. However […]

Abenomics architect urges $290 billion stimulus package creation

Japan must come up with an economic stimulus package worth at least 32-33 trillion yen ($282-$290 billion) to soften the impact of the COVID-19 pandemic, a senior ruling party official close to the Japanese Prime Minister Fumio Kishida stated on Thursday. Such large-scale spending would be required to fill Japan’s output gap and reach the […]

Indonesia’s exports seen to stay robust in September, trade surplus to weaken

Exports in Indonesia were expected to remain strong in September, lifted by high commodity prices. However, growing imports would likely hit the country’s trade surplus. Exports were projected to climb 51.6% year on year in September, less than a 64.1% growth recorded in August. The calculation was based on the average prediction of 17 analysts […]

Dollar drops, Fed taper expectations limit loss

The dollar declined but stayed close to a one-year high on Wednesday morning in Asia. Investors’ expectations on the United States’ Federal Reserve’s start of asset tapering in November 2021 and possible interest rate hikes in 2022 narrowed the safe-haven currency’s loss. The U.S. Dollar Index that measures the greenback against other major currencies dropped 0.20% to […]

New Zealand reports lower budget deficit in June

New Zealand reported an improvement in its government finances on Tuesday. The development was owed to the country’s quick economic rebound. However, a new COVID-19 outbreak poses a risk on its recovery momentum. The New Zealand Treasury’s budget deficit stood at NZ$4.6 billion ($3.2 billion) in June. This was lower than a shortfall of NZ$15.1 […]

Gold up, investors eye Bostic comments, Fed minutes

Gold went up on Tuesday in Asia after trading flatly durig its early session. The greenback also edged up over expectations that the U.S. Federal Reserve will start asset tapering in November this year. Gold futures jumped 0.16% to $1,758.55 by 11:36 PM ET (3:36 AM GMT). The dollar, typically moving inversely to gold, inched […]

Fears of stagflation stump global shares

Investors all over are caught in fears of stagflation which had caused inertia in global shares on Monday as bet that major banks tighten monetary policy encouraged bond yields and propped up the dollar to a near three-year peak versus the Japanese Yen. Brent oil prices went on their bullish run to reach a stop […]

Gold down ahead of U.S. data

Gold edged lower on Friday in Asia but remained steady as investors held back from making big bets ahead of the latest U.S. jobs report. Gold futures dipped 0.03% to $1,758.60 by 12:22 AM ET (4:22 AM GMT), down about 0.3% so far in the week. The dollar, typically moving inversely to gold, moved up […]

Dollar recovers, places below one-year high

The dollar rose on Friday morning in Asia but below a one-year high following an improvement in risk appetite. Meanwhile, the Australian dollar hovered near a three-week high after gaining 0.55% versus the U.S. dollar. The U.S. Dollar Index that measures the greenback against other major currencies climbed 0.01% to 94.233 by 10:37 PM ET (2:37 […]

New Zealand raises interest rates, hints more to follow

The Reserve Bank of New Zealand (RBNZ) raised its interest rate for the first time since July 2014 on Wednesday. The central bank also hinted at more policy tightening as it seeks to contain inflationary pressures and calm the country’s surging property market. The RBNZ increased the cash rate to 0.50%, as predicted by all […]

Oil down amid tighter market

Oil edged lower on Wednesday in Asia, but West Texas Intermediate (WTI) futures reached their highest level since 2014 as a global energy crunch continues to tighten the crude, natural gas, and coal markets. Brent futures were also held back by concerns over remaining supply, while the commodity mulled over a decision from the Organization […]

Japan’s Yamagiwa assures economic support for country

New economy minister Daishiro Yamagiwa reassured on Tuesday that the Japanese government will take all necessary measures to support the country’s economy, which has been hit hard by the COVID-19 pandemic. Yamagiwa, one of the new members of newly elected Prime Minister Fumio Kishida’s cabinet, told reporters during his first news conference that he is […]

Japan’s outgoing finance minister pushes for inflation target cut

On Monday, Japan’s outgoing finance minister, Taro Aso shared that he suggested the central bank slash its 2% inflation target. This came as the oil price slump from 2014 to 2015 took its toll on prices. Aso said the oil price slump was one of the factors behind the government’s reluctance to officially end deflation. […]

Asian shares down as Evergrande debacle persist

Asian shares dropped on Monday amid worries over China’s property sector and inflation concerns. These uncertainties clouded upbeat U.S. data and positive news on new drugs that could help fight against COVID-19. Trading in shares of the overleveraged China Evergrande was put on hold when the property giant missed a key interest payment on its […]

Dollar rises, investors await key inflation data

The dollar was up in early European trade on Friday, on track for its best week since June.  The U.S. Dollar Index that measures the greenback against other major currencies climbed 0.1% to 94.315 by 2:55 AM ET (0755 GMT). The USD/JPY pair declined 0.1% to 111.16, and the EUR/USD pair dropped to 1.1579. The […]

Petrobras profit could be used against rising fuel price: Bolsonaro

Brazilian President Jair Bolsonaro stated on Thursday that the profits from state-run oil firm Petrobras could be used to soothe the country’s rising fuel prices, among other options for confronting higher prices. Fuel prices have become a heated issue in Brazil as the country’s inflation grew, with Petrobras’ recent CEOs being forced out over the […]

Dollar falls amid Fed taper preparation

The dollar performed poorly on Thursday morning in Asia but hovered near a one-year high. This came as the United States’ Federal Reserve prepares for its asset tapering in November 2021. The U.S. Dollar Index that measures the greenback against other major currencies declined 0.07% to 94.287 by 11:38 PM ET (3:38 AM GMT). The USD/JPY pair […]

Oil drops following surprise build

Oil prices dropped on Thursday, extending losses following a surprise build in U.S. inventories. Prices now appear to have stabilized after the recent run of gains. Brent crude lost 11 cents at $78.53 a barrel by 0137 GMT after shedding 0.6% on Wednesday.  U.S. oil also declined by 5 cents at $74.78 a barrel, having […]

Taiwan may benefit from China power crisis: Central Bank

Taiwan may stand to make gains from orders being shifted to the country if the power curbs in China lead to exports being impacted, Taiwan Central Bank Governor Yang Chin-long stated on Thursday. The world’s engine of economic growth is struggling with power cuts and electricity rationing after the combination of tight coal supplies, stricter […]

Britons grapple with high cost of living

British citizens’ financial situation has deteriorated for the first time in more than a year, according to a survey released on Wednesday. This came as inflation raises the cost of living. The Household Finance Index published by Scottish Widows decreased to 44.0 this quarter from 44.7 in the previous period. The last time the index […]

Gold up, remains near seven-week low

Gold climbed up on Thursday in Asia but stayed near a seven-week low. The greenback hovering near a ten-month high and increasing U.S. Treasury yields also put pressure on the yellow metal, with expectations of a sooner-than-expected hike in interest rates. Gold futures jumped 0.20% to $1,741.05 by 11:48 PM ET (3:48 AM GMT), after […]

China’s factory profits weaken, power crisis threatens production

China’s industrial firms’ profit growth weakened for six straight months due to high commodity prices, COVID-19 outbreaks, and shortages of parts such as semiconductors. An emerging power crisis poses a risk to output and bottom lines. Figures from China’s statistics bureau on Tuesday showed profits increased 10.1% in August to 680.3 billion yuan ($105 billion). […]

Dollar, yen decline as China Evergrande concerns subside

The dollar performed poorly on Monday morning in Asia, while the yen touched its weakest rate in almost three months. The U.S. Dollar Index that measures the greenback against other major currencies declined 0.12% to 93.222 by 12:11 AM ET (4:11 AM GMT). The USD/JPY pair plunged 0.14% to 110.56. The AUD/USD pair nudged 0.32% higher to 0.7281, and […]

Japan may need more time for fiscal 2025 target, finance minister says

Japan’s budget aim of establishing a primary balance surplus by fiscal 2025 may take longer than expected, Finance Minister Taro Aso said on Tuesday.  Aso said Japan’s tax income has increased despite the pandemic’s impact on a weak economy, making the budgetary picture difficult to predict. The finance minister also said he had no clue […]

Asian markets struggle amid Evergrande concerns

Global stock markets were confronted with fears of contagion on Tuesday, fueled by worrisome developments at China Evergrande. Investors fled riskier assets as risks that the property giant could default on its debt pile continued to increase. Asian markets wobbled in volumes assuaged by public holidays in China, Taiwan, and South Korea. Hong Kong’s Hang […]

Oil falls as dollar, rig count rises

Oil prices dropped on Monday, prolonging Friday’s losses as the greenback soared to a three-week high and the U.S.’s rig count went up. However, almost a quarter of the U.S. Gulf of Mexico production remained closed following the devastation of two hurricanes. Brent crude futures edged down 0.6%, or 48 cents, to $74.86 a barrel […]

Dollar rises as investors await new policy decision from various central banks

The dollar performed well on Monday morning in Asia. However, it recorded limited gains due to closed key Asian markets and the anticipated policy decision from several central banks, including the United States’ Federal Reserve this week.  The U.S. Dollar Index that measures the greenback against other major currencies tallied an increase of 0.06% to 93.282 by […]

Asking prices for UK homes surge as demand rises

Asking prices for houses in Britain kept increasing this month as buyer demand hugely exceeded the supply of houses in the market, property website Rightmove reported on Monday. A survey conducted by Rightmove in September highlighted a rise of 0.3% in asking prices, touching a new record high of 338,462 pounds ($466,671). This followed a […]

Japan revises Q1 GDP on smaller hit to domestic demand

Japan’s economy contracted less than initially recorded in the first quarter on smaller cuts to plant and equipment spending. However, the impact of the coronavirus pandemic took a toll on overall demand. Asia’s second-largest economy plunged by an annualized 3.9% in the first quarter of 2021, not as bad as the initial reading of a […]

Australia posts upbeat business activity in May

Australia’s gauge of business activity had posted another increase to reach a historic peak in May. The jump was attributed mainly to upbeat sales, profits, and employment, which only indicates the country’s stability to withstand coronavirus restrictions in Victoria. The country’s index of business conditions gained 5 points to see a 37 reading in May. […]

Gold dips as investors digest soft U.S. jobs data

Gold dipped on Monday trade in Asia as investors saw a weaker-than-expected U.S. nonfarm payrolls data released last week which eased concerns that the Federal Reserve would tighten its present dovish monetary policy. Gold futures fell 0.12% to $1,889.75 by 12:04 PM ET. The dollar, which usually moves inversely to gold, soared on Monday while […]

Asian shares plunge on inflation prospects

Asian share markets traded weakly as they followed Wall Street’s overnight decline on Friday. The subdued performance was owed mainly to a strong U.S. rebound, with investors’ sentiment heavily dampened by the prospect of higher inflation and the Federal Reserve’s taper talks. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3%, while Japan’s benchmark […]

Asian shares ease as U.S. payrolls dampen market mood

Asian share markets placed below a three-month through, with China performing a shade weaker as investors grew cautious ahead of key U.S. figures. Meanwhile, crude prices tallied an upbeat session, putting oil indexes near their historic highs. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.3% increase. With a total of 711 points, […]

Taiwan seals $15.2 billion fresh funding to cushion COVID-19 impact

A total of T$420 billion ($15.20 billion) in fresh stimulus spending was approved by Taiwan’s parliament on Monday in a bid to lift the country’s economy after the COVID-19 pandemic drag. A surge in coronavirus cases has prompted Taiwan to reinstate restrictions, limiting personal gatherings and shutting entertainment venues while it tries to accelerate its […]

ECB Anticipated To Extend Elevated Pace of Bond-Buying

Economists and investors highly expect the European Central Bank to keep its emergency bond-buying current level despite a zooming economic recovery underway. HSBC Holdings Plc, UBS Group AG, and ABN Amro Bank NV are among the financial institutions that expect the Governing Council to extend its current stimulus settings on June 10. Economists surveyed before […]

Japan’s unemployment rate exceeds forecast, prices fall as pandemic continues to hurt economy

In an interview regarding the rate of joblessness in Japan, Tom Learmouth, an economist at Capital Economics was quoted saying: “Job offers may have dipped again in May due to the third round of emergency declarations. That may further hold back the recovery in employment,” He then adds, “But further ahead we still expect both […]

Salesforce sets higher annual revenue, profit forecast

Salesforce.com Inc had set a higher outlook for its year-on-year revenue and profit. It also reported better-than-expected quarterly revenue after a pandemic-driven shift to remote work boosted demand for the company’s cloud-based software. Salesforce placed its annual revenue forecast between $25.90 billion and $26.00 billion. As for its profit, it expects a year-on-year profit between […]

European stocks higher as central banks vow to ease monetary policy

European stock markets performed in an upbeat manner on Wednesday, almost hitting all-time highs as many central bank officials vowed to keep monetary policy relaxed despite recent indications of an inflation rise. The pan-European STOXX 600 index improved 0.3% by 0711 GMT. Germany’s DAX gained 0.4%. France’s CAC 40 added 0.3% and UK’s FTSE 100 […]

Oil inches into one-week high as Iran glut weakens

On Tuesday, prices of oil slipped, but had inched near one-week highs after its sudden climb of more than 3% in a prior session as investors mitigated expectations of Iran’s early return to international crude markets. Brent crude saw a decline of 3% or 20 cents, with it being left at $68.26 per barre at […]

European stocks hit record high as German property deal, tech rally

European stocks posted new record highs on Tuesday as Germany’s biggest property developers merged for a billion-dollar bill and technology shares rallied over brighter investor sentiment after digesting soothing comments on inflation. The pan-European STOXX 600 index edged up 0.3% to an all-time high of 446.47 points after breaching its early-May peak of 446.19. Germany’s […]

Singapore economy recovers on better-than-expected Q1 GDP

Singapore’s economy grew bigger than what was initially expected in the first quarter, with the government maintaining its growth outlook for the year. However, the city-state remained cautious as uncertainties brought about by the coronavirus pandemic still lurk. Gross domestic product (GDP) posted a 1.3% annualized increase in the first quarter, the Ministry of Trade […]

Bitcoin punches its way out of a Sunday slump

Cryptocurrency titan, Bitcoin finally fights back after a troublesome Sunday session come Monday. The weekend had seen further signs of a Chinese crackdown on the crypto market. Bitcoin had been seen last on a positive position at 8.8% to $37,766, which had done away with losses of 7.5% the day before. However, it is still […]

European stocks close in on record high

The pan-European STOXX 600 index gained 0.2% to 445.10 points on Monday, hitting near its record high of 446.19 points. The STOXX 600 closed the week marginally higher on Friday despite pressing inflation concerns as a survey showed euro zone business growth increased at its fastest pace in over three years in May. Other parts […]

Asian shares advance on easing inflation fears

Asian share markets recorded a positive performance on Friday, putting the region on course for its weekly gain. Investors’ enthusiasm could be attributed to easing inflation fears and the prospect of an early tapering of stimulus by the Federal Reserve. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6%, while Japan’s benchmark index Nikkei […]

Japan’s consumer prices drop on cellphone fee reduction

Japan’s core consumer prices declined further, tallying their ninth consecutive month of contraction in April. The drop could be attributed to fee reductions in cellphones that heavily offset surging energy prices. This, in turn, suggested that frail demand and upbeat costs will likely drag the country’s economic recovery. The core consumer price index (CPI) recorded […]

Resurgence of COVID-19 infections weighs Oil down for third day, U.S. stockpiles

Thursday saw Oil prices fall following a slump in the previous session with U.S. stockpiles rising adding to worries that this would hit demand from the surge of COVID-19 cases within Asia and potentially, U.S. rate hikes. Brent crude is hit with its decline by 0.1% (6 cents), now priced at $66.60 per barrel (0141 […]

New Zealand lifts welfare benefit rates amid rapid economic rebound

New Zealand raised welfare benefit rates on Thursday and vowed to produce billions of dollars more to address rising inequality in its annual budget, as the country forecast smaller deficits and a rapid economic recovery from the coronavirus pandemic. New Zealand’s 2021 budget allocated big funds towards increasing the weekly benefit rates by up to […]

Asian shares, bitcoin decline on inflation concerns

Asian shares performed weakly as cryptocurrencies dropped lower on Wednesday. This came after investors’ risk appetite was dampened by inflation-driven uncertainties. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.3% drop. China’s CSI300 dropped 0.6%, while Japan’s benchmark index Nikkei shed 1.1%. Hong Kong and South Korean markets were closed for a holiday. […]

Oil climbs as U.S., Europe reopen economies

Oil prices rose on Tuesday as hopes for a strong fuel demand recovery after U.S. and European economic reopenings offset worries over increasing COVID-19 cases in Asia. Brent crude oil futures climbed 0.3%, or 19 cents, at $69.65 per barrel, while U.S. West Texas Intermediate crude rose 0.3%, or 18 cents, at $66.45 per barrel. […]

Dollar climbs on new Asia coronavirus restrictions

The dollar rose on Monday amid renewed worries over COVID-19 restrictions in Asia, but investors are betting the greenback to fall as the Fed maintains dovish rates. The dollar rose 0.3% against the Aussie and 0.4% against the kiwi as commodity prices fell over new COVID-19 outbreaks in Taiwan and Singapore. The greenback firmed at […]

European stock markets rise as Fed officials downplay inflation concerns

European stock markets followed Wall Street’s overnight rally Federal Reserve’s officials fended off growing inflation concerns among investors. Germany’s DAX futures contract was up 0.1%. The FTSE 100 futures contract in the U.K. improved by 0.4%. CAC 40 futures in France jumped 0.6%. On Thursday, all three major U.S. stock indexes posted massive gains, recovering […]

Gold dips as record-low jobless claims, higher-than-expected producer prices turn investors away

Gold was lackluster on Friday in Asian trade as investors digested a record low number of jobless claims and a higher-than-expected Producer Price Index, unable to capitalize on declining US Treasury yield. Gold futures loss 0.07% to $1,822.80. Coming from a more than one-month high hit on Thursday, the Benchmark U.S. 10-year Treasury suffered from […]

Oil climbs on drop in U.S. oil stockpiles, solid demand outlook

Oil prices climbed on Wednesday, extending gains accumulated overnight after industry data showed a decline in U.S. crude stockpile. This reinforced OPEC’s upbeat demand outlook and as the shutdown of Colonial Pipeline headed into the sixth day. U.S. West Texas Intermediate crude futures gained 0.3%, or 21 cents, at $65.49 per barrel, following a 36-cent […]

Dollar falls against commodity currencies on extended sentiment

The dollar fell against commodity currencies on Tuesday on expectations for additional gains in the price of oil and metals. Against the loonie, the dollar stood at 1.2097, near its lowest in over three years. The dollar also fell to a near two-week trough against the Mexican peso. The Aussie climbed to $0.7836, close to […]

Oil slides on easing of pipeline outage concerns

Oil prices dropped on Tuesday as worries of prolonged outage in Colonial Pipeline, the United States’ biggest fuel pipeline system faded, while several U.S. Gulf Coast refiners slashed production. U.S. West Texas Intermediate crude futures were down 0.94%, or 61 cents, at $64.31 per barrel, following a 2-cent gain on Monday. Brent crude futures fell […]

Dollar hovers near two-month low on payrolls shock

The dollar hovered near a more than two-month low against major peers on Monday as investors continued to assess the implications of a downbeat U.S. employment report on monetary inflation.  The dollar index traded at 90.178, after falling to as low as 90.128, its weakest since Feb. 26. The pound rose 0.3%, climbing as high […]

Gold shines as dollar, Treasury yields pulled down by positive U.S. economic data

Gold shone brightly on Friday trade in Asia, concluding the week near to a two-and-a-half-month high. The dollar fell to its lowest in a week and the U.S. Treasury yields dropped near its two-week low as investors digest encouraging U.S. economic data. Gold futures gained 0.28% to $1,820.85 as the dollar, which moves inversely to […]

Oil climbs on upbeat China, U.S. economic data

Oil prices rose after a 1% decline in the last session on positive economic data from China and the United States even as the worsening COVID-19 crisis in India capped prices. Brent crude futures for July contract rose 0.6%, or 38 cents, at $68.47 per barrel. U.S. West Texas Intermediate crude for June delivery was […]

U.S. private payrolls reach historic peak in seven months

U.S. private payrolls reached their highest level in seven months in April. The expansion was mainly from an increase in production brought about by surging demand. This indicated that the economy was gaining tighter momentum on the government’s fiscal aid and coronavirus vaccinations. The country’s private payrolls recorded a 742,000 increase in April, the sharpest […]

Oil rises on steep U.S. crude stocks drop

Oil prices climbed almost 1% on Wednesday, extending overnight gains after industry data showed U.S. crude inventories slid more than expected last week. The decline reinforced bullish views on fuel demand in the United States. U.S. West Texas Intermediate crude futures rose 0.9%, or 60 cents, at $66.29 per barrel, after rising to $66.45, its […]

Lyft posts sustained profit on cost cuts, upbeat demand

Lyft Inc posted better-than-expected profits on Tuesday. More so, it pledged to deliver dependable and seasonally adjusted profits in the third quarter as cost reduction allowed the company to earn more. For five consecutive days, Lyft’s shares declined a total of 11%. They regained momentum to trade 5.2% higher during their after-hours trading on Tuesday. […]

Firming dollar, interest rate hike drag gold down

Gold had a lackluster start on Wednesday trade in Asia as the dollar strengthened and the interest rate hike concern grew. Gold futures lowered 0.60% to $1,781.10. The greenback, which usually moves inversely to gold, was up on Wednesday. According to U.S. Treasury, an interest rate hike might be put in place to cool down […]

Ethereum breaches $3,000 to grow four times its value in 2021

Ethereum’s digital token ether breached the $3,000 mark on Monday, posting its highest record ever and even outshining bitcoin. This as investors bet on ether to have wider use in a decentralized future financial system. Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,144.81 in morning deals in […]

Mixed economic data put gold down

Mixed economic data did not sit well with the safe-haven yellow metal as it traded lower on Friday’s trade in Asia. Gold futures edged down 0.12% to $1,766.15. Gross Domestic Product (GDP) in the United States improved 6.4% quarter-on-quarter in the first three months of 2021 to go along with 553,000 initial jobless claims filed […]

China posts upbeat factory activity; cost concerns pile

China’s manufacturing activity expanded in April, accelerating at the fastest pace in four months after the country saw an increase in demand. However, price hikes in raw materials and input costs dimmed the outlook. The Caixin/Markit Manufacturing Purchasing Managers’ Index was read at 51.9 in April. The reading reversed from an 11-month low of 50.6 […]

Japan’s factory activity accelerates; virus measures weigh

Japan’s factory activity saw an expansion in April, growing at the fastest pace in more than three years. This came even after the possible reimplementation of coronavirus measures dampened the outlook for the world’s third-largest economy. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index was seen at 53.3 in April. The seasonally adjusted […]

Oil drops on 3rd day amid U.S. stock build, rising COVID-19 cases

Oil prices dropped for a third day on Thursday as a sudden build in U.S. crude stockpile and a surge in COVID-19 cases in India and Japan raised worries that a global economic and fuel demand recovery may be slow. Brent crude futures lost 0.9%, or 57 cents, at $64.75 per barrel, following a $1.25 […]

Gold inches up as U.S. Treasury yields soften

Gold shone on Wednesday trade in Asia as U.S. Treasury yields softened. Gold futures edged up 0.22% to $1,782.40. The dollar, which usually moves inversely to gold, hovered near its seven-week low. Its peer, U.S. Treasury yields dropped 1.6%. The U.S. Federal Reserve and the European Central Bank, along with other central banks, are expected […]

Asian shares decline on virus-driven concerns

Asian share markets and U.S. stock futures recorded a weak trading session on Wednesday. This followed after surging coronavirus cases in some countries dimmed the strength of global growth and dragged crude oil demand. MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.6% drop. Australian shares plunged 1.25%, while Chinese shares traded 0.46% […]

Japan sees largest export gain since 2017

Japan saw its exports accelerating at their sharpest pace in more than three years in March. The expansion was mainly from an increase in China-bound shipments, indicating that the country’s recovery from last year’s sharp coronavirus drag continues to gain momentum. Exports recorded a 16.1% increase in March from a year ago, data from the […]

Gold gains capped as better-than-expected U.S. economic data lift Treasury yields

Stronger-than-expected U.S. economic output capped gains of gold on Friday trade in Asia, with Treasury yields gaining from the positive data. Gold futures rose 0.19% to $1,763.45. The US dollar index futures surged on Friday, as it moves inversely to gold. Gold was poised to record its second consecutive weekly gain and end the week […]

U.S. import prices advance, inflation prospects heighten

Import prices in the United States advanced above expectations in March. The increase was mainly from upbeat petroleum prices and robust supply chains, indicating that the country’s inflation is gaining momentum as the economy reopens. After a 1.3% jump in February, import prices advanced higher with a 1.2% record in March. This marked the fifth […]

Dollar hovers near three-week troughs as traders await inflation data

The dollar languished near a three-week low against major peers on Tuesday, pressured by a decline in Treasury yields as traders waited for the highly anticipated U.S. inflation data later in the day.  The dollar declined with U.S. yields this month after rallying to multi-month peaks on hopes that massive stimulus and continued monetary easing […]

UK economy to fully recover in mid-2022

Britain’s economy is expected to return to its pre-coronavirus level around the first half of next year. Economists surveyed by Reuters also predicted that the country’s unemployment rate would see a 6.2% hike as the pandemic job support scheme ends this year.  In 2020, the economy reached its historic low in more than three centuries. […]

Corporate earnings, inflation data restrict Asian shares

Asian share markets traded cautiously on Tuesday. This followed after U.S. financial markets fluctuated as investors anticipated the start of corporate earnings season and the release of key inflation figures. MSCI’s broadest index of Asia-Pacific shares performed less than 0.1% during its early trade. Australia’s S&P/ASX 200 advanced 10 points. While the country’s major miners […]

Dollar on course for weekly loss as data, Fed cool market

The dollar was on course for its worst week of the year on Friday as unexpectedly strong European economic data, downbeat U.S. employment figures, and an accommodative Federal Reserve urged traders to unwind dollar bets. The euro and the yen were set to gain their largest weekly percentage rise in five months. The dollar index […]

Oil rises on weak dollar; investors weigh surge in supplies, demand outlook

Oil prices rose in early Asian trade on Friday, boosted by a weaker dollar as traders weighed a surge in supplies and the pandemic’s impact on fuel demand. Brent crude futures for June gained 0.1%, or 7 cents, at $63.27 per barrel, while U.S. West Texas Intermediate crude for May delivery climbed 0.3%, or 17 […]

S&P futures’ new highs restrict Asian shares

Asian share markets recorded a choppy trading session on Thursday. The subdued performance seen across the region followed after the Federal Reserve decided to keep its ultra-loose policy rates, greatly supporting stock futures in the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan was inactive. The index made minimal movements for the week, […]

COVID-19 measures drag Japan’s household spending in Feb

Japan saw a decline in household spending, marking the third consecutive month of contraction in February. Data released on Friday showed that the drop was mainly from the country’s implementation of coronavirus measures in a bid to combat the coronavirus. This, in turn, dragged economic outlook and consumption. On an annualized basis, household spending recorded […]

UK economy shows 1.3% stronger-than-expected growth in fourth quarter

A faster-than-previously-thought economic growth was registered by the pandemic-hampered U.K. economy during the fourth quarter of 2020, according to the official data released on Wednesday. Based on the data released by the National Statistics, Gross Domestic Product (GDP) expanded 1.3% in the last quarter of the year 2020. It beat the 1.0% growth forecast projected […]

Japan posts weak factory output in Feb

Japan’s industrial output reached low grounds in February as the country’s production of automobile and electrical machinery plunged. This, in turn, heightened concerns that the world’s third-largest economy is still struggling to emerge from the coronavirus crisis. The country’s factory output recorded a 2.1% drop in February, official data showed on Wednesday. The figure came […]

Dollar hits 1-year high against yen as inflation fears boost yields

The dollar rose to a one-year high against the yen on Tuesday amid a rise in Treasury yields, as speedy vaccination rollouts and a massive U.S. fiscal stimulus stoked inflation worries. The dollar hit the 110-level against the yen in Asia, its highest since March 2020. It is on track for its best month since […]

Rising French Confidence lifts European stocks

Rising French consumer confidence pushed European stock markets to greater heights on Tuesday. Germany’s DAX was up 0.7%. France’s CAC 40 improved 0.8%. The U.K.’s FTSE index gained 0.7%. The upbeat performance in the European markets was due to French consumer confidence that soared in March. According to the INSEE stats agency, its monthly consumer […]

European stock futures tumble, as concerns of covid-19 cases surge weigh

The concern that the third wave of OCVID-19 cases will result in longer lockdowns in the European region feared investors, reflecting on Monday trade in European stock markets. Germany’s DAX future contract fell 0.6%. The FTSE 100 futures contract in the U.K. dropped 0.6% as well. On the lone bright spot was France’s CAC 40 […]

Oil steadies but gains capped by European lockdowns, crude stock build

Oil prices steadied on Wednesday following Tuesday’s slump, but gains were capped by fears of a slow demand recovery amid fresh lockdowns in Europe and a build in U.S. crude inventories. Brent crude futures climbed 0.1%, or 8 cents, at $60.87 per barrel after plunging 5.9% to $60.50 on Tuesday. West Texas Intermediate crude futures […]

Gold dips as dollar firms

Gold fell on Tuesday in Asian trade due to the dollar’s surge and reinstated coronavirus-related lockdowns across Europe. Gold futures dipped 0.22% at $1,734.30 as the dollar firmed on Tuesday. The dollar’s bounce back from a tumble from four-month highs during the previous session came as the U.S. Treasury yields fell. Another factor in the […]

U.S. air travelers surpass 1.5 million for first time in a year

U.S. air passengers hit above 1.5 million on Sunday, its first time since March 2020, according to the data released by the U.S. Transportation Security Administration (TSA). After being down by as much as 60% in 2020, U.S. air travel is starting to rebound from the pandemic drag as it reached its pre-pandemic levels on […]

Dollar steadies ahead of Powell testimony

The dollar lingered below recent highs on Tuesday as traders looked to U.S. policymakers for hints on the prospect of rising yields. The New Zealand dollar plunged after the country’s housing reforms eased policy-tightening expectations. The Turkish lira steadied after a 7.5% drop on Monday after President Erdogan sacked a hawkish central bank chief. The […]

Asian shares track Wall St. rally on easing inflation woes

Asian share markets were seen tracking Wall Street’s upswing on Tuesday. The series of gains could be attributed to easing inflation concerns as U.S. bond yields withdrew from high levels. However, investors were still cautious about an increase in new coronavirus cases across Europe. Hong Kong’s Hang Seng index futures gained 0.5%, while Australian shares […]

US weekly jobless claims spike unpredictably

Files of new claims for unemployment benefits in the United States unexpectedly rose in the previous week. The labor market, however, is starting to move forward as more businesses reopen due to faster coronavirus vaccination rollouts. The Labor Department reported a seasonally adjusted 770,000 initial claims for unemployment benefits recorded in the week that ended […]

BNY Mellon invests in crypto storage firm Fireblocks

Bank of New York Mellon Corp is rolling the dice as it invested in Fireblocks, a cryptocurrency storage entity that enables financial institutes, including banks, to store, transfer, and use cryptocurrencies. The move sees the largest custodian bank in the world venturing deeper into the cryptocurrency world. Along with BNY Mellon, other firms reported to […]

Automakers lift German DAX to a record high

The German DAX propelled to a record high on Thursday trade and blue-chip stocks of the euro zone reached pre-pandemic levels. These as the Federal Reserve of the United States pledged to keep rates at their current levels despite projections for economic growth. Germany’s DAX increased 0.7%. France’s CAC 40 inched up 0.2%. Meanwhile, the […]

SoKor’s IPO rallies on SK Bioscience’s impressive share debut

South Korean firm SK Bioscience Co Ltd made an impressive trading debut, with its shares recording a 30% increase on Thursday. This was mainly from investors’ optimism that the biopharmaceutical company would provide interesting breakthroughs, turning its value to more than $12 billion. The jump, which was the biggest in nearly four years, came to […]

Global shares advance on Fed’s stance, bright GDP outlook

Asian share markets and U.S. stock futures gained on Thursday. The series of gains followed after the Federal Reserve decided to maintain its accommodative monetary policy while expecting that the economy of the United States would stage an impressive rebound from the coronavirus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.99% […]

Argentina places 2021 industrial output outlook above 6%

Argentina’s Productive Development Minister Matias Kulfas foresees a 5% to 6% economic expansion this year. The outlook was in consideration of preliminary data, with the coronavirus’s impact also put into account. A group of economists surveyed by the country’s central bank expected a 6.2% increase even after the economy recorded a 10% contraction in 2020. […]

Asian shares pose for strong rally as U.S. equities surge

Asian share markets were off to a strong start on Tuesday. The series of gains came after Wall Street’s upbeat performance boosted shares across the region, with investors also waiting for the Federal Reserve’s meeting later this week. Futures for Japan’s Nikkei traded 0.10% higher, while Hang Seng index futures recorded a 0.55% increase. Australia’s […]

Bitcoin eases after near $62,000 hit

“It’s becoming an asset that investors can no longer ignore,” said Mizuho Securities’ chief currency strategist Masafumi Yamamoto as Bitcoin remained in the zone following a $62,000 record-hit on Saturday and closed around $60,000 on Monday trade. The world’s largest cryptocurrency took a breather as it posted $58,956.90 in the Asian session, after Saturday’s record-breaking […]

Asian shares gain on Biden’s stimulus; weak yields drive tech up

Asian share markets recorded an upbeat performance on Friday as U.S. President Joe Biden finally signed a $1.9 trillion stimulus bill into law. More so, markets’ strong sessions could partly be attributed to a decline in bond yields, greatly minimizing inflation-related concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.45% during its early […]

Oil climbs on economic outlook, fuel stocks drawdown

Crude oil prices rose on Thursday as vaccine rollouts boosted the economic outlook. U.S. fuel stockpile dropped, but gains were capped by a spike in crude oil stocks following a storm in Texas last month.  Brent crude oil futures for May delivery gained 0.8%, or 55 cents, at $68.45 per barrel. U.S. West Texas Intermediate […]

European stock futures go up, ECB policy meeting looms large

European stock markets were upbeat opening Thursday trade as it got a huge lift from the U.S. Congress’ approval of Biden’s coronavirus relief package. Germany’s DAX futures contract was up 0.1%, France’s CAC 40 futures added 0.3%, and U.K.’s FTSE 100 futures contract improved 0.4%. The euro zone’s shift will turn to the upcoming policy meeting […]

Gold bounces back as dollar, Treasury yields dragged by U.S. inflation data

After being down during the previous session on strengthening dollar, gold bounced back on Thursday trade in Asia as weaker-than-expected U.S. inflation data dragged Treasury yields and the greenback. Gold futures added 0.42% at $1,729 as the dollar, which moves inversely to gold, fell on Thursday. U.S. Treasury yields, along with the dollar, retreated as […]

Asian shares advance on Dow’s historic record

Asian shares market advanced further, completely reversing from Thursday’s weak levels as an increase in U.S. consumer prices minimized concerns and sent the Dow Jones Industrial Average to record peaks. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.7% gain. South Korea’s Kospi came as the biggest advancer across the region, trading 1.7% […]

European stock futures plunge

European stock futures were down during the early trade on Tuesday as tech stocks and dismaying Japanese growth weighed on markets despite progress on U.S. stimulus package. Germany’s DAX futures contract was down 0.1%, France’s CAC 40 futures also dipped 0.1%, and the U.K.’s FTSE 100 futures declined 0.4%. Japan’s economy was reported to have […]

Japan’s fourth quarter GDP dwindles on firms’ restricted spending

Japan’s economic momentum decelerated at a slower-than-initially-reported pace from October to December. The decline came mainly from firms’ restricted spending on plant and equipment and their decision to cut inventories as the coronavirus crisis dragged demand. Data from the Cabinet Office showed that the economy recorded an annualized 11.7% expansion in the fourth quarter. The […]

Gold bounces back from nine-month low

Gold regained its luster on Monday trade as it bounced back from the nine-month low outing during the previous session over a softer dollar. Gold futures edged up 0.38% at $1,704.89, after posting a nine-month low on Friday. The dollar was upbeat but lost against the currencies of major commodity exporters over increased investor bets […]

Dollar lingers near three-month peak as bonds sell off

The dollar lingered near three-month peaks on Monday after the U.S. Senate passed a massive stimulus aid that triggered another sell-off in the bond market. Commodity currencies fell as a broad risk sentiment lost momentum. The dollar index traded at 92.073, up 0.17% and near its three-month peak of 92.201 hit on Friday.  The Senate […]

Brent spikes over $70 for first time since start of pandemic, Saudi facilities attacked

Brent crude futures rose above $70 per barrel on Monday for the first time since the onset of the coronavirus pandemic. The U.S. crude hit its strongest level in over two years after Saudi Arabian facilities were reported to be attacked. Brent crude futures for May contract rose to $71.38 per barrel in early Asain […]

Oil spikes as OPEC+ extends output cuts through April

Oil prices climbed on Friday, extending gains from the last session as OPEC+ agreed to deter from raising output in April as they wait for better demand recovery amid the coronavirus pandemic. Brent crude futures for May contract gained 0.9%, or 60 cents, at $67.34 per barrel, on track for a 2% gain this week. […]

Oil firms on prospect of OPEC+ extending output cuts

Oil climbed for a second day on Thursday as prospects that OPEC+ producers might decide to not raise output at a key meeting later in the day supported prices.  Brent crude futures rose 0.4%, or 27 cents, at $64.34 per barrel. U.S. West Texas Intermediate crude futures were up 0.3%, or 19 cents, at $61.47 […]

Dollar on defensive as low U.S. yields boost risk sentiment

The dollar remained weak on Wednesday as Treasury yields retreated, easing pressure on global markets and boosting risk asset demand. The dollar index was little changed in early Asian trade after dropping from a near one-month high overnight. Prospects of a $1.9 trillion coronavirus package fueled traders’ expectations for a speedy economic recovery.  The Aussie […]

Asian shares rise, Aussie continues growth on recovery signs

With investors fending off concerns that stocks may have rallied too far too fast in 2020, Asian shares traded higher on Wednesday. This as investors shifted their focus on up and coming massive U.S. stimulus that will drive global economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan improved 0.44%. Japan’s Nikkei stock index […]

Japan’s capex plunges deeper on restricted business spending

Japanese companies reduced spending on plant and equipment for three consecutive quarters, which ended in the last quarter of 2020. Manufacturers heavily slashed costs, bringing in concerns about the strength of the country’s economic rebound as the coronavirus crisis ravaged private demand. Capital spending recorded a 4.8% decline in the fourth quarter of 2020, data […]

Risk currencies bounce from Friday slump, dollar firms

The Aussie and other risk currencies rose against the dollar on Monday as a sell-off in global bonds last week due to fears about tightened monetary policy appeared to have eased. The pound drew support from bets of a speedy vaccine-led pandemic recovery, while the safe-haven yen hit a six-month low against the dollar. The […]

Asian stocks recover on easing bond market

Asian share markets performed positively on Monday, recording some gains as bond markets eased from a wild upswing seen last week. Meanwhile, investors had found enthusiasm as a massive stimulus package in the United States fuelled rebound-driven economic hopes. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% increase. The rebound came after […]

Dollar firms after surge in U.S. yield, yen continues fall

The dollar held gains made on Thursday after bouncing from three-year lows overnight following a surge in U.S. bond yields.  The yen dropped to a new six-month low against the dollar. The Aussie and the Canadian dollars dropped from three-year highs.  The 10-year Treasury yield rose above 1.6% overnight for the first time in a […]

U.S. yields drag Nasdaq, S&P 500; Disney supports Dow

The S&P 500 and the Nasdaq, two of Wall Street’s major indexes, closed negatively on Monday. The weak sessions were mainly from investors’ caution as a jump in U.S. Treasury yields and prospects of growing inflation brought in valuation concerns.    While both indexes closed their sessions weakly, the Dow Jones Industrial index recorded a […]

Asian shares advance on rising commodities

Asian share markets recovered from low grounds on Tuesday, reversing from their downward course yesterday brought by U.S. technology shares’ poor performance. The series of gains could be attributed to an increase in commodity prices, greatly supporting investors’ sentiment. After recording its sharpest decline in two weeks, MSCI’s broadest index of Asia-Pacific shares outside Japan […]

Oil gains $1 as deep freeze curbs U.S. crude output

Oil prices gained nearly $1 on Thursday, extending this week’s gains and reaching 13-month highs as a cold front shut down Texas oil wells and refineries, curbing a million barrels of crude production.  Brent crude rose 1.5%, or 93 cents, at $65.27 per barrel, its highest since Jan. 20, 2020. U.S. West Texas Intermediate crude […]

Tesla reduces prices of Model 3, Model Y base variants

Tesla Inc has revamped its prices for its Model 3 and Model Y variants. Its official website reflected an increase in the prices of carmaker’s Performance variants and a reduction in the cost of cheaper variants. Tesla’s Model 3 Standard Range Plus was trimmed to $36,990 from $37,990. The Model Y Standard Range’s cost was […]

Climbing US yields overpower stocks rally

U.S. Treasury yields reached one-year highs on Wednesday at the expense of stock markets, gold, and the Japanese yen.  The stimulus-fuelled global recovery that will cause inflation to increase weighed on the markets causing investors to ease off. Benchmark ten-year U.S. Treasury yields soared 1.3330% in Asia, the highest since February 2020, although they later […]

Gold suffers loss for five straight days, doomed by surging US Treasury yields

Surging U.S. Treasury yields on Wednesday pushed the gold to extend its losing streak. Down for five days in a row, Gold is now at the precipice for the longest losing run in almost a year. Expectations for a recovering economy from the pandemic pushed U.S. Treasury yields to cap their one-year highs, causing subdued […]

Asian shares reach historic highs, oil jumps on Middle East tensions

Asian share markets reached their all-time high records on Monday. The series of gains came after vaccine rollouts across the globe and Washington’s stimulus package supported investors’ outlook for the global economy. Meanwhile, oil prices were seen upbeat as tensions emerged in the Middle East. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%. […]

Dollar hovers near two-week low due to soft U.S. inflation

The dollar hovered near two-week lows in the holiday-thinned Asian session on Thursday after soft U.S. inflation and the Fed’s promise to keep rates low.  The Aussie sat below a two-week high hit overnight, while the euro stood at $1.2119, near its highest since Feb. 1. The pound rose to a near three-year high of […]

Oil rises to 13-month highs on production cuts, hopes for demand recovery

Oil prices rose to their highest levels in 13 months on Tuesday as major producers’ output cuts and optimism over oil demand recovery boosted energy markets. Brent crude futures for April delivery rose 0.8%, or 48 cents, at $61.04 per barrel. U.S. West Texas Intermediate crude for March contract was up 0.8%, or 45 cents, […]

UK to EU exports fell 68% since Brexit trade deal: hauliers

International members at the Road Haulage Association (RHA) presented data reflecting a 68% drop in exports from the United Kingdom to the European Union. This is after the Brexit transition period that expired at the end of 2020 disrupted trade. However, the British government did not confirm the data and refuted that trade disruption at […]

Investors flock to $5 billion Alibaba bond deal despite regulatory woes

Alibaba Group Holding Ltd’s $5 billion U.S.-dollar bond offering was on demand for eight times the debt offered, emphasizing global investors’ faith in founder Jack Ma’s e-commerce giant despite a regulatory clampdown on his business empire. Pricing for the deal was fixed on Friday tighter than initially released by the company on Thursday, showing high […]

Crude supply cut, U.S. growth optimism buoy oil prices to reach highest in a year

Reaching their highest level in a year, oil prices soared on Friday on growing hopes for an economic recovery in the United States and a renewed commitment to hold back crude supply among oil producers. Brent crude futures rose 40 cents, or 0.7%, to $59.24 a barrel, following a $59.41 hit, its highest since Feb. […]

Solid corporate earnings propel European stocks

European stock markets had an upbeat trading performance on Thursday as investors responded to solid corporate earnings turn out. Germany’s DAX gained 0.5%; the CAC 40 in France added 0.5%; U.K.’s FTSE index jumped 0.6%; and Italy’s FTSE MIB increased 0.2%. On the corporate side, Bayer stock inched up 5% after the German company sealed […]

Tight China liquidity drags Asian shares; U.S. bond yields jump on stimulus hopes

Asian share markets recorded a subdued performance on Wednesday as tight liquidity conditions in China temporarily restricted buying. However, upbeat corporate earnings, stimulus-driven expectations, and easing retail-related disturbances greatly supported investors’ risk appetite. MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.2% decline, while Japan’s Nikkei plunged 0.4%. Both indexes reversed courses after […]

Japan’s services sector plunges as coronavirus takes toll on businesses

January had seen Japan’s services sector contract at its fastest pace in five months. The decline could be attributed to the country’s virus-beaten demand and nationwide emergency measures that, in turn, dragged new business orders. The final au Jibun Bank Japan Services Purchasing Managers’ Index (PMI) rendered a seasonally adjusted 46.1 reading. The weak figure […]

Ford, Google team up to deliver cloud-based data services

With an aim to develop new consumer services and modernize internal operations, Ford Motor and Google are working on a six-year partnership as the automaker seeks software, artificial intelligence, and cloud computing from Alphabet Inc. Ford is planning to integrate the tech giant’s Android operating system into its Ford and Lincoln vehicles starting in 2023. […]

Dollar boosted by safe-haven bid after retail frenzy wounds risk sentiment

The safe-haven dollar found support on Monday with traders wary of the tension in Wall Street between retail and hedge fund investors. Doubts about the size of the Biden fiscal stimulus and slow vaccine rollouts also weighed on the market, with traders rushing for safer assets. Several Republican senators are urging Biden to downsize his […]

Oil rises amid slow vaccine rollouts, new COVID-19 variants

Oil prices rose on Monday following a weak start, clinging onto three months of gains, despite slow COVID-19 vaccine rollouts, rising infections, and new variants capping prices. Brent crude futures rose 10 cents to $55.14 per barrel, while U.S. West Texas Intermediate climbed 1 cent to $52.21 per barrel. Both contracts rose 8% in January. […]

European shares soar as miners rally to lift silver

European shares soared on Monday trade, rebounding from its worst weekly decline since October propped by a rise in shares of miners after silver became an instant hit. The pan-European STOXX 600 index jumped 0.8%, with shares of miners including Fresnillo, Polymetal International, and Boliden AB helming early gains on the index. The recent frenzied […]

China’s factory growth dwindles on surging COVID-19 cases

January had seen China’s factory activity advance at the slowest pace in five months. The contraction, which was from a surge of coronavirus infections across the country, still came parallel with the ongoing rebound in the world’s second-largest economy. The official manufacturing Purchasing Managers’ Index (PMI) rendered a 51.3 reading in January. The figure placed […]

Apple’s revenue growth accelerates on strong iPhone sales

Apple Inc posted better-than-expected holiday quarter sales and profits on Wednesday. The strong earnings came mainly from a surge in sales as its new 5G iPhones tallied a 57% increase in China and pushed the company’s handset revenue to a new record. For the quarter ended Dec. 26, the company’s revenue soared 21% to $111.44 […]

Asian shares plunge on weak Wall Street, short selling

Asian share markets were seen subdued on Thursday. Meanwhile, the dollar advanced as investors withdrew from shares due to a sudden selloff on Wall Street and a series of roadblocks that restricted coronavirus vaccines from rolling out. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.8% decline. The downbeat performance had resulted in […]

Dollar extends rise as global stock rally ends

The dollar extended gains against its peers on Thursday as a stock market rout raised worries about excessive valuations boosted by a safe-haven bid for the dollar. The dollar rose to 104.27 against the yen following a 0.4% gain on Wednesday. Against the euro, the greenback traded at $1.2094, nearing a one-week high.  The pound […]

China sees upbeat industrial profits in December

China’s industrial firms had seen an increase in profits, making another expansion in December to complete an eight-month rally. The jump underscored a brisk recovery as the country’s manufacturing sector emerged from the coronavirus drag. On an annual basis, profits advanced 20.1% in December to 707.11 billion yuan. This came after a 15.5% increase was […]

Biden stimulus plan could lift U.S. output by 5% over three years: IMF

Initial estimates of the chief economist of the International Monetary Fund reported on Tuesday U.S. President Jo Biden’s stimulus package could help U.S. economic output expand by 5% over the next three years. A 1.25% addition to U.S. growth in 2021 is seen by the IMF as it looks into the measures included in Biden’s […]

Asian shares seen cautious on surging COVID-19 cases

Asian share markets were seen subdued on Monday. Investors’ downbeat sentiment could be attributed to an increase in coronavirus cases and as pessimism grew over the ability of vaccine makers to provide the pledged doses on time. MSCI’s broadest index of Asia-Pacific shares outside Japan was seen inactive. The index placed below its record peak […]

Oil prices drop as coronavirus lockdown worries offset demand hopes

Oil prices fell for a second consecutive session on Monday as replaced COVID-19 restrictions raised new worries about global oil demand.  Brent crude futures for March delivery slid 0.1%, or 8 cents, at $55.38 per barrel. U.S. West Texas Intermediate crude for March was down 1 cent to $52.26 per barrel. China posted a rise […]

Oil slides as rising COVID-19 cases in China trigger lockdowns

Oil prices fell on Friday, dropping further from 11-month highs hit last week, weighed down by concerns that renewed COVID-19 lockdowns in China will affect fuel demand in the country. U.S. West Texas Intermediate crude futures eased 1%, or 53 cents, at $52.60 per barrel following an 18-cent fall on Thursday. Brent crude futures dropped […]

Blackrock to include Bitcoin as eligible investment to two funds

BlackRock Inc., a global investment manager and technology provider, is adding bitcoin futures as an eligible investment to two funds, according to a company filing. With this development, Bitcoin continues to expand its reach to the mainstream financial system. The U.S.-based asset manager said it could use bitcoin derivatives for its funds BlackRock Strategic Income […]

Wall Street hits record high as Netflix soars, Biden inaugurated

Wall Street closed Wednesday trading on a high note, posting a new record high as Joe Biden was sworn in as the 46th U.S. president, while solid turnouts from Netflix mounted a rally in shares. Shares of Netflix spiked 16.85% after the world’s largest streaming service announced it would no longer be borrowing billions of […]

Asian shares reach high grounds on Biden inauguration

Asian share markets recorded an upbeat performance on Thursday, tracking Wall Street’s rally. The series of gains could be attributed to investors’ enthusiastic mood as the inauguration of U.S. President Joe Biden brought in hopes for more economic stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.85% higher to touch a new record […]

Yen climbs, euro falls as recovery doubts arise

The dollar held on to Monday’s gains, while the yen surged as weak U.S. economic data and increasing global COVID-19 cases kept investors cautious. The euro fell under pressure amid lockdowns and political turmoil in Italy. The euro fell to a six-week low of $1.2066 in Asian trade and dropped to a one-month low of […]

Asian shares salvage losses on upbeat Chinese figures

Asian share markets eased from declining on Monday as China’s economy expanded in the fourth quarter. The country’s economic rebound could be attributed to an increase in its factory output, completely outweighing disappointing reports about consumer spending in the United States.   MSCI’s broadest index of Asia-Pacific shares outside Japan salvaged losses to close its […]

Dollar rebound pauses as Fed’s Powell strikes prospects of higher interest rates

The dollar’s rebound from a near-three-year low failed after Federal Reserve Chair Jerome Powell said that interest rates would not rise soon. The release of the details of a $1.9 trillion U.S. stimulus aid failed to support the dollar. The dollar index rallied after hitting its lowest level since 2018 last week, as the prospect […]

Japan likely to prepare new stimulus package to boost virus-hit economy, says minister

Japan may consider rolling out a new stimulus package, along with a possible fourth extra budget, amid the government’s state of emergency expansion triggered by surging coronavirus infections. This development was divulged by a cabinet minister on Thursday. On Wednesday, Prime Minister Yoshihide Suga widened the ongoing state of emergency from Tokyo area to seven […]

Coronavirus, renewed supplementary payments drive U.S. weekly jobless claims at high

The United States had seen an increased level of applicants filing for unemployment benefits last week. The surge in the country’s weekly jobless claims underscored a struggling labor market as the coronavirus pandemic takes a toll on restaurants and other business operations. For the week ended Jan. 9, initial claims for state unemployment benefits jumped […]

Dollar extends rebound as traders eye U.S. stimulus

The dollar rose from near-three-year lows against its peers on Thursday, boosted by higher U.S. yields as President-elect Joe Biden plans an outline for massive stimulus aid. The dollar index held onto gains in Asian trading as investors eased on bearish bets. The dollar rose in four of the last five sessions as the prospect […]

Oil rises over 1% after bigger-than-expected U.S. stock draw

Oil prices rose more than 1% on Wednesday, with U.S. crude climbing for a seventh straight day after U.S. inventories reported a bigger-than-expected drawdown and investors shrugged off a worsening coronavirus pandemic. U.S. West Texas Intermediate rose 1.3%, or 67 cents, at $53.88 per barrel following a 2% gain on Tuesday. Brent crude gained 1.4%, […]

China’s factory price drop eases in December

December had seen China’s factory gate prices drop at their slowest pace since February, official data showed on Monday. This highly indicates that the country’s manufacturing sector is consistent in staging a brisk rebound from the coronavirus drag. The producer price index (PPI) recorded a 0.4% plunge from a year ago, the National Bureau of […]

Asian shares surge, hitting new record highs on hopes for global recovery

Asian shares surged on Friday to hit new record highs, capped by Japan’s Nikkei posting a 30-year high. These Asian market gains overshadowed pressing economic concerns including persisting COVID-19 cases and political unrest in the United States as investors set sights on global economic recovery. Asian markets followed after Wall Street capped big gains on […]

Investment deal to prop up European dealmaking in China

The investment deal between the Britain-less European Union and the world’s second-largest economy in China made last month is set to enforce European firms to secure assets in China in different sectors including insurance, healthcare, and automobile.   The EU-China Comprehensive Agreement on Investment (CAI), which took almost seven years to reach, is seen to […]

U.S. private payrolls reach low levels on surging coronavirus cases

For the first time in eight months, private companies in the United States posted their sharpest unemployment in December. This could be attributed to an upsurge of new coronavirus cases and its direct impact on businesses, bringing in more pressure on the struggling economy. After increasing by 304,000 in November, private payrolls diminished by 123,000 […]

Dollar eases as traders await Georgia Senate vote count

The dollar eased from its steady rise but was stuck in a selling pressure in Asian trade on Wednesday as traders awaited the result of a Senate election in Georgia to assess the market sentiment.  The dollar fell from a major support level against the yen on Tuesday. It slid below a ten-month low of […]

Dollar eases as virus cases rise

The dollar rose on Tuesday as worries about rising coronavirus cases and uncertainty about U.S. runoff elections in Georgia boosted demand for safe assets. The dollar held overnight gains in early Asian trade on Tuesday after U.S. stocks fell from record highs at the start of the year. The pound fell under pressure as Prime […]

Wall Street slides over virus surge, Georgia elections

Sliding from all-time peaks are Wall Street shares after the first trading day of the year showed an ebbing risk appetite amidst resurging coronavirus infections and upcoming Georgia elections. After posting a record high earlier in the session together with the S&P 500, the Dow was also dragged down by more than 4% in Boeing […]

Dollar firms on virus fears, pound swung by Brexit worries

The dollar firmed against its peers in holiday-thinned trading on Wednesday as worries about a quick-spreading new coronavirus strain in the UK boosted safe-haven demand. The pound fell for three straight days as the deadline for a post-Brexit trade deal nears. The dollar index climbed 0.1% to 90.561, extending its gain for the week to […]

Asian shares plunge as new coronavirus strain weighs

Asian markets extended their declines on Tuesday as shares deviated farther from their milestone peaks seen last week. The series of declines followed after investors were left anxious that a new coronavirus strain would restrain the global economy from recuperating. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.75% decline, while Hong Kong’s […]

Oil falls as new coronavirus strain raise worries over demand recovery

Oil prices fell for a second day on Tuesday as a new strain of the coronavirus in Britain raised worries about fuel demand recovery. The fast spread of the new coronavirus strain has shut down most of Britain, and prompted neighboring countries to shut down their borders to British travellers and cargo. Brent crude futures […]

Total investor inflows into crypto funds and products reach $5.6 billion this year, report says

Ballooning to over 600% from 2019, the total investor inflows into cryptocurrency reached $5.6 billion so far this year, based on the recent data from CoinShares. The inflows and the most recent price moves raised assets under management for the sector to nearly $19 billion in 2020. In 2019, assets under management were just at […]

Asian shares, sterling drop on new COVID strain

Asian shares and the pound recorded a subdued performance on Monday. The series of declines could be attributed to investors’ cautious appetite as a new coronavirus strain, which greatly paralyzed large portions of the United Kingdom, dampened markets’ stimulus-driven sentiment. After hitting multiple record highs last week, MSCI’s broadest index of Asia-Pacific shares outside Japan […]

Oil falls after prices hit nine-month high as COVID-19 cases stoke demand

Oil prices slid on Friday, just below the nine-month highs hit overnight as rising coronavirus cases weighed on fuel demand and U.S. lawmakers debated over a $900 billion economic aid package. U.S. West Texas Intermediate crude futures fell 0.1%, or 7 cents, at $48.29 per barrel. Brent crude futures dropped 0.3%, or 13 cents, at […]

Oil hits nine-month high on U.S. crude stock draw

Oil prices hit a nine-month high on Thursday after U.S. crude inventories fell last week, while progress in a U.S. stimulus deal and higher Asian demand supported prices. Brent crude futures climbed 0.9%, or 45 cents, at $51.53 per barrel. U.S. West Texas Intermediate crude futures gained 1%, or 46 cents, at $48.28 per barrel. […]

US Congress rule on $900B COVID-19 aid bill major details

The second tranche of the COVID-19 aid package is just around the corner as US lawmakers haggled on Wednesday over its details. The relief package is expected to include $600-$700 stimulus checks as well as additional unemployment benefits. However, major details in the coronavirus aid bill remain unsettled. One argument was over whether to increase […]

Dollar under pressure amid stimulus progress, pound boosted by Brexit hopes

The dollar sat near 2 ½-year lows against its peers on Tuesday as safe-haven demand eased amid hopes for a U.S. economic package and a Brexit deal. The dollar neared its weakest level since mid-2018 against the pound and the euro as U.S. lawmakers prepared $1.4 trillion in spending. The pound climbed 0.1% to $1.3332 […]

Market-cooling measures restrict China’s new home prices

November had seen China’s new home prices advance at their most gradual pace since March, official data showed on Monday. This could be attributed to policymakers’ decision of implementing market-cooling measures in the highly-leveraged sector to negate financial risks. The country’s average new home price across 70 major cities recorded a 0.1% jump in November, […]

Asian shares jump, Brexit deadline weighs on markets

Asian share markets recovered on Friday as breakthroughs in the development of coronavirus vaccines bolstered investors’ confidence. However, Brexit negotiations and stimulus talks in the United States restricted gains in riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% jump, approaching its sixth consecutive week of earnings as Japan’s benchmark index […]

U.S. worker productivity rises in 3rd Quarter

The US worker productivity rose in the third quarter, outpacing employment gains. Nonfarm productivity, which measures hourly output per worker, surged by 4.6% annualized rate last quarter, the Labor Department reported on Tuesday. Moreover, the minimal descending revision from the 4.9% pace predicted last month preceded a 10.6% growth rate in the second quarter, the […]

Trump administration bids for $916 billion COVID-19 relief package

In an attempt to boost economic recovery, the Trump administration on Tuesday presented a $916 billion coronavirus relief package. This new proposal came after Majority Leader Mitch McConnell’s proposal for a pared-down was denied by the congressional Democrats. Treasury Secretary Steven Mnuchin said on Twitter he introduced the administration’s $916 billion coronavirus relief plan in […]

Oil prices fall on U.S. stockpile build, but vaccine hopes cap losses

Oil prices fell on Wednesday due to worries about a sudden rise in U.S. crude stockpile last week. However, positive news about COVID-19 vaccines boosted investors’ hopes for a fuel demand recovery. Brent crude futures fell 0.3%, or 13 cents, at $48.71 per barrel after climbing 5 cents on Tuesday. U.S. West Texas Intermediate crude […]

Asian shares turbulent on dwindling stimulus hopes

Asian shares recorded a turbulent performance earlier on Tuesday. This could be attributed to the markets’ low confidence as investors’ stimulus- and vaccine-driven sentiment was heavily dragged by a surge in new coronavirus infections.   Asia tracked Wall Street’s mixed session, with the tech-heavy Nasdaq reaching a new peak. MSCI’s broadest index of Asia-Pacific shares […]

Asian shares retreat from historic high on geopolitical tensions

Asian share markets took a breather from their milestone peak on Monday. The series of declines came after investors’ sentiment was dampened by geopolitical tensions, with the United States planning to impose sanctions on some Chinese officials. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% drop, easing from its four consecutive days […]

Iran poised to increase oil exports if sanctions eased: state media

In light of prospects of the U.S. easing sanctions on Iran after President-elect Joe Biden takes office, state media reported on Sunday Iran has instructed its oil ministry to increase production and sale of crude oil at full capacity in three months. The state media quoted Iran President Hassan Rouhani as saying that Iran exported […]

Sterling likely to be shaky in December before gaining in 2021: Reuters poll

Sterling likely faces a rough December as Britain’s transition period ends on Dec. 31 and still has yet to agree on a trade deal with the European Union, a Reuters poll said. The British pound has been shaky since the country decided to leave the European Union bloc in 2016, with the currency going up […]

China’s exports, imports accelerate in November

Chinese exports and imports are predicted to advance faster than their usual pace in November. The expectation came after the world’s third-largest economy saw an increase in demand, while other countries’ factories are still grappling with the coronavirus drag, a Reuters survey showed on Friday. After recording an 11.4% jump in October, the country’s exports […]

Dollar hovers near more than one-year low on U.S. stimulus, vaccine optimism

The dollar hovered near a 2 1/2 -year low against a basket of currencies on Thursday as traders hoped for additional stimulus aid from Washington and as the anticipated COVID-19 vaccinations would likely boost risk assets. Even if Republicans and Democrats in Congress failed to reach an agreement on a new stimulus aid, there were […]

China’s services sector expands further on upbeat consumer demand

November had seen an expansion in China’s services sector, with new businesses accelerating at the most rapid pace in over a decade. The reading released by a private survey highlighted a rebound in consumer demand after the country managed to put the coronavirus pandemic under control. The Caixin/Markit services Purchasing Managers’ Index (PMI) was read […]

Oil slides as OPEC+ talks delay raise supply worries

Oil prices fell on Tuesday amid worries about oversupply after major producers delayed talks on 2021 production policy for extending output cuts. Brent crude fell 0.4%, or 20 cents, at $47.68 per barrel following a 1% decline in the last session. U.S. West Texas Intermediate dropped 0.6%, or 27 cents, at $45.07 per barrel after […]

Asian shares extend November rally on recovery hopes

Asian share markets started strongly on the first day of December. The series of increases came after investors’ sentiment was greatly supported by the prospect of a vaccine-driven economic recovery, upbeat manufacturing figures from China, and larger volumes of fiscal and monetary support.   MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.08% […]

Bitcoin price declines more than $1,000 in Asian trade

Bitcoin dropped over 6% in Asian trade on Thursday after failing to hit record highs. The world’s biggest and most well-known cryptocurrency traded around $17,700 after losing over $1,000 since its close in the last session. “While a quick visit in the upper or mid-16,000s is possible, we’re still trending up and with plenty of […]

US consumer confidence skids; house prices jump

Resurging virus infections and business restrictions are the culprits in the declining US consumer confidence in November, raising red flags of a sharp economic growth slowdown in the final quarter of 2020. The released Conference Board survey on Tuesday showed a declining consumer confidence index as it posted a 96.1 reading this month from a […]

New central London office construction buckles 50% in six months: Deloitte

New office space construction operations in central London tumbled by 50% in six months ended September, citing COVID-19 drawbacks as a stumbling block for developers from continuing construction operations. This data was shown in a Deloitte survey published on Monday. Deloitte Real Estate’s London Office Crane Survey reported a 2.6 million square feet plunge in […]

‘Prudent’ to keep emergency lending programs open, says Atlanta Fed’s Bostic

Atlanta Federal Reserve Bank President Raphael Bostic said on Thursday that keeping the Fed’s emergency lending and backstop programs would be “prudent” to stabilize the financial markets and the broader economy.   In an interview with Bloomberg TV, Bostic said that he was slightly surprised that the Treasury decided to end some of the programs […]

Oil prices fall on second day as coronavirus cases surge amid stimulus talks

U.S. oil prices dropped on Friday, falling for a second day as worries that rising coronavirus infections and new lockdowns will hit demand. Still, prices were supported by signs that Washington is working on a stimulus deal. U.S. West Texas Intermediate fell 0.2%m or 9 cents, at $41.65 per barrel. Brent crude is yet to […]

Wall Street futures drop as Mnuchin nullifies lending schemes

Stock market futures in the United States had seen a dampened session on Thursday. This followed after Treasury Secretary Steven Mnuchin cancelled some of the Federal Reserve’s emergency lending program for the coronavirus pandemic. Futures for the S&P 500 recorded a 0.75% drop. The plunge came after Mnuchin mandated the central bank to return the […]

Oil slides as spike in COVID-19 cases outweigh vaccine news

Oil futures slid on Thursday, slashing yesterday’s gains as a spike in coronavirus infections and stricter lockdowns globally offset fears over fuel demand and outweighed positive vaccine news.  Brent crude futures fell 0.4%, or 17 cents, at $44.17 per barrel following a 1.4% gain on the previous day. U.S. West Texas Intermediate crude dropped 0.7%, […]

Tesla sees two-day increase ahead of S&P 500 debut

Tesla TSLA.O had seen a 10% increase in its shares, placing near a record peak on Wednesday. The jump came to be the company’s second day of gain after it was reported that the electric car maker’s shares will be listed under the S&P 500 index. The California-based company’s shares advanced nearly 20%. The increase […]

Asian shares ease, bonds await Fed’s easing

Asian share markets withdrew from their all-time peak records on Thursday. The series of decline came after Wall Street was greatly affected by fresh coronavirus restrictions in the United States. Meanwhile, bonds were restricted by speculations that the Federal Reserve would implement more monetary easing. Commendable pandemic approach seen across Asia had prevented major losses. […]

Fed Chair Powell says emergency programs should be extended

Federal Reserve Chair Jerome Powell said it was not time to halt emergency programs that prevent the economy from collapsing amid the coronavirus pandemic. His comment came amid a surge in coronavirus cases, signalling that economic recovery is far from anticipated. Extending the programs would require the approval of the Treasury under the Trump administration. […]

Airbnb’s third-quarter earnings resist virus drag, IPO shows

Airbnb Inc’s quarterly profit advanced in the third quarter amid the coronavirus pandemic, the company’s initial public offering (IPO) registration showed on Monday. Moreover, the figure came as the home rental startup heads toward one of the most anticipated stock market debuts in recent years. Prior to the company’s stock market debut in December, its […]

Baidu renders better-than-expected quarterly revenue

Chinese search engine Baidu Inc gained above expectations, with its quarterly revenue recording a 1% increase. In a bid to diversify its revenue sources, the company had also announced its interest in buying YY Live for $3.6 billion, a streaming platform developed by social media firm JOYY Inc. Baidu’s advertising sales cover large portions of […]

Asian stocks gain as vaccine hopes push Wall Street to record highs

Asia stocks slowly rose into record territory on Tuesday, while oil gained after U.S. benchmarks were boosted by news of another promising COVID-19 vaccine. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.11% in early trade, following last session’s strongest level since it was launched in 1987. The MSCI World Index of global shares […]

Japan recovers from coronavirus-led downturn; outlook remains dim

Japan’s economy had seen the fastest pace of growth in the third quarter, recovering from its sharpest postwar recession as upbeat exports and consumption strengthened the economy’s rebound from the coronavirus pandemic. The world’s third-largest economy recorded an annualized 21.4% contraction in the third quarter, placing higher than the 18.9% increase predicted by markets. According […]

Asia’s economic recovery puts China’s factory output above expectations

October had seen China’s factory output advanced faster than what was initially thought. More so, retail sales accelerated as the country’s emergence from its coronavirus-driven contraction gained momentum. According to data from the National Statistics Bureau, industrial production in the world’s second-biggest economy recorded a 6.9% growth from a year ago. The figure came in […]

Asian shares reach historic peak on vaccine optimism

Asian share markets reached historic highs on Monday. The series of increase could be attributed to vaccine hopes and upbeat economic figures from China and Japan, completely supporting investors’ confidence despite surging coronavirus infections. MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 1% gain, hitting its sharpest increase since its debut in 1987. […]

Options buyers resort to U.S. value stocks on vaccine optimism

After sending technology-related stocks to historic highs earlier this year through purchasing sprees, options investors had resorted to small-cap companies and other economically sensitive firms. This underscored a wider rotation into value shares after a coronavirus vaccine rendered encouraging results. The small-cap Russell 2000 .RUT recorded a 3.7% increase, while the S&P 500 and the […]

Global shares advance on vaccine optimism

Global stock markets recorded an upbeat performance on Wednesday. This followed after encouraging results from a COVID-19 vaccine trial kept investors’ concerns at bay amid surging infections in Europe and the United States. Meanwhile, the kiwi advanced brought by the Reserve Bank of New Zealand’s upbeat remarks. MSCI’s broadest index of Asia-Pacific shares outside Japan […]

Sharp’s net revenue falls amid the coronavirus pandemic

On Friday, Sharp Corporation (TYO: 6753) announced that its second-quarter operating revenue dropped by 17.1% as the coronavirus outbreak continued to hit its sales of automotive displays and office printers. The Japanese multinational corporation reported that it gained 18.5 billion Yen ($178.67 Million) operating revenue from July to September 2020 compared to its 22.3 billion […]

Allianz declines to announce its earnings forecast in 2020

On Friday, Allianz SE (ALVG.DE) announced that it would not provide any earnings forecast for this year due to the market uncertainty amid the coronavirus crisis. However, the German multinational financial services company gained an unexpected 6% rise in its third-quarter net revenue. Allianz’s Chief Financial Officer Giulio Terzariol stated that the financial markets’ volatility […]

Aeromexico asks legal permissions to cut 1,830 jobs in order to save annual cash funds

On Wednesday, Aeromexico (AEROMEX.MX) stated that it had requested legal permissions from the United States bankruptcy court to terminate 1,830 employees in a cost-saving measure to weather the economic shocks of the coronavirus pandemic. The Mexico based carrier airline announced that its proposed layoffs would help save its annual operating costs worth $44 Million. The […]

Volkswagen plans to enter the Chinese auto industry by launching its new ID.4 electric models

On Tuesday, Volkswagen AG (VOWG_p.DE) released its two ID.4 electric sport-utility car models in China. The German automaker company said that it would start a significant push to enter the world’s biggest auto market. The firm also added that it plans to compete with NIO Inc. and Tesla Inc. (TSLA). Volkswagen did not disclose the […]

U.S. stocks rise as Trump leads the presidential race this year

On Tuesday, U.S. stocks opened sharply higher as President Donald Trump appeared to be doing better in some key states results in the U.S. presidential election this year. “Trump is just doing better on the margin everywhere, and there have not been any big Biden upsets. What we are seeing now is Trump doing better […]

Saudi Aramco’s profit fell by 44.6% amid the coronavirus outbreak

On Tuesday, Saudi Aramco (2222.SE) reported a 44.6% decline in its third-quarter revenue as the coronavirus pandemic severely affected the fuel demand and crude prices. The Saudi Arabian multinational petroleum and natural gas company outperformed Exxon (XOM.N), BP, and Shell (RDSA) by more than 50% while Chevron (CVX.N) was down by 40%. “We saw early […]

World stocks fall further due to market jitters

On Friday, world stocks fell continuously while oil headed for a double-digit weekly slide as the market perceived uncertainty due to the rising coronavirus infection rate and the United States’ presidential election next week. “The U.S. election, the extent of further lockdown measures, Brexit negotiations and vaccine news all present both upside and downside risks […]

Volkswagen Group’s earnings recover in light of strong luxury cars demand in China

On Thursday, Volkswagen Group (VOWG_p.DE) reported that its sales returned to profit during the third quarter. The German multinational automotive manufacturing company said that the strong demand for luxury cars in China helped offset a 1.1% drop in vehicle deliveries amid the coronavirus pandemic. “The coronavirus remains a central problem. However, this situation now is […]

Credit Suisse’s revenue falls due to “significant foreign exchange headwinds”

On Thursday, Credit Suisse (CSGN.S) posted a slide on its third-quarter revenue due to “significant foreign exchange headwinds.” The investment bank and financial services firm said it failed to offset a slowdown in its wealth management fees. Credit Suisse’s revenue fell by 38% worth 546 Million Swiss Francs ($602 Million) during the third quarter. However, […]

Russia needs to boost its state debt according to VTB’s CEO

On Wednesday, VTB (VTBR.MM) Bank’s Chief Executive Andrey Kostin said that Russia must increase its state debt to support the country’s economic growth. He also offered the bank’s aid to ramp up government bond purchases and other financial budget needs. “I am an advocate of an increase in state debt; this is important for economic […]

Adidas aims to sell its Reebok division in March 2021

On Thursday, Adidas AG (ADS) announced that it plans to sell its Reebok (RBK) division. The German multinational sportswear corporation stated that it wants to end its ill-fated investment in the United States-focused brand. Adidas’s Chief Executive Officer Kasper Rorsted said that it plans to complete the sale by March 2021. Germany’s Manager Magazin stated […]

Oil steadies as Putin shows support for extending production cuts

Oil prices held on to last session’s gains on Friday after Russian President Vladimir Putin said he would be willing to extend production cuts amid the coronavirus pandemic. Brent crude fell 1 cent to $42.45 per barrel after climbing 1.7% on Thursday. U.S. West Texas Intermediate slid 3 cents to $40.61 per barrel after a […]

Global shares barely move as U.S. election nears

Global shares were seen restricted on Friday, indicating the markets’ cautious sentiment as the presidential election in the United States approaches. Moreover, investors’ position partly depended on the progress in U.S. stimulus talks. Futures for the S&P 500 recorded minimal losses before hitting a flat performance during their midday session. The day before, the underlying […]

Dollar finds steady ground as U.S. stimulus deadline draws near

The U.S. Dollar held its ground against most major currencies on Thursday as markets awaited a U.S. stimulus decision. The Dollar Index, which pits the Greenback against a basket of currencies remained mostly unchanged at 92.801 after reaching its lowest level since September 2. The Dollar saw losses after U.S. President Donald Trump and House […]

Oil slides on surprise U.S. inventory build, demand worries rise

Oil prices dropped on Wednesday as a sudden rise in U.S. crude stocks added to fears about a global supply glut. Demand worries were also reignited by a surge in global coronavirus cases and a production rise in Libya. Brent crude futures for December contract fell 0.5%, or 22 cents, at $42.94 per barrel. U.S. […]

Asian currencies rise on China data rebound

Asian currencies firmed on Monday as China’s economic data for the third quarter showed growth with the yuan standing near its 1 ½-year high. The yuan, Aussie, and the kiwi fell from session highs after China’s GDP headline missed expectations. However, consumption data also implied better growth in the current quarter. The yuan sat at […]

Oil slides as Chinese economic data weaker than expected

Oil prices slid on Monday after news that China’s Q3 economic data was not as high as forecasted. The reports underlined worries that rising global coronavirus cases are affecting fuel demand in the world’s biggest oil importer.  China’s economic growth in the third quarter expanded by 4.9% year-on-year, missing analysts’ expectations.  Brent crude for December […]

Gold down amid rising hopes for U.S. stimulus

Gold prices fell earlier on Monday in Asian trading with traders cautiously retreating from safe-haven assets after rising hopes that U.S. Congress might pass the latest stimulus measures ahead of the November 3 presidential election. House of Representatives speaker Nancy Pelosi has set a Tuesday deadline for Congress to pass the measures, optimistic that the […]

Japan joins the U.S. and Europe as a digital platform regulator of big technology firms

On Monday, Japan reported that it would join the United States and Europe as a regulatory body for big technology companies’ digital platforms. According to Japan’s Fair Trade Commission’s (FTC) Chairman Kazuyuki Furuya, Tokyo could open a probe into any business merger or tie-up if it is a big size deal. “If the size of […]

Oil prices drop as OPEC+ slashes cuts, coronavirus cases weigh on sentiment

Oil prices dropped on Friday on worries that major producers will continue with plans to lessen supple cuts despite a surge in U.S. and European COVID-19 cases curbing fuel demand. Brent crude futures fell 0.5%, or 22 cents, at $42.94 per barrel. U.S. West Texas Intermediate crude futures for November contract dropped 0.4%, or 16 […]

Fiat Chrysler invests $1.5 billion to produce electric vehicles in Canada

On Thursday, Fiat Chrysler Automobiles NV (FCA) announced that it would invest between $1.35 billion and $1.5 billion in its Windsor automobile factory in Canada. According to Unifor National President Jerry Dias, the world’s eighth-largest automaker wanted to produce electric vehicles (EV) as part of a tentative deal with Canadian workers. Diaz said that FCA […]

European stocks seen higher amid dampened sentiment

European stock markets closed higher earlier on Friday, taking back some lost ground after sharp decline in the previous session. However, many speculate that gains could be short-lived as concerns mount over the economic impact of the COVID-19 pandemic. DAX futures in Germany closed 0.1% higher at 2:10 AM ET (0610 GMT), while CAC futures […]

China inflation loses momentum amid broader rebound

September had seen China’s factory gate prices dropping faster than what was expected. Meanwhile, consumer inflation grew at its most gradual pace in 19 months, highlighting the challenges that the country faces amid its emergence from the coronavirus drag. After recording a 2.0% drop in August, the producer price index (PPI) fell 2.1% in September. […]

Ford moves Escape production to 2021 after recall of Kuga vehicles

Ford Motor Co said on Tuesday that it will postpone the production of its plug-in Escape sport utility vehicle to next year because of its use of the same engine and battery parts that were recalled in Europe. The automaker said it had recalled around 20,500 Kuga PHEV vehicles in Europe last month due to […]

European stocks trade higher; TomTom sees gains after extended Uber contract

European stock markets gained substantially larger on Wednesday, buoyed up by positive news from the corporate sector. However, gains remained limited as concerns of the COVID-19 pandemic mounted. Germany’s DAX futures gained 0.1% at 3:40 AM ET (0740 GMT), while the U.K.’s FTSE index saw a climb of 0.4%. However, CAC futures in France lost […]

Atlantia’s shares rise by 10% after it entered exclusive talks with CDP

On Wednesday, Atlantia’s (ATL.MI) shares went up by more than 10% after it entered exclusive talks with Cassa Depositi e Prestiti (CDP) over the sale of its motorway assets. According to a reliable source, Blackstone (BX.N) and Macquarie (MQG) would team up with CDP in a bid for Atlantia’s 88% stake in Autostrade per l’Italia. […]

Walmart to extend Black Friday promos in light of consumer’s spending habits

On Wednesday, Walmart Inc. (WMT.N) announced that it would start its Black Friday promos beyond the usual one day period this year. The American multinational retail corporation said that consumers changed their spending habits after the coronavirus pandemic severely affected the retail industry. “Although this year’s event looks different, our commitment to what our customers […]

Asian equities plunge on vaccine, stimulus concerns

Asian shares had eased from a 2-1/2-year high on Wednesday. This followed after coronavirus vaccine trials were halted and as U.S. stimulus talks reached a deadlock, completely dragging investors’ sentiment. Meanwhile, oil declined on virus-beaten demand. MSCI’s broadest index of Asia-Pacific shares outside Japan ended its seven-day rally, tracking Wall Street’s subdued performance. The index […]

Dollar bounces from three-week low, yuan slides after PBOC move

The dollar rose in early Monday trading as risk currencies fell after talks about a U.S. stimulus aid package resumed. The yuan fell after the Chinese central bank aimed to curb the currency’s strength. The euro fell 0.1% to $1.1817, while the Aussie lost 0.3% to $0.7222. The yen steadied at 105.52 against the dollar. […]

Bank of Korea could keep interest rates unchanged for 2020

South Korea’s central bank is expected to keep its interest rates unchanged on Wednesday amid rising concerns over increasing household debt and property prices, which could be affected on any policy changes. The Bank of Korea (BOK) kept its rates at a record low of 0.50%, according to 34 analysts surveyed by Reuters, after a […]

HSBC aims to achieve net-zero carbon emissions in thirty years

On Friday, The Hongkong and Shanghai Banking Corporation (HSBA.L) announced that it would aim to achieve net-zero carbon emissions on its entire customer base in the next thirty years. The company said that it would provide cash financing worth $750 billion to $1 trillion in order to help its clients make the transformation possible. “COVID […]

BitMEX executives step back after U.S. criminal charges

Top executives of world’s largest cryptocurrency exchanges BitMEX have decided to step back from their roles, following criminal charges filed against them by U.S. prosecutors a week earlier, the firm said on Thursday. The company stated that it would “vigorously” fight the allegations after the U.S Department of Justice charged the firm’s three founders, Arthur […]

Norway strike could cut oil and gas output by quarter

An escalating strike by oil workers in Norway could potentially cut output from western Europe’s biggest oil and gas producer by almost a quarter, operators said on Thursday. However, the union added that a resolution was possible. The dispute, which began on September 30 halted any prospects of price rises on the international oil market, […]

Danske Bank to slash 1,600 jobs in the next twelve months

On Thursday, Danske Bank (DANSKE.CO) announced that it would cut 1,600 jobs in the next six to twelve months as part of a cost-reduction program that would run until 2023. Denmark’s largest bank stated that it was trying to get costs and compliance under control while it had already warned of further layoffs four months […]

Singapore’s economic contraction milder in third quarter

Singapore’s economic downturn eased in the third quarter as the city-state lifted coronavirus-driven restrictions. More so, in its next convocation, the central bank is expected to retain its current monetary policy. Gross domestic product is expected to record a 6.8% contraction from the same period a year ago, according to 11 economists who participated in […]

Asian shares see two-week peak, resist U.S. stimulus drag

Asian share markets recorded a two-week peak on Wednesday. This followed even after Wall Street and commodity prices plunged on U.S. President Donald Trump’s decision to cancel stimulus talks with lawmakers. MSCI”s broadest index of Asia-Pacific shares outside Japan recorded a 0.4% gain, hitting its two-week peak. Australian shares greatly contributed to the jump, tallying […]

Trump demands Congress to give $25 billion in cash assistance for American airlines

On Tuesday, United States President Donald Trump said that the Congress should provide new payroll assistance worth $25 billion to U.S. passenger airlines that furloughed thousands of its employees as the global travel demand was severely affected by the coronavirus outbreak. “IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support… I will sign it now!” […]

Dollar slides as hopes for U.S. stimulus package boost risk appetite

The dollar fell against its peers on Tuesday as growing optimism on a new U.S. stimulus package suppressed demand for safe-havens. Risk mood in the market was also boosted by news that U.S. President Donald Trump is returning to the White House after being treated for COVID-19. The dollar index slid to 93.39 after falling […]

Activity in U.S. service sector surpasses pre-pandemic record in September

The United States’ services industry activity expanded in September, advancing above a level last seen before the coronavirus crisis ravaged the nation. The jump came amid increases in new orders and employment. The Institute for Supply Management’s non-manufacturing activity index was read at 57.8 the previous month. The figure came higher than the 56.9 reading […]

Asian shares hit two-week high as Trump regains health

Asian stock markets had seen a two-week high on Monday following U.S. President Donald Trump’s recovery from the coronavirus. The president’s dismissal from hospital and encouraging news about U.S. stimulus talks had supported investors’ upbeat sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.71%, hitting a two-week peak. The jump could be attributed […]

Oil prices rise 2% on Trump’s improving health

Oil prices gained over 2% on Monday, boosted by statements from Donald Trump’s doctors that the U.S. president may be discharged from hospital as early as Monday, just a few days after he announced that he contracted COVID-19. Trump’s health update lifted Brent nearly 2.1%, or 83 cents, to $40.10 per barrel. U.S. West Texas […]

Cineworld to close all of its U.K. and U.S. movie theaters

On Monday, Cineworld (CINE.L) stated that it would temporarily close all of its movie screens in the United States and the United Kingdom later this week. The world’s second-largest cinema chain said that almost 45,000 workers would be unemployed as the company strives to survive the coronavirus pandemic’s impact on the film industry. “We can […]

Contraction in Japan’s services sector eases in September

A private business survey showed that activity in Japan’s services sector had recorded eight consecutive months of decline ended August. However, the drop came to be the mildest contraction since the coronavirus crisis started ravaging the economy, indicating that demand is gaining momentum. The final Jibun Bank Japan Services Purchasing Managers’ Index (PMI) advanced to […]

Dollar, yen rise as Trump tests positive for COVID-19

The dollar surged and the yen hit its highest level of the week on Friday after U.S. President Donald Trump said he tested positive for COVID-19. The news could prompt a new wave of volatility in the market as investors await the presidential election in November. The dollar climbed 0.5% against the risk-sensitive Aussie and […]

Japan’s unemployment rate drops in August as pandemic presses

August had seen Japan’s unemployment rate surging to its sharpest level in almost three years. Meanwhile, job vacancies dropped to more than a six-year low, underscoring the damage wrought by the coronavirus crisis within the month. On a seasonally adjusted basis, Japan’s unemployment rate advanced 3.0%, data from the labor ministry showed. The figure came […]

Dollar on defensive over upbeat mood, hopes for U.S. stimulus

The dollar was on the defensive at a one-week low on Thursday as upbeat U.S. data and fresh hopes for coronavirus stimulus aid lifted investors’ confidence to seek out risky assets. U.S. Treasury Secretary Steven Mnuchin said that talks about the stimulus package with House Speaker Nancy Pelosi made progress. This news, along with strong […]

Global housing markets to see a subdued 2021

Most major housing markets are expected to lag behind consumer price inflation in 2021. While they managed to reach strong levels this year, they are still predicted to suffer from various downside risks amid the coronavirus crisis and ultra-low interest rates, a Reuters survey showed. Average home prices are expected to grow in several countries […]

Oil falls as rising COVID-19 cases fuel demand concerns

Oil prices fell on Wednesday on fears that rising coronavirus cases would prompt additional restrictions on social activity and weaken fuel demand. Brent crude dropped 1.2%, or 48 cents, at $40.55 per barrel. U.S. West Texas Intermediate slid 0.8%, or 33 cents, at $38.96 per barrel. The benchmarks fell over 3% on Tuesday as global […]

Dollar rises ahead of U.S. presidential debate, Aussie and Kiwi firm

The dollar rose on Tuesday, on course for two-month highs, as markets awaited the first debate between the U.S. presidential candidates, progress in U.S. fiscal stimulus talks, and economic data on German inflation. After hitting its biggest weekly gains since April last week when the markets sought safe havens, the dollar fell on Monday and […]

Oil falls as demand worries outweigh U.S. stimulus hopes

Oil prices fell on Tuesday, losing gains from the previous session, as demand worries due to the coronavirus pandemic outweighed hopes for a new U.S. fiscal stimulus. U.S. West Texas Intermediate crude futures fell 0.8%, or 34 cents, at $40.26 per barrel. The more active Brent crude futures for December delivery slid 0.8%, or 32 […]

Dollar nears two-month high as recovery risks remain

The dollar stood near a two-month high against a basket of currencies on Monday as doubts about economic recovery remained ahead of the release of economic data and political developments in the United States. The dollar index was little changed at 94.530. It hit a two-month high of 94.745 last week and reported its biggest […]

Dollar hits two-month highs as second coronavirus wave threatens U.S. economies

The dollar hit a two-month high on Thursday as concern over Europe’s and the United States’ resilience to economically recover from the coronavirus pandemic grew.  The dollar benefited from another surge in European coronavirus cases as it boosted a safe-haven bid. Meanwhile, Federal Reserve policymakers encouraged the U.S. government to release more fiscal stimulus, prompting […]

European shares hit low levels on global sell-off

European equities recorded a three-month low on Thursday. This could be attributed to a sell-off seen in global risk assets as the absence of a new U.S. stimulus package and the second wave of coronavirus infections dragged investors’ optimism over the global economic recovery. The pan-European STOXX 600 index recorded its worst session since June […]

ChargePoint to finally open an initial public offering worth $2.4 billion

On Thursday, ChargePoint Inc. announced that it would finally open an initial public offering (IPO) worth $2.4 billion. The California-based electric vehicle infrastructure company stated that it would merge with Switchback Energy Acquisition Corp. (SBE.N) by the end of the year. “Being ready to be public means that you’re investing in scaling the platforms you […]

Oil slides after U.S. crude inventories climb against expectations

Oil prices slid on Wednesday after an industry group reported a sudden rise in U.S. crude inventories, adding to demand fears that prompted a selloff earlier this week. Brent crude fell 0.7%, or 30 cents, at $41.42 per barrel following a 28-cent gain on Tuesday. U.S. crude was down 0.9%, or 34 cents, at $39.46 […]

Japan factory activity dwindles on weak output

September had seen Japan’s factory activity declining further as output weakened. This followed after the country struggled to maintain the economy’s recovery from the coronavirus crisis. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) was read at 47.3 in September, placing a shade higher than the 47.2 reading seen in August.  Meanwhile, […]

Dow gains support as Apple, Microsoft lead tech rally

The Dow ended its steep rout on Monday after investors propped up big tech names to push the broader sector into positive territory. However, news of no further fiscal stimulus continued to weigh on investor sentiment.      The Dow Jones Industrial Average lost 1.84% (509 points) after it reached an intraday low of 900 […]

European stocks fall on back of HSBC shares slump, COVID-19 resurgence

European stocks declined sharply earlier on Monday after a resurgence in COVID-19 cases and weak banking data on the back of suspicious payments over the years led to uncertainties. Germany’s DAX futures fell by 2.2%, while France’s CAC futures saw a decline of 2%. Meanwhile, FTSE futures in the UK traded 2.5% lower. Shares in […]

Shares decline on lockdown, banking concerns; dollar jumps

Tuesday marked Asian shares’ second day of decline as an impasse in U.S. stimulus and the possibility of lockdown reimplementation in Europe dampened investors’ sentiment. Meanwhile, the dollar gained.  MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.5% weaker. Australia’s S&P/ASX 200 recorded a 0.7% decline after miners and energy stocks dragged the index. […]

Dollar trades lower ahead of U.S. Fed speech

The Dollar traded lower earlier on Monday in Asian markets ahead of a U.S. Fed speech by officials scheduled for later in the week. The U.S. Dollar Index, which tracks the Greenback against a basket of other currencies fell by 0.16% to 92.870 at 9:55 PM ET (0255 AM GMT). Against the Chinese Yuan, the […]

Oil prices inch higher as tropical storm halts at U.S. production

Oil prices inched higher on Monday after a third tropical storm this month aimed for the U.S. Gulf of Mexico, halting some production in the region. However, gains remained limited on the possible return of Libya’s oil production and a resurgence of new COVID-19 cases globally. Brent crude fell 0.2% (9 cents) lower, trading at […]

Japan’s August consumer prices see fastest decline

August had seen Japan’s core consumer prices dropping at the fastest pace in almost four years. The drop could be attributed to government-sponsored discounts for domestic travel in a bid to salvage the struggling tourism industry. The core consumer price index (CPI) recorded a 0.4% contraction in August from a year ago, government data showed […]

New Zealand economy hits worst level on weak second-quarter GDP

New Zealand’s economy was seen reaching its sharpest contraction on record in the second quarter. The decline came as the country’s effort to combat the coronavirus crisis ravaged business activity, official data showed on Thursday. On a quarterly basis, the country’s gross domestic product recorded a seasonally adjusted 12.2% contraction. The reading came as the […]

Japanese exports decline further on virus-beaten demand

Japanese exports had seen another double-digit decline, recording six months of continuous contraction in August. This was mainly from a coronavirus-driven slump monitored in U.S.-bound shipments, raising a dim outlook over a trade-led rebound. After recording a 19.2% decline in July, total exports dropped 14.8% year-on-year in August. The figure came milder than the 16.1% […]

Asian shares gain on vaccine optimism

Asian share markets recorded an upbeat performance on Monday. This could be attributed to AstraZeneca’s resumption of its third phase of vaccine clinical trials. However, market sentiment remained cautious as investors await a series of central bank meetings in the United Kingdom, Japan, and the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan […]

Oil extends losses as U.S. inventories climb amid weak demand

Oil prices slid for a second day on Friday, weighed by a sudden increase in U.S. crude inventories as fuel demand struggled amid the coronavirus pandemic. Brent crude fell 0.5%, or 18 cents, at $39.88 per barrel after falling almost 2% on Thursday. U.S. crude lost 0.4%, or 14 cents, at $37.16 per barrel following […]

Yum China shares plunge after HK debut

After launching its business in Hong Kong, Yum China Holdings Inc recorded a 6.3% decline on Thursday. The drop broke the recent trend of achieving a prosperous opening for local listings as global markets’ volatility dragged investors’ sentiment. In the early session, Yum China recorded a low of HK$386.2 ($50.35). The operator of KFC, Taco […]

China’s falling factory prices ease on maintained recovery

August had seen China’s factory gate prices dropping at their most gradual pace in five months. This could be attributed to the sustained recovery in the world’s second-biggest economy, with its industries emerging steadily from the coronavirus drag. The country’s producer price index (PPI) recorded a 2.0% decline in August, the National Bureau of Statistics […]

Equities fall on U.S. tech rout, oil plunges on demand concern

  Asian share markets declined on Wednesday, while oil prices recorded lows last monitored in June. The series of declines came after a selloff in technology shares dragged Wall Street for three consecutive days and a major drugmaker postponed vaccine trials. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.06% decline. Australian shares […]

Dollar firms, yen gains amid selloff, Brexit worries

The dollar gained ground on Wednesday as a decline in the stock market prompted a sell-off of risky currencies. Meanwhile, worries about the EU-UK post-Brexit talks pushed the pound to a new six-week low. The dollar index bounced nearly 2%, while the safe-haven yen rose to a one-week peak of 105.83 on the dollar. In […]

Oil falls further on demand worries

Oil futures fell further on Wednesday after a steep decline in the last session. This came after a surge in new coronavirus cases in some countries offset hopes for a steady fuel demand recovery. Brent crude fell 0.5%, or 19 cents, at $39.59 per barrel. It dropped over 5% on Tuesday to trade below $40 […]

Virgin Australia returns a third of its Boeing 737 fleet under Bain Capital

On Wednesday, Virgin Australia Holdings Ltd (VAH.AX) announced that it would return a third of its fleet of Boeing Co (BA.N) 737 planes to lessors and financiers as part of a restructuring deal under its new owner Bain Capital. “With the changes to simplifying our fleet and ongoing subdued customer demand, we have been required […]

Baidu to raise $2 billion with investors for a biotech startup

On Wednesday, Baidu (BIDU.O) and its investors reported that it would raise $2 billion over three years for a biotech startup. The Chinese multinational technology company said that it would use Artificial Intelligence (AI) technology to discover new drugs and diagnose diseases. WeDoctor (0700.HK), Alibaba’s (BABA.N) healthcare arm, and Ping An Good Doctor (1833.HK) said […]

Airlines group IAG to receive regulatory approvals for no-deal Brexit

On Tuesday, the International Consolidated Airlines Group (IAG) reported that it had obtained the necessary regulatory approvals to continue flying their planes if no free-trade deal would be agreed between the United Kingdom and the European Union. “In compliance with the European Union connectivity regulation last year, our airlines submitted their plans on ownership and […]

Japanese economy contracts further, raises pressing challenge for new leader

The second quarter had seen Japan’s virus-beaten economy slipping further into its sharpest postwar recession. This came after businesses in the country were monitored struggling worse than previously estimated, highlighting the pressing challenge the new prime minister faces to save the ailing economy. The world’s third-biggest economy recorded a 28.1% contraction from April to June. […]

Oil slides 1% on weak demand, on track for biggest weekly drop since June

Oil futures slid 1% on Friday, with prices on course for their steepest weekly drops since June. This came just as weak demand and sizable fuel supplies offset support from a weak dollar. Brent crude lost 44 cents to $43.63 per barrel. U.S. West Texas Intermediate fell 43 cents to $40.94 per barrel, on course […]

Dow reaches record 29,000 mark as utilities power rally

The Dow traded significantly higher on Wednesday, closing above a record 29,000 points investors as signs of an easing labor market. The Dow Jones Industrial Average gained 1.59% (453 points) to 29,099 points for the first time since February 20 as utilities led the rally. Meanwhile, the S&P500 and the Nasdaq Composite gained 1.56% and […]

China’s services sector gains momentum as employment recovers

August had seen China’s services sector expanding for four consecutive months, an industry survey showed on Thursday. This followed after companies started hiring more people for the first time since January. The Caixin/Markit services Purchasing Managers’ Index placed at 54.0 in August, just below the 54.1 record in July. The drop came to be the […]

Asian shares advance on U.S. stimulus hopes, strong Chinese data

Asian share markets recorded a strong session on Thursday. This followed after a maintained rebound in China’s services sector and the prospect of additional stimulus from the United States supported investors’ risk appetite. Meanwhile, the dollar erased earnings. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% gain. The index tallied its third […]

Uber Technologies to extend mask selfie verification to customers

On Tuesday, Uber Technologies Inc (UBER.N) announced that it would roll out a global selfie feature to verify customers if they are wearing a mask. Uber established a “No Mask No Ride” policy on May 2020 which was extended due to the ongoing pandemic. Both drivers and riders were required to wear a face mask […]

Dow closes lower as energy and industrial shares tumble

The Dow Jones index ended the session on a lower note on Monday, with energy and industrial stocks taking the brunt of the force. However, previous gains made in the month was seen as the best August performance since 1984. The Dow Jones Industrial Index slipped by 0.78% (223 points), with the lowest being a […]

Asian shares hit 29-month peak, China services grow

Asian shares recorded a 29-month peak on Monday. This followed after investors’ sentiment grew on optimism that global monetary and fiscal policies would stay effective. Meanwhile, China’s services sector advanced, indicating that the country maintained its recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% gain, reaching its highest level since March […]

SoftBank to cut its wireless carrier stake by 40%

On Friday, SoftBank Group Corp (9984.T) announced that it would cut its exposure to wireless carrier SoftBank Corp (9434.T) in a share sale worth 1.47 trillion Yen ($13.8 billion). SoftBank Group’s Chief Executive Officer Masayoshi Son said that he had been selling the group’s core assets to stabilize its balance sheet while funding a record […]

Japan markets shaken by Abe resignation news

Financial markets in Japan were shaken during afternoon trade after news revealed that Japanese Prime Minister Shinzo Abe would be resigning due to health reasons. The news came as investors still digested the U.S. Fed decision to shift its policy framework to focus on economic growth without any concern for rising inflation rates. The Japanese […]

Gold retreats from morning highs as Fed speech fails to reassure markets

Gold prices soared to a one-week high earlier on Thursday but later retreated after the U.S. Federal Reserve failed to reassure markets that it would pledge to continue a round of asset purchases. Gold futures for the December delivery on Comex fell by 1% ($19.90) to $1,932 per ounce, trimming most of its gains on […]

Bank of Korea steadies rate, trims GDP forecast amid virus surge

The Bank of Korea kept its key interest rate steady on Thursday. The central bank’s predicted move came nothing as a surprise as policymakers are more pressured to take more actions to prevent the resurging coronavirus infections from deterring the recovery of the country’s virus-beaten economy. The BOK held its 0.5% seven-day repurchase rate as […]

New Zealand stock exchange suffers outage due to cyberattack

On Wednesday, the New Zealand stock exchange (NZX.NZ) has been shut down because of a severe cyberattack from overseas. Cash market trading was halted after the cyberattack took down the NZX website just before 9:30 AM AEST. The NZX said that it had experienced “network connectivity issues” and that the NZX main board, NZX debt […]

Alibaba’s Ant Group files for IPO in Hong Kong

Alibaba’s Ant Group, formerly known as Alipay, announced on Tuesday that it would file for an Initial Public Offering (IPO). The financial technology company said that it would have a dual listing in Hong Kong and on Shanghai’s Nasdaq style STAR Market. The Ant Group stated that the listing could raise as much as $30 […]

 J.M. Smucker tops earnings forecast due to upbeat demand

On Tuesday, J.M. Smucker Co. (SJM.N) reported that it managed to beat its first-quarter sales estimates in light of strong demand for coffee, frozen sandwiches, and fruit spreads. The Jif peanut butter maker announced that it would raise its revenue forecast for the fiscal year 2021. According to Institutional Brokers Estimate System (IBES) data from […]

Oil steadies as storms hit production in Gulf of Mexico

Crude oil prices steadied on Monday as storms hit the Gulf of Mexico, closing over half of the region’s oil production. However, prices were capped by rising concerns about fuel demand amid the coronavirus pandemic. Brent futures fell 0.1%, or 2 cents, at $44.33 per barrel. U.S. West Texas Intermediate crude lost 0.1%, or 2 […]

U.S. initial unemployment claims surge above 1.106 million

The number of initial unemployment claims in the U.S. surged to 1.106 million, mounting on worries over a stalling labor market. Economists had forecasted a drop to 925,000 after the figure was revised from 963,000 to 971,000 in the previous week. The number of people who claimed for Pandemic Unemployment Assistance for the first time […]

Gold continues slump as Dollar Index strengthens

Gold prices fell by another 1.2% on Thursday as more investors went on a selling spree as a strengthening Dollar kept buyers from supporting the yellow metal. Gold futures for December delivery on Comex fell by $23.80, selling at $1,946.50. The spot price for gold gained 1% ($18.97) to $1,947.93 at 03:00 PM ET (19:00 […]

Asian shares reach seven-month peak on Wall Street rally

Asian share markets had reached a seven-month high on Wednesday. The record came after the S&P 500 tallied consistent all-time highs fuelled by policy stimulus to relieve economies from the impact of the coronavirus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.3% gain. The index advanced for three consecutive days to […]

Dollar slips, investors eye U.S.-China deal, Fed minutes

The dollar slid, while commodity currencies rose on Monday as investors were relieved by the delayed U.S.-China trade deal review, leaving the current deal intact. The dollar index stood at 92.987, trading in a range after falling to a two-year low in July. The risk currency Australian dollar rose to a one-week high of $0.7196. […]

Gold prices gain amid dim economic outlook

Gold prices rose earlier on Monday in Asia as underwhelming data dimmed outlook for a swift economic recovery from the COVID-19 pandemic. Gold futures gained 0.04% to $1,950.60 at 11:33 PM ET (04:33 AM GMT) after a U.S. retail earnings report last week showed a 1.2% growth month-on-month. However, gains for the yellow metal remained […]

European stocks rise on Telecoms buyout offer for Sunrise

Telecoms stocks lifted European bourses on Wednesday after Liberty Global launched a buyout offer for Sunrise Communications. Meanwhile, London’s FTSE 100 rose on bets of domestic stimulus following a decline in economic output for the second quarter. The pan-European STOXX 600 climbed 0.2%, its fourth straight day of gains. Sunrise Communications rose 26.8% after Liberty […]

Oil gains on bigger-than-expected drop in U.S. crude stocks

Oil prices rose on Wednesday after U.S. crude inventories dropped more than analysts expected, strengthening hopes of a fuel demand recovery in the world’s biggest economy. Brent crude rose 0.3%, or 15 cents, at $44.65 per barrel. U.S. West Texas Intermediate oil gained 0.2%, or 9 cents, at $41.70 per barrel. The American Petroleum Institute […]

Swiss unemployment eases in July versus June

Switzerland’s unemployment rate eased in July from June, but figures are still up 53% year-on-year, according to the data released on Monday. The jobless rate steadied from June at a non-seasonally adjusted 3.2%, with 148,870 people recorded as unemployed, the State Secretariat for Economic Affairs (SECO) said. SECO also reported on the shorter working hours […]

China’s factory deflation eases, recovery gains momentum

July had seen China’s factory deflation slowing. This was mainly from an increase in global oil prices and as industrial activity reversed towards pre-pandemic levels, suggesting signs of rebound in the world’s second-largest economy. China’s producer price index (PPI) dropped 2.4% from a year ago in July, the National Bureau of Statistics (NBS) said. The […]

Asian shares cautious on pressing China-U.S. tensions

Asian stocks recorded a cautious session on Monday as tensions between China and the United States dragged investors’ sentiment. However, signs of recovery in China’s industrial sector minimized losses.   MSCI’s broadest index of Asia-Pacific shares outside Japan had a turbulent session. Despite this, the index held in small ranges to retain below a 6-1/2 […]

Dollar stays weak, stocks climb as investors await U.S. stimulus

The dollar remained weak while most currencies gained on Thursday as the patchy U.S. economic data was perceived by markets as a precursor to more stimulus measures and the brinkmanship on Capitol Hill an indicator that a new U.S. coronavirus stimulus aid is close. MSCI’s broadest index of Asia-Pacific shares outside Japan surged 0.3% to […]

Oil prices flat as coronavirus fears dwarf U.S. crude stocks lift

Oil prices were generally flat on Thursday as the unexpected support from U.S. crude stocks that lifted the market to five-month highs in the last session yielded to fuel demand fears amid surging COVID-19 cases. U.S. West Texas Intermediate crude futures fell 0.1%, or 3 cents, at $42.16 per barrel. Brent crude futures climbed 0.2%, […]

Trans-Pacific trade bloc agree to roll out food, medicine supplies amid pandemic

Ministers from a trans-Pacific trade bloc in a joint statement have pledged to roll out food and medicine supplies amid the COVID-19 pandemic in an attempt to cushion its further blow on Wednesday. In the virtual meeting, which was hosted by Mexico, the 11 members expressed to counter protectionism and support for modernizing the World […]

President Trump demands that the U.S. Treasury should get a cut from the Microsoft-TikTok deal

The United States President Donald Trump said on Monday that he was ready to approve the purchase deal between Microsoft (MSFT) and ByteDance’s short-video app TikTok. However, Trump demanded that the U.S. Treasury should get a cut of the proceeds while the U.S. government should receive a handsome amount of money in exchange. “A very […]

Egypt’s private economy sees 1-year peak: PMI

A contraction seen in Egypt’s non-oil private sector had eased in July, slowing at its most gradual pace in a year. This could be attributed to parts of the economy resuming operations after months of lockdown, with output and new orders monitored growing, a survey showed on Wednesday. IHS Markit’s Purchasing Managers’ Index (PMI) rendered […]

Turkish inflation dips below 12% for July year-on-year

Turkey’s consumer price inflation fell lower than expected to 11.46% in July compared to the same month last year, reversing a two-month rise in inflation according to Tuesday’s official data. The figures boosted the Turkish Lira, trading at 6.9270 against the Dollar. Consumer prices increased by 0.58% in July month-on-month, in contrast to a Reuters […]

Bayer reports 9.5 billion Euros second-quarter net loss due to U.S. litigation settlement

On Tuesday, German chemicals giant Bayer (BAYGn.DE) reported its second-quarter net loss worth 9.5 billion Euros ($11.2 billion) due to a $10.9 billion settlement of U.S. lawsuits claiming that its glyphosate weed killer caused cancer. Bayer signed an agreement worth $8.8 to $9.6 billion in June to settle the 125,000 claims in the United States […]

Oil prices rebounds from record lows amid looming headwinds from the pandemic

Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 per barrel by 11:58 PM ET (0358 GMT), on course for a four-month high. It closed 1.9% […]

Samsung expects upbeat chip demand, second quarter profit climbs

Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, the world’s leading manufacturer of memory chips and smartphones, reported a 23% increase in […]

Britain signs deal with Sanofi/GSK for 60 million doses of COVID-19 vaccine

Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, there has yet to be a vaccine to be approved for treating COVID-19 patients. However, Sanofi […]

Indonesia launches $7 billion loan guarantee scheme for ‘priority’ companies

Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister said. The program will offer working capital loans amounting between 10 billion to 1 trillion Rupiah for a period of […]

Aussie consumer prices hit record low in second quarter, outlook remains murky

The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last quarter, the consumer price index (CPI) recorded a 1.9% drop. This decline sent annual prices down […]

Oil rises on weak dollar, U.S. coronavirus aid hopes

Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic.  Prices were also buoyed by a weakening dollar, making it easier for global investors to purchase crude at a cheaper amount. Brent crude futures […]

Oil falls on rising coronavirus cases, U.S.-China conflict

Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, at $41.22 per barrel. The decline in oil was also seen in other financial […]

Australia’s watchdog sues Google over data privacy issues

On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal data for a targeted advertising program. ACCC said that Google did not seek consumers’ explicit consent. The company failed to […]

Apple faces multi-state investigation due to deceptive trade practices

On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, details are still unclear on how Texas’s Attorney General Ken Paxton and some multi-state investigators found out that Apple had […]

Euro, gold hit record highs as Dollar weakens amid record U.S. unemployment claims

Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the week after European leaders announced a massive stimulus plan to soften the economic blow of […]

British economy to grow on lockdown easing, outlook remains dim

After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite near-term optimism, only six participants believed that the British economy recovered. Almost 85% of participants, 32 of […]

Dollar falls as U.S. fiscal stimulus bout in focus

The dollar fell against its peers in early Asian trade as the debate between the Democrats and Republicans over the U.S. economic stimulus measures weighed on the market.  The euro rose to its strongest level in over a year after EU leaders agreed on a massive stimulus plan to support the bloc’s economy from the […]

Euro hits new four-month highs after EU strikes stimulus deal

The euro reached its highest level since early March after the European Union agreed on a deal for a massive stimulus package to support the bloc’s economy from the coronavirus pandemic. The deal was finalized after a round of compromises between the thrifty northerners and the more extravagant countries in the EU.  The deal lifted […]

SoKor’s second-quarter GDP to hit sharpest level in over 20 years

The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export demand. From April to June, Asia’s fourth-largest economy likely declined 2.0% from a year earlier. This came to […]

UBS investment bank pays $10 Million to settle SEC charges on municipal bond offerings

The Securities and Exchange Commission (SEC) announced on Monday that UBS Financial Services Inc. (UBSG) would pay more than $10 Million to resolve charges regarding certain municipal bond offerings. UBS has agreed to pay the fine after SEC charged the investment banking company with circumventing the priority given to retail investors in the bond offerings […]

BOT says it may take several years before tourist numbers return to normal

The Bank of Thailand chief on Monday said that it could take several years for the country’s foreign tourism industry to recover as the economy continues to take a beating from the COVID-19 pandemic. The central bank expects foreign visitors to reach the 8 million visitors for 2020, compared to the usual 40 million the […]

Asian shares drop ahead of EU meeting, U.S. stimulus talks

Asian shares declined on Monday as oil and copper ran weakly. This followed after an upsurge in global coronavirus cases overshadowed markets, while investors waited for the European zone and the United States to implement fiscal stimulus to combat the virus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.2%, erasing initial gains […]

Asian markets await bullish ride on struggling U.S. market

Asian markets are poised to start with a firmer tone on Friday, disregarding an overnight decline in U.S. stocks. The decline was mainly from the United States’ move of debating new economic stimulus in a bid to salvage the virus-beaten economy. Australian S&P/ASX 200 futures advanced 0.23% in early trading. Japan’s Nikkei 225 futures soared […]

Oil steadies on fuel demand uncertainty

Oil prices steadied on Friday as the market was filled with uncertainty on fuel demand recovery. This came after coronavirus cases continued to surge while major oil producers began to loosen output cuts. U.S. West Texas Intermediate crude futures gained 1 cent to $40.76 per barrel. Brent crude futures steadied at $43.37 per barrel. Both […]

Dollar rises as weak Chinese retail sales worry investors

The dollar firmed on Thursday as a decline in Chinese retail sales worried investors, while the rest of the market anticipates the EU summit this weekend. The euro was down 0.1% to $1.1401, while the dollar stood at 106.95 on the yen. The British pound fell 0.3% to $1.2548.  Over the weekend, European countries are […]

China to take ‘necessary’ measures in response to the U.K.’s Huawei ban

China’s Commerce Ministry stated on Thursday that it would take the ‘necessary’ measures in response to the United Kingdom’s ban on Huawei Technologies Co Ltd (HWT.UL). The government agency said that it would severely damage China’s investment confidence in the country. “China is evaluating the U.K. actions that have betrayed free trade principles and will […]

Apple removes more than 2,500 games from the China App Store

SensorTower announced on Wednesday that Apple (AAPL) removed more than 2,500 games from the China App Store in the first week of July. The move came after the U.S. tech giant closed a loophole to comply with China’s license requirements. Apple set a deadline for revenue-generating games to submit government-issued license numbers that would allow […]

Asian shares decline on virus, Sino-U.S. concerns

Asian stock markets plummeted on Tuesday, while oil dropped and a safety bid boosted the dollar’s performance. This followed after emerging Sino-U.S. tensions and new novel coronavirus restrictions in California dampened optimism as earnings season approaches. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.2%. Japan’s benchmark index Nikkei declined 0.8%, easing from its […]

Google offers not to use Fitbit health data to ease EU concerns

Alphabet Inc.’s Google (GOOGL) said on Monday that it would not use Fitbit Inc.’s (FIT) health data to target advertisements in an attempt to address the European Union’s antitrust concerns about its proposed acquisition deal worth $2.1 billion. “This deal is about devices, not data. We appreciate the opportunity to work with the European Commission […]

China’s export inactivity to ease on economic resumption, imports decline less

The inactivity in Chinese exports likely eased in June as several countries resumed their economic operations. Meanwhile, imports declined milder on higher crude oil and commodities purchases, a Reuters survey showed on Monday. Economists expect June exports from the world’s second-biggest economy to have declined 1.5% from a year earlier, dropping milder than the 3.3% […]

Gold prices up as global COVID-19 cases surge in record number

Gold prices rose earlier on Monday in Asia, remaining above the $1,800 as the COVID-19 pandemic continues to worsen around the world. Gold futures slipped by 0.29%, trading at $1,807.15 per ounce by 12:47 AM ET (05:47 AM GMT). Investors flocked to the safe-haven after a surge of COVID-19 cases across the globe dampened hopes […]

Asian stocks decline on virus concerns, China shares halt rally

Asian shares and U.S. stock futures dropped on Friday. This followed after an upsurge in new coronavirus cases in several U.S. states dimmed the possibility of an economic recovery. Meanwhile, investors focused on corporate earnings. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.76% decline. Australian stocks declined 0.43% as Japanese stocks shed […]

U.S. jobless claims fall at a nearly four-month low; 33 Million Americans file for unemployment benefits

The United States Labor Department reported on Thursday that jobless claims edged down to a near four-month low since last week, while 32.9 Million Americans collected unemployment benefits in the third week of June. The government agency stated that the labor market would take years to recover from the coronavirus pandemic. According to the released […]

Nasdaq hits another record high as Wall Street rises with tech shares

The U.S stocks increased on Wednesday and large technology companies lifted Nasdaq to another record close as investors continued to shrug off higher numbers of coronavirus cases in the United States. The Nasdaq Composite Index, led by Amazon.com (AMZN.O), climbed by 1.4% to 10,492.50 on its fourth record in five Wall Street sessions. Apple Inc […]

Dollar falls as sentiment for yuan grows

The dollar fell against its peers on Thursday as a rally in risky assets such as commodities and global equities overshadowed safe-haven demand. The Chinese yuan rose to a four-month high of 6.9875 against the dollar. Investors shrugged off the diplomatic tensions between the United States and China as the latter’s economy continued to improve […]

Oil falls as coronavirus worries offset gasoline recovery

Oil prices fell on Thursday as worries about reinstated lockdowns in the United States dwarfed signs of a recovery in gasoline demand. Brent crude futures slid 0.2%, or 7 cents, at e$43.22 per barrel. U.S. West Texas Intermediate crude futures dropped 0.3%, or 14 cents, at $40.76 per barrel. Oil prices rose on Wednesday after […]

National Bureau of Statistics sees China’s Producer Price Index better-than-expected

China saw its factory gate data for June perform better than expected on Thursday morning. However, persistent deflation indicated that the impact from the COVID-19 pandemic still continues to linger. The data, released by the National Bureau of Statistics (NBS), showed a 3% decrease in the Producer Price Index (PPI) year-on-year, compared to analysts’ forecast […]

Tesla’s shares surge by 13%, the most bullish target on Wall Street

On Monday, Tesla Inc.’s shares (TSLA.O) rose by 13% to an all-time intraday high of $1,342 per share. Some analysts said that the electric car maker’s shares could surge another 24% this year. JMP Securities (JMP) boosted its price target to a Wall Street high of $1,500 from $1,050 after Tesla reported its second-quarter deliveries […]

Japan’s household spending hits record slump as travel, dining out suffer

May had seen Japan’s household spending declining at its most rapid pace. This drove the world’s third-biggest economy further into decline as consumers heeded authorities’ mandate of staying at home to contain the novel coronavirus pandemic. The country’s household spending extended its 11.1% drop in April as it fell 16.2% in May from a year […]

Oil prices mixed as virus surge drags U.S. demand

Brent crude advanced on tighter supplies while U.S. benchmark WTI futures fell on concern that an increase in novel coronavirus cases could cap oil demand in the United States. This projected a mixed market view on Monday. Brent crude LCOc1 jumped 18%, or 0.4%, to $42.98 per barrel by 0252 GMT. This followed after it […]

UK new car sales sees smaller slump for June on annual basis

New car registrations in the United Kingdom slipped by a third on an annual basis in June after several dealerships resumed operations amid loosening lockdown measures, preliminary data from an industry body. The drop is seen as relatively smaller compared to that in March, April, and May. According to the Motor Manufacturers and Traders (SMMT), […]

European stocks open higher as Asian markets rebound on strong China data

European stocks traded higher earlier on Friday after strong factory data from China fuelled a rebound in Asian markets. However, investor optimism remained limited as the U.S. reported a record surge in new COVID-19 cases. The STOXX 600 gained 0.2%, remaining steady near its strongest level in three weeks. However, gains were limited by a […]

Tesla to help CureVac in molecule printer production to develop a potential COVID-19 vaccine

Tesla Inc will be manufacturing mobile molecule printers in an attempt to aid Germany’s biotech firm CureVac in developing a potential COVID-19 vaccine, according to a tweet by the electric-car maker’s CEO Elon Musk on Wednesday. CureVac has been developing automated, portable mRNA production units called printers. The printers are designed to be easily deployed […]

European shares kick off the new quarter with subdued gains

On Wednesday, European stocks rose at the start of a new quarter as investors monitored the economic data which could signal the extent of a potential economic recovery as countries emerge from lockdown measures. However, the surging coronavirus infections in the United States are likely to delay the global recovery. The pan-European STOXX 600 index […]

Airbus to slow down services amid the coronavirus pandemic

On Tuesday, European aviation company, Airbus (AIR.PA) said that it would delay its $10 billion worth of services business amid the coronavirus pandemic. However, the company would continue its strategic support for airline operations. “It is postponing the ambition a little in terms of timing, but the strategy is still relevant. We still think developing […]

Oil prices dip on demand woes, Libya in talks to resume supply

Oil prices fell on Tuesday amid fading hopes for an increase in demand, while a buildup of stockpiles weighed the market. U.S. West Texas Intermediate crude futures slipped by 44 cents, but recovered a portion of its losses after China posted better-than-expected factory data. As of 0201 GMT, it traded 0.7% (26 cents) lower at […]

Wall Street advances on Boeing gains, stimulus eyed

Wall Street shares jumped on Monday and the S&P 500 was on track for its largest quarterly gain since 1998. This was mainly from upbeat investors’ mood for a stimulus-driven economic recovery. Moreover, an increase in Boeing shares backed the Dow’s performance. The Dow Jones Industrial Average.DJI advanced 2.32% as the S&P 500.SPX and the […]

Japan retail sales slump as pandemic curbs consumer spending

Japan retail sales fell a double-digit pace for the second month in May as the coronavirus pandemic heavily affected consumer confidence and hopes for economic recovery. Retail sales dropped 12.3% in May year-on-year as the downturn in demand hinted at a longer recession for the world’s third-largest economy. The decline followed a 13.9% fall in […]

BMW’s works council head supports electric-only technology platform

BMW’s head of influential work council said that they must head toward a technology platform specifically for electric cars, moving away from only developing cars that can be refitted with either electric or combustion engines. “Only with our own e-architecture can we fully exploit the advantages of an electric vehicle,” Manfred Schoch told Der Spiegel […]

Asian stocks see biggest sell off amid COVID-19 surge

Asian stocks saw its biggest sell off in eight sessions on Thursday as the rise in COVID-19 cases and the lowering of economic forecasts by the International Monetary Fund dented confidence in a recovery. However, bonds saw some gains, while the U.S. Dollar held steady. MSCI’s broadest index of Asia-Pacific shares lost 0.7%, while Japan’s […]

China’s Tencent buys Malaysian streaming platform Iflix in a push into South East Asia

Chinese tech giant Tencent said on Thursday that it had purchased Malaysian video streaming platform Iflix’s “content, technology, and resources” in order to further grow its presence in Southeast Asia. Tencent said in a statement that it had hoped to use Iflix’s catalogue of “international, local, and original content” to expand to Thailand’s video streaming […]

European shares drop as second virus wave unsettles investors

European shares dropped on Monday as a surge in new coronavirus cases in Germany and elsewhere unsettled investors’ hopes for a faster economic recovery. The pan-European STOXX 600 index fell 1%, with the losses led by oil and gas.SXEP, travel and leisure.SXTP, and bank stocks.SX7P. The World Health Organization posted a record rise in global […]

U.S. housing to defy virus drag: Reuters poll

Backed by record-low mortgage rates and limited supply, US home prices are set to overcome the economic drag brought by the novel coronavirus pandemic, according to a Reuters poll that foresees home prices beating consumer prices this year and next. According to the June 9-19 survey of over 40 housing strategists, housing prices will record […]

Dollar slips as concerns mount over potential second wave; Euro also in focus

The Dollar retreated from gains in Europe earlier on Friday. However, losses were not far from its two-week high as worries of a second wave mounted with increasing new COVID-19 cases worldwide. The Dollar index slipped 0.1% to 97.352 at 3:10 AM ET (0710 GMT). The index had previously reached a daily high of 97.495, […]

Stocks in rocky trade as investors assess risks of second wave

Asian shares and U.S. stock futures were in rocky trade on Friday as fears of a second coronavirus wave dwarfed hopes for a fast economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.1%, while S&P 500 e-mini futures were up 0.21%. Chinese shares surged 1.15%, lifted by gains in the health care […]

Australian unemployment rate hits 19-year high, outlook remains dim

May had seen Australia’s unemployment rate soaring to its highest in about two decades. This followed after nearly a quarter of a million people lost their jobs due to the pandemic-driven restrictions which halted business activities. Employment in May sank lower with 227,700 jobs. This came worse than the record slump of about 600,000 in […]

Russia’s unemployment rate reaches 6.1% for May

Russia’s unemployment rate reached 6.1% in May according to a statement by Labour Minister Anton Kotyakov on Wednesday. The unemployment rate increased from April’s 5.8% which was recorded by Rosstat, the state’s statistics services. In a conference run by the Russian Union of Industrialist and Entrepreneurs, Kotyakov said that the domestic labor market had fared […]

HSBC to resumes 35,000 job cut plan after COVID-19 crisis

HSBC will be resuming its plan to cut 35,000 jobs after it had been put on pause during the COVID-19 outbreak as the largest bank in Europe faces declining profits. HSBC will also put a halt on all external hiring, according to a memo Chief Executive Noel Quinn wrote on Wednesday to the bank’s 235,000 […]

Trump administration prepares for $1 trillion infrastructure package to spur the economy

On Tuesday, the Trump administration said that it is preparing a nearly $1 trillion infrastructure proposal for transportation plans as part of its push to spur the world’s largest economy back to life. A preliminary version prepared by the Department of Transportation (DOT) would reserve most of the money for traditional infrastructure work like roads […]

Japan exports decline most since 2009 on weak U.S. demand

May had seen Japan’s exports falling at its most rapid pace since the 2009 global financial crisis. This could be attributed to inactive U.S.-bound car shipments and an impending contraction this quarter in the world’s third-biggest economy. Japan’s exports dropped by 28.3% in the year ended May, official data showed on Wednesday. This came to […]

Dollar firms after retail sales data prompt recovery hopes

The dollar firmed against its peers on Wednesday after U.S. retail sales in May reported higher gains than forecasted. In Asia, risk currencies were under pressure due to the coronavirus and diplomatic tensions in the region. The dollar index traded at 97.003. The euro stood at 1.12635 on the dollar, while the Aussie fell 0.4% […]

Oil plunges as U.S. crude stocks build amid second wave fears

Oil prices dropped on Wednesday as U.S. crude and fuel inventories rose, raising concerns of oversupply amid fears of a second coronavirus wave. Brent crude futures lost 2.2%, or 89 cents, at $40.07 per barrel. U.S. West Texas Intermediate futures plunged 2.9%, or $1.13, at $37.25 per barrel. Both benchmarks rose 3% on Tuesday after […]

Oil prices slip amid surging COVID-19 cases

Oil prices slipped on Tuesday as fears over a second wave of COVID-19 cases hurt an already-dwindling demand. However, hopes on output cuts extending limited the price drop. Brent crude fell by 0.4% (¢14) to $39.58 per barrel at 0027 GMT after it had gained 2.6% during the start of the week. Meanwhile, U.S. oil […]

Gold prices down as fears mount over surging COVID-19 cases

Gold prices fell earlier on Monday, losing a portion of its gains from the earlier session as fears mounted over the surge of new cases of COVID-19 in several countries during the weekend. Gold futures slid by 0.15% at $1,734.65 per ounce at 11:53 PM ET (04:53 AM GMT). Beijing reported 57 new cases on […]

Germany’s contribution to the EU budget will increase in the coming years

Germany’s contribution to the European Union’s budget would rise by 42% or 13 billion Euros ($14.63 billion) annually in the coming years, the German national daily newspaper Die Welt reported on Monday. Government calculations were based on the proposals for the European Union’s long-term budget. The finance ministry in Berlin estimated that Germany’s annual payments […]

Unilever pledges to invest 1 billion Euros in environmental projects over the next decade

Consumer goods giant Unilever Plc. (ULVR.L) stated on Monday that it would invest 1 billion Euros in a new Climate & Nature fund and achieve net-zero greenhouse gas emissions from all its products by 2039, 11 years ahead of the 2050 Paris Agreement. The Anglo-Dutch consumer products company said that the fund would be used […]

Asia shares ease, bonds rally on sober Fed

Asian shares eased on Thursday, while bonds soared after speculations that the U.S. Federal reserve will add stimulus measures to shore up the economy. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.3%. Japan’s Nikkei fell 1.1%, while Chinese blue chips slipped 0.4%. S&P 500 dropped 0.53%, while its e-mini futures lost 0.4%. The […]

Japan’s wholesale prices record fastest drop on virus-beaten demand

May had seen Japan’s wholesale prices dropping at their most rapid annual pace in nearly four years, data showed on Wednesday. This could be attributed to the disruptions brought by the coronavirus pandemic, halting business activity and dragging global demand for commodities. The corporate goods price index (CGPI) had plunged 2.7% in May from a […]

Cathay Pacific will repay the Hong Kong government in a span of three to five years

Hongkong’s flag carrier Cathay Pacific Airways Ltd. (0293.HK) stated on Wednesday that it would repay the Hong Kong government the almost $2.52 billion worth of preference shares over a three to five-year period. On Tuesday, the Hong Kong government has agreed to grant Cathay Pacific Airways a $5 billion recapitalization package to help the airline […]

Asian stocks mixed after China releases gloomy inflation data

Asian shares traded slightly higher earlier on Wednesday after China released gloomy inflation data on the same day. China’s Shanghai Composite slid by 0.68% at 10:48 PM ET (3:48 AM GMT), while the Shenzhen Component inched up by 0.9%. Hong Kong’s Hang Seng Index lost 0.6%. Meanwhile, Japan’s Nikkei gained 0.03%, while South Korea’s KOSPI […]

The United States economy entered recession in February, ending record expansion

The longest expansion in U.S. history ended in February with the economy falling into a deep recession as the coronavirus pandemic triggered the shutdown of businesses across the country. The National Bureau of Economic Research (NBER), the private research group responsible for making such determinations, made the official proclamation on Monday. The bureau declared that […]

Gold gains 2.6% post Friday’s U.S. monthly jobs data release

On Friday, Gold Futures contract had dropped by 2.7% which had followed an improved monthly U.S. jobs data release. Global markets had gone risk-on with gold continuing to be a safe-haven asset. Monday last week saw the price going slightly above $1,760 while Frday’s daily low fell at $1,671.70. At present, the yellow-colored metal is […]

Oil prices rise, but new output cut deal disappoints market

Oil prices rose on Monday, but big early gains were capped despite major crude producers’ decision to extend the output cuts to the end of July. Brent crude gained 1.2%, or 51 cents, at $42.81per barrel. U.S. West Texas Intermediate crude was up 0.8%, or 32 cents, at $39.87 per barrel. Both benchmarks hit their […]

World shares rally on unexpected U.S. job increase, oil steadies

Global shares advanced on Monday after an unexpected recovery in U.S. employment. This made investors optimistic that global economies could recuperate faster than previously thought. Oil prices fell flat after OPEC and its allies, including Russia, agreed to continue slashing oil outputs until the end of July. U.S. S&P futures currently stand at 0.2%. They […]

Asia shares surge to 3-month high despite risks

Asian shares surged to a near three-month peak on Wednesday amid hopes of economic stimulus and easing lockdowns. These factors outweighed investors’ caution over the pandemic and the ongoing U.S. protests. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3%, its fifth day of gains. Japan’s Nikkei was up 1.2%, its highest level since […]

Wells Fargo will stop accepting loan applications from most independent car dealerships

Wells Fargo & Co (WFC), one of the biggest lenders for new and used car purchases in the United States, announced on Tuesday that it would stop accepting loan applications to a majority of its independent car dealer clients due to economic crisis amid the coronavirus pandemic. “We are doing everything we can to help […]

Gold sees decline amid U.S. protests

America had been plagued by street protests of late, and righfully so as it reeled after the death of one George Floyd in the hands of Minneapolis policemen. With this social turmoil, it is expected that Gold would see a rise in its value. But lo, this wasn’t the case. For the month of August, […]

Stocks rally as global recovery hopes outweigh U.S.-China tensions

Asian stocks rose on Tuesday as hopes of a global recovery from the COVID-19 pandemic outweighed the fears of simmering U.S.-China tensions and economic damage. However, gains were held down after U.S. President Donald Trump vowed to use force in an attempt to end violent protests in America. The announcement led Wall Street stock futures […]

Oil gains ahead of OPEC+ meeting on additional supply cuts

Oil prices rose on Tuesday as traders await major oil producers’ decisions on whether to extend production cuts in an upcoming virtual meeting this week. Brent crude futures gained 0.91%, or 35 cents, at $38.67 per barrel. U.S. West Texas Intermediate crude futures were up 0.56%, or 20 cents, at $35.64 per barrel. Brent has […]

China’s Tencent Holdings in talks to buy Warner Music stakes worth $200M

Chinese Internet service provider Tencent Holdings Ltd (0700.HK) said on Friday that it is discussing an investment worth $200 Million in the world’s largest music company Warner Music Group (WMG) as part of its initial public offering next week. Warner Music Group first announced its intention to launch an IPO in February. However, on March […]

United Airlines to cut 13 high-level executives, adding international flights in July

United Airlines Holdings Inc (UAL.O) announced on Friday that it would terminate 13 out of its 67 officers to save funds as the coronavirus pandemic continues to keep a lid on travel demand. The airline company said that it would add international flights back to its network.   The Chicago-based carrier stated that trans-Atlantic services […]

Oil falls as wary traders eye OPEC+ meeting

Oil prices fell on Monday as OPEC and its allies proposed a meeting to assess the need for additional record output cuts beyond June. Brent crude dropped 0.4%, or 15 cents, at $37.69 per barrel. West Texas Intermediate crude futures for the July contract lost 0.4%, or 13 cents, at $35.36 per barrel. The price […]

ViacomCBS will cut 400 jobs amid the coronavirus outbreak


ViacomCBS Inc. (VIACA.O) announced on Thursday that it would slash 400 employees across CBS as the broadcasting giant plans to save $750 Million from its merger with CBS last year. The mass media company continues to search for cost savings as it struggles to shore up losses from the coronavirus pandemic. According to the Pew […]

Japan’s manufacturing, retail sectors struggle worse than expected

April records showed that Japan’s factory output dropped at a pace faster than what was initially predicted. More so, the country’s retail sales plunged the sharpest in more than two decades as the COVID-19 pandemic introduced more economic disruptions. The country’s factory output declined by 9.1% in April as frail global demand brought heavy production […]

U.S.-China rising conflict drives gold up

Thursday saw gold’s climb in Asia in light of escalating tensions between U.S. and China, leading investors to subscribe to the yellow metal. Gold Futures went up by 0.04% at $1,711.35 by 11:55 PM ET (4:55 AM GMT). With the relationship between gold and stocks inversely proportional, the latter were mostly up on said trading […]

Dollar firms as U.S.-China tensions rise

The dollar firmed on Thursday as the U.S.-China tensions continue to grow, building pressure on the yuan and dampening optimism about economic recovery. The growing tensions between the U.S. and China affected both the Australian and New Zealand dollars. Both currencies retreated from two-month highs with the Aussie at $0.6621 and the kiwi at $0.6188. […]

Micron Technology’s stocks jumped to 3.7%, revenue forecast raised for the third quarter

On Wednesday, American computer manufacturer Micron Technology Inc (MU.O) raised its revenue forecast to a range of $5.2 billion to $5.4 billion from $4.6 billion to $5.2 billion for the third quarter. The company’s shares jumped to 3.7% in the afternoon trade. “We had strong demand from our customers – notably in the data center […]

Chinese industrial firms’ earnings drop in April but at slower pace

Chinese industrial firms’ profits fell at a slower pace in April after higher sales in electronics and automobiles were reported. However, the country’s economy continues to struggle amid weak demand and activity. Profits fell 4.3% year-on-year to 478.1 billion yuan ($67 billion) in April.  China’s economy is slowly recovering from the virus, but the impact […]

Oil prices rise on producers’ commitment to supply cuts

Oil prices gained on Tuesday, lifted by major oil producers’ commitment to the production cuts and recovering fuel demand. Brent crude futures rose 1.4%, or 50 cents, at $36.03 per barrel. U.S. West Texas Intermediate crude futures were up 2.6%, or 86 cents, at $34.11 per barrel.  The market mood turned positive after Russia said […]

Gold loses earlier gains as COVID-19 fears sour risk sentiment

Gold prices fell on Thursday morning in Asia, retreating from gains made in the previous session. Gold futures fell by 0.49% to $1,743.45 at 12:46 AM ET (5:46 AM GMT). Investors remained cautious as effects of the COVID-19 pandemic on the global economy continued to batter the yellow metal. Stocks, which move inversely to gold, […]

Asian stocks mixed as data casts gloomy outlook

Asian stocks were mixed earlier on Thursday as some indexes retreated from gains made in the previous session. Japan’s Nikkei slipped 0.10% at 11:30 PM ET (4:30 AM GMT). The country’s Minister of Finance reported a 21.9% plunge in exports for April year-on-year. Prime Minister Shinzo Abe is expected to come to a decision on […]

Oil falls on bleak economic outlook despite recovering demand

Oil prices fell on Wednesday as worries about the economic impact of the pandemic dwarfed demand recovery and output cuts. Brent crude futures for July contract dropped 0.3%, or 11 cents, at $34.54 per barrel. U.S. West Texas Intermediate crude futures for July delivery lost 0.4%, or 13 cents, at $31.83 per barrel. Oil prices […]

Australia’s unemployment hike eases, wages find footing: ABS

Unemployment surge from down under had eased in the last couple of weeks. More so, wages had increased as government support initiatives nursed the suffering economy, a record from the Australian Bureau of Statistics showed on Tuesday. The ABS reported the employment rate hitting a 7.3% drop from March 14 to May 2. The reading […]

Japan’s economy recedes, pandemic drags demand lower

Japan’s economy succumbed to recession for the first time in 4 -1/2 years, placing the country on track for its sharpest demand slump as the COVID-19 pandemic disrupts businesses and consumers. First-quarter figures highlighted the grave impact of the coronavirus pandemic, with slump in export hitting its lowest level since the 2011 earthquake. More so, […]

USD up for weekly gain despite gloomy forecast for economic recovery

On Friday, the U.S. dollar was seen to be poised for weekly gains. The Australian dollar, on the other hand, had dropped by 1% this week due to the new wave of COVID-19 infections. Investors are on the fence with optimism for a speedy global recovery from the pandemic being dampened. Traders are thus compelled […]

U.S. economic outlook grows dimmer, gradual recovery to follow

An already-dim near-term U.S. economic outlook has grown murkier in the recently-conducted Reuters poll of economic analysts. Though recuperation is still possible, the U.S. economy may take a long time to fully regain its momentum. Recent records indicated the colossal damage of the coronavirus pandemic, with 4.4 million diagnoses worldwide and the U.S. unemployment rate […]

Gold rises post gloomy Powell speech

Thursday morning saw the value of Gold gone up after U.S. Federal Reserve Chair Jerome Powell’s speech had inspired gloom among investors, compelling them to turn to the precious metal. Gold futures rose by 0.28% at $1,721.25 by 12:08 PM ET (5:08 AM GMT). Powell’s speech broadcasted on Wednesday warns of a seemingly worse U.S. […]

TUI Group to cut 8,000 jobs amid virus outbreak

The European travel company TUI (TUIGn.DE) announced on Wednesday that it would continue its global operations in July and slash its workforce by roughly 8,000 jobs to reduce 30% of its costs amid the virus outbreak. In an effort to halt the further spread of the coronavirus, travel restrictions have been put in place, thus […]

Oil falls on fears of second coronavirus wave, rise in U.S. inventories

Oil prices plunged on Wednesday due to fears of a possible second coronavirus wave and a continuous rise in U.S. crude inventories.  Market worries dwarfed Saudi Arabia’s call for further output cuts to buoy prices amid demand slump. Brent crude fell 1.3%, or 40 cents, at $29.58 per barrel. West Texas Intermediate crude futures lost […]

Dollar rises in anticipation for Powell’s speech

The Dollar rose earlier on Wednesday in Asia on the back of U.S. Fed Chairman Jerome Powell’s speech that would be delivered later in the day. The U.S. Dollar Index dipped by 0.04% to 99.998 at 11:40 AM ET (4:40 AM GMT). Powell might turn away from calls for negative rates even after U.S. President […]

Japan to approve its first coronavirus antigen test kits on Wednesday

Japan is planning to approve its first COVID-19 antigen testing kits on Wednesday, according to an official from the Health Ministry. The decision comes in a bid to increase the number of diagnostic tests available to combat the pandemic. Fujirebio Inc. had applied for government approval for its antigen kit in April. Fujirebio is a […]

Gold prices rise amid mounting fears of second COVID-19 wave

Gold prices rose on Tuesday morning in Asia, continuing two consecutive losses from the previous sessions amid piling concerns of a second wave of COVID-19 cases. Gold futures gained 0.42% at $1,705.05 per ounce at 12:05 AM ET (5:05 AM GMT) after investors flocked to the yellow metal as a safe haven. South Korea had […]

Dollar declines as lockdown measures ease

The U.S. Dollar fell on Monday morning in Asia, losing a portion of its gains from the start of the session. The Dollar was bolstered after several countries planned to ease lockdown measures, improving investor sentiment. The three leading states for U.S. manufacturing – California, Michigan, and Ohio – had taken steps to resume factories […]

Oil rises as countries ease lockdowns

The dollar fell on Friday as countries began lifting lockdowns, hinting of a recovery in demand caused by the coronavirus crisis. Brent crude rose 1.5%, or 47 cents, at $29.33 per barrel. U.S. oil was up 1.5%, or 48 cents, at $24.03 per barrel.  Both contracts are nearing their second straight week of gains after […]

Norwegian Air guarantees funds from investors to survive pandemic

The flag carrier Norwegian Air (NWC.OL) has guaranteed essential funding from investors on Thursday. The company is fighting for its survival after the decline of travelers hit a 98.7% volume amid the virus outbreak. More than 95% of its shareholders voted in favor of the conversion of nearly $1 billion debt-for-equity swaps in Oslo on […]

United Airlines plans to cut 30% of workforce in October, brace pilots for changes too

According to a reliable source, the United Airlines Holdings Inc. (UAL.O) revealed plans on Tuesday to slash its workforce by 30% or roughly 3,400 managerial and administrative jobs in October to survive a collapse in travel demand amid the virus outbreak. It has also told pilots to prepare for changes. This Chicago-based carrier was among […]

Commodity currencies recover, U.S.-China dispute dampens sentiment

The dollar surrendered minimal gains to commodity prices on Tuesday as oil prices regained momentum. However, it hung on against the yuan as investors weighed optimism about COVID-19 recovery in China against concerns about U.S.-China dispute. The Australian and New Zealand dollars advanced further, recovering from Monday’s decline. Upbeat activity drove Aussie at $0.6445 and […]

Norwegian Air gets rescue package worth $1B debt-for-equity swap

The investors of flag carrier Norwegian Air (NWC.OL) backed its rescue plan with more than 95% of shareholders voted in favor of the conversion of nearly $1 billion debt-for-equity swap in Oslo on Monday. However, pilots and flight attendants of Norwegian Air were furloughed after the company was severely affected by the pandemic. Airlines have […]

Dollar falls on planned Fed easing, re-opening economies

The dollar bounced on Thursday as the U.S. Federal Reserve said it might reveal more monetary easing, cutting expectations of a quick economic recovery.  The dollar fell as re-opening economies lowered the demand for holding funds in dollars.  The euro steadied ahead of a European Central Bank meeting later on Thursday. The yuan reached a […]

Nintendo on profit streak as quarantine boosts sales

Japan’s Nintendo Co Ltd is posed to rally further, sustaining its decade-high earnings streak. The positive record is expected next week as sales of the recently-released gaming console Switch surged amid quarantine restrictions. Nintendo’s operating profit is forecasted to have an 80% increase on May 7, surging to 54 billion yen ($505 million) for the […]

Asian shares edge higher on lockdown easing, oil gains

Asian shares advanced for three consecutive sessions on Wednesday. The upbeat market mood was mainly from investors’ enthusiasm that lockdown restrictions will be lifted in some parts of the world while oil prices recovered on optimism that demand will pick up. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6%, with this week’s performance […]

Australian dollar nears six-week high, lifted by easing lockdowns

The Australian dollar hit six-week highs on Tuesday as re-opening economies helped recover its losses in March. The Australian dollar has rallied over 17% after hitting a 17-year low last month. It broke resistance at $0.6445 and slid to $0.6438. The New Zealand dollar fell as the aggressive measures imposed by its central bank weighed […]

Pandemic’s economic impact will be drastic: SoKor President

The economic implication of the novel coronavirus is expected to severe the South Korean economy further, with the unemployment rate likely to surge to an unprecedented level, South Korea President Moon Jae-in said on Tuesday. At a policy meeting, Moon said that the third supplementary budget will be released soon, as figures indicated that Asia’s […]

Asian shares drop on weak oil prices

Asian shares and U.S. stock futures recorded a frail performance on Tuesday, erasing previous earnings as oil prices declined sharply. The weak trading activity monitored in oil prices dampened investors’ sentiment regarding pandemic-related policies implemented worldwide. MSCI’s broadest index of Asia-Pacific shares outside Japan declined by 0.3%. Chinese shares .CSI300 dropped with a 0.7% loss […]

Oil declines as U.S. crude inventory nears all-time high

Oil prices dropped on Monday as oil storages around the world are filling rapidly. This raised concerns that output cuts may not compensate for the collapse in demand due to the pandemic.  U.S. oil futures fell after U.S. crude inventories gained 518.6 million barrels in the week ended April 17, while floating crude oil storage […]

European shares fall as pandemic fears return

European shares slipped on Friday as market fears were reignited following a disappointing report over the unsuccessful development of a potential COVID-19 treatment. The pan-European STOXX 600 index slipped by 1.1% at 0719 GMT, while London’s FTSE lost 1.3% after data showed U.K. retail sales plunging in March. Global equity markets’ outlook remained gloomy after […]

Dollar nears three-week high as oil prices drop

The dollar was headed for its best week as low oil prices weighed on commodity currencies.  The dollar index is nearing more than a two-week high after gaining 0.8% this week. It is up almost 3% on the oil-sensitive Norweigan Krone and 1% on the euro. The Australian and New Zealand dollars each lost 0.2%, […]

Gold prices slip amid stocks rally

Gold prices fell on Thursday in Asian markets after stocks rose on the back of recovering oil prices and hopes for additional fiscal stimuli. Gold futures lost 0.30% to $1,733 per ounce by 11:02 PM ET (4:02 AM GMT). Gold prices fell to a near 2-week low of $1,659.68 on Tuesday after oil futures plunged […]

U.S. crude futures bounce after record slump, Brent falls

U.S. oil prices recovered its losses on Tuesday, while Brent slid as the coronavirus crisis furthers demand slump. U.S. WTI crude for May delivery rose $1.36, at $38.99 per barrel. The June contract gained 4.6%, or 94 cents, at $21.37 per barrel. International benchmark Brent crude for June delivery fell 1.9%, or 48 cents, at […]

Gold prices down amid record oil slump

Gold prices on Tuesday morning fell in Asian markets, surrendering gains from the previous session. The decline comes after WTI Futures plunged into negative pricing just before the contract’s Tuesday expiry. Gold futures had previously gained nearly 1% following the record slump in oil prices but later fell by 0.32% to $1,705.70 per ounce at […]

Oil prices rise after Russia and Saudi Arabia signal further output cuts

Oil prices rose in Asia on Friday after Russia and Saudi Arabia signaled additional output cuts in a joint statement. Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman both expressed willingness to further cut down oil production, adding to a previous record 10-million-barrel cut by OPEC+ in April.  The two […]

India disagrees to IMF liquidity boost as it may affect financial stability

India extends its disapproval for the International Monetary Fund’s allocation of the new Special Drawing Rights as it may possibly be incapable of driving out its country under economic pressure amid the virus outbreak on Thursday. According to India’s Minister of Finance Nirmala Sithraman, IMF’s SDRs could cause a huge impact if the budget will […]

Oil prices rise after OPEC+ finalizes record output cut

Oil prices rose on Tuesday after an OPEC+ meeting settled on a record 9.7 million barrel output cut last Sunday. International Brent Oil futures gained 1.13% to $32.27 per barrel at 9:48 Pm ET (2:48 AM GMT) while the Oil WTI futures rose by 1.87% to $22.83 per barrel.   The production cut will begin […]

U.S. economy to reoperate soon: Trump

U.S. President Donald Trump said on Monday that the U.S. economy may begin reoperating soon as his administration heads towards a concrete plan. The economy was shut after restrictions were implemented to combat the further spread of the novel coronavirus. Trump emphasized that the death toll in the United States remained unchanged, indicating that “social […]

Asian shares gain on positive Chinese trade data, virus concerns still lurk

Asian stocks slightly gained on Tuesday after China’s trade data revealed a better-than-expected result. The upbeat performance could also be attributed from various countries’ decision of reopening their economy by easing some lockdown restrictions.   Chinese shares traded in green on Tuesday with the blue-chip index.CSI300 gaining 0.9%. Australian shares advanced with 1.1% while the […]

U.S. faces ‘long, hard road’ to economic recovery, says Minneapolis Fed president

The recovery of the U.S. economy from the impact of the coronavirus outbreak may be a “long, hard road,” according to Minneapolis Federal Bank Reserve President Neel Kashkari on Sunday. Some sectors of the economy may have to shut down and restart, he added. Kashkari said that a quick economic recovery was overly optimistic unless […]

Gold prices drop as economic turbulence continues

Gold prices fell marginally on Wednesday morning in Asia as the COVID-19 pandemic continued to cause economic turbulence. Gold futures fell by 0.22% at $1,680 per ounce by 9:33 PM ET (2:33 AM GMT), extending losses from the previous session.   Asian stocks also started off with losses on the same day. Prices for the […]

Amazon halts new delivery service to focus on demand surge

Amazon.com Inc (AMZN.O) will suspend its shipping services in major U.S. cities on Wednesday. Amazon Shipping carries non-Amazon and Amazon marketplace packages. Amazon is suspending this particular service which was set up to compete with UPS (UPS.N) and FedEx (FDX.N) in the United States. “Amazon Shipping will be paused starting June,” according to the Wall […]

Asian shares fall as coronavirus deaths rattle investors

Asian stocks fell on Wednesday, ending two sessions of consecutive gains as the death toll of coronavirus rose around the world. Investors were rattled as mainland China’s new coronavirus cases doubled in 24 hours due to overseas travellers. In New York, COVID-19 hospitalizations seemed to be decreasing. However, the death toll in the United States […]

South Korea’s household debt grows in March

South Korea’s household loans increased last month based on data shown by financial authorities on Wednesday. Credit loans for mortgages and stock investments outside Seoul surged after the government launched new property regulations. Bank loans extended to local households increased by 9.6 trillion won ($7.87 billion) last March. It was recorded as the biggest monthly […]

NYSE files temporary ease of listing standards amid coronavirus disruptions

The New York Stock Exchange is in talks with regulators to ease its listing requirements for companies that have failed compliance due to the market strain caused by the coronavirus. The U.S. Securities and Exchange Commission declined the initial proposal filed by the NYSE to forego listing requirements until June, said Farrell Kramer, spokesman for […]

Facebook asks users to share location for coronavirus research

Facebook Inc will start surveying some U.S. users on Monday to help researchers from Carnegie Mellon University generate new insights on how to respond to the pandemic crisis. “Heat maps” of self-reported virus infections were also included in the survey. Facebook users will see a link at the top of their News Feed that will […]

Oil advances amid output cuts possibility

Oil prices hiked on Tuesday amid optimism that the world’s top crude manufacturers will agree to reduce output production. The deal is necessary as the coronavirus contagion disrupts the world economy. However, analysts warned that the scheme may only do little in increasing oil demand. Brent crude LCOc1 gained 73 cents, equivalent to 2.2%, and […]

Pound falls after PM Johnson hospitalized over relentless COVID-19 symptoms

The British pound fell against the euro and dollar on Monday after Prime Minister Boris Johnson was hospitalized due to relentless symptoms of COVID-19. The yen fell against the dollar after news that Japanese Prime Minister Shinzo Abe may declare a state of emergency due to fast-rising cases in the country.  The dollar was on […]

Asian firms rush to refinance $69 billion debt due for second quarter

Companies in Asia, including Japan and China are rushing to raise a record $69.3 billion in a bid to refinance debts in the second quarter, according to a Refinitiv report. The U.S. Dollar corporate debt which is due to mature in the region is among the highest on record – only surpassed by the $71.4 […]

Dollar advances as virus inflicts the economy further

SINGAPORE- The dollar is currently on track towards a 2% weekly increase on Friday. This followed after oil prices recovered and as investors resorted to safe havens amid the threat of economic contraction due to coronavirus contagion. The dollar found its momentum after fluctuating sharply last month. It edged up after becoming a safe-haven currency […]

SoftBank cancels $3 billion deal for additional WeWork Shares

Japan’s SoftBank Group Corp pulled out of a deal to buy an additional $3 billion worth of shares from the shared workspace provider WeWork, according to a statement from the U.S.-based company’s special committee of the board on Wednesday.  The deal had been agreed upon by SoftBank since October 2019, the special committee of WeWork’s […]

Kuwait arms virus-beaten economy

KUWAIT- Kuwait imposed necessary measures on Wednesday aimed at aiding its economy from threats of the novel coronavirus. The arrangement involves long-term loans while the central bank requested other banks to implement unrestricted loan repayments for the affected businesses and firms. Kuwait’s March 31 record showed that 289 coronavirus cases were added to the list. […]

Japan’s factory activity shrinks at fastest pace as domestic and overseas demand slump

Japan’s factory activity contracted at a record pace since March 2009 amid a virus-hit economy that led to a sharp decline of domestic and overseas demand. Its Manufacturing Purchasing Managers’ Index (PMI) fell from a final 47.8 to a seasonally adjusted 44.8 in February. This was observed as the lowest in a decade when Japan […]

Thai Airways may reduce plane types permanently after landing jets

Thai Airways International Pcl (THAI.BK) may for all time diminish the quantity of airplane types it sends once the coronavirus pandemic, said a senior government official on Monday. Thai Airways is landing 69 of its 82 planes following a drop in traveler volume and course cancellations from the expanded border limitations forced by the outbreak, […]

Crude oil futures decline as coronavirus pandemic furthers weak demand outlook

Crude oil benchmarks suffered steep falls on Monday due to a worsening coronavirus pandemic and continuing price war between Saudi Arabia and Russia. Brent hit its lowest since November 2002 after falling 6.7%, or $1.68, at $23.25 per barrel.  The US West Texas Intermediate crude futures fell steeply to $19.92, almost at an 18-year low. […]

Oil advances as markets rejoice on stimulus optimism

TOKYO- Oil prices soared on Friday after global leaders assured fulfilling its promised measure  to inject large volume of funds to minimize the economic drag brought by coronavirus contagion. Upbeat performance followed despite the threat of contagion impacting crude demand. The Brent crude LCOc1 earned 50 cents after suffering for four consecutive weeks. The crude […]

Putin provides a week-long holiday for Russians in social bundle to fight coronavirus

MOSCOW – Russian President Vladimir Putin on Wednesday proposed a wide variety of unconventional emergency social measures to help families and organizations in the midst of the worldwide coronavirus outbreak, such as a week-long holiday for laborers and higher taxes on profits. During a live broadcast address to the country, Putin tried to console the […]

U.S. asks Facebook, Walmart, and Amazon to stop  over pricing amid pandemic crisis

WASHINGTON – A group of thirty two U.S. states have a message for the world’s leading online platforms: “You are not doing enough to stop unreasonable pricing in the midst of the coronavirus crisis.” In a letter sent on Wednesday to Amazon.com Inc (AMZN.O), Walmart Inc (WMT.N), Facebook Inc (FB.O) and eBay Inc (EBAY.O) a […]

Dollar eases after sharp drop as greenback funding remains secured

SINGAPORE- The dollar reversed from underperformance and clocked in minimal gains on Wednesday as growing coronavirus statistics made investors wary.  Asian boards are fluctuating but currency movements were cautious compared to large volume of earnings monitored in stock markets. Such was from investors’ optimism over the possibility of a US stimulus package.  The sought-after dollar […]

SoftBank shares climb up to 20% following buyback announcement

Softbank Group Corp stock climbed 20% on Tuesday as it extended a two-day rally after the company announced a $41 billion in asset sales and a record share buyback to support its declining share price. Softbank shares closed with a 19% gain on Monday following an announcement to repurchase 4 trillion yen ($18 billion) of […]

Wall Street expects another rough week as coronavirus risks intensify

Wall Street is expected to suffer another week of rough US markets due to the pandemic as lawmakers decide on economic aid packages in Washington. Stock market futures suffered a steep fall while Treasury-bond futures gained, indicating smooth-sailing trades in the following week. Despite the historic fall in share prices in recent weeks, Wall Street […]

First round of QE sees Australia central bank buy $2.9 billion bonds

On Friday, the Central Bank of Australia purchased A$5 billion ($2.87 billion) worth of local government bonds. This came in its first round of unlimited quantitative easing program that aims at softening the blow of the coronavirus outbreak in the Australian economy. The Reserve Bank of Australia’s (RBA) operation attempts at cuttting funding costs for […]

Nikkei suffers a CVID-19 anxiety obliterates stimulus optimism

Japanese benchmark index Nikkei placed flat and erased previous earnings on Thursday. Such inactivity followed as the European Central Bank stimulus had only relieved investors’ anxiety for a while over the economic slowdown brought by the virus contagion. The Nikkei dropped 0.7% to 16, 602.28 at its midday session. The recent percentage placed neutral from […]

Crypto-market infrastructure: might not be stable enough in the face of economic blows

For the first time, in 7 years, Bitcoin had crashed deplorably due to the coronavirus outbreak. However, investors are wary of a more pertinent issue.    Electronically-triggered liquidations of leveraged positions had been found in Futures exchanges; these had been putting pressure on prices. Meanwhile, Spreads jumped between exchanges.  Furthering financial-related stress, investors were locked […]

With deaths crossing 100 in the U.S., Trump administration demands $1 trillion stimulus package

Tuesday saw the demand of the Trump administration for a $1 trillion stimulus package for the virus onslaught. Assumed to include $1,000 direct payments to individual Americans, this financial effort is seen as a way to soften the economic blows to the country as the coronavirus had already killed over 100 people in the territory. […]

Bank of Japan to take monetary easing steps once more if economy worsens

Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Tuesday that it would ease monetary policy once more if the country’s if the coronavirus-hit economy worsened. As Japan’s government works to limit the spread of the virus as well as aid businesses affected by the outbreak, the Bank of Japan has taken up the role […]

Gulf reels after oil price shock due to COVID-19 spread

Crude prices have plummeted due to the coronavirus outbreak that had left Gulf Arab governments with a morsel of options to re-establish fiscal stability. This, they are doing, as they try to shield their economies and fight for currency pegs.   Even Saudi Arabia, deemed the richest among the Arab nations, which had been in […]

SoftBank to buy back its $4.8 billion shares as pressure piles from Elliott

SoftBank Group Corp said on Friday it would buy back up to 500 billion Yen ($4.8 billion) of its own shares after activist investor Elliot Management pressured the company to buy back $20 billion in stock. A SoftBank spokesperson said that the company’s  buyback move was of its own discretion after it had considered risks […]

Wall Street stocks plunge, Dow declares bear market

In light of the World Health Organization’s declaration of COVID-19 being a pandemic, the Dow confirmed a bear market with Wall Street stocks crashing down. The three major U.S. stock averages plunged on Wednesday as the S&P 500 and Nasdaq composite index hitting 19% below their record on Feb. 19, their highest records for the […]

Gold climbs as doubts on US stimulus package weighs on market

Gold prices saw gains on Wednesday following a decline in the last session as investors doubted U.S. President Trump’s proposed stimulus package to ease the virus’ impact. Spot gold gained 0.4%, at $1,656.37 per ounce while U.S. gold futures slid 0.2%, at $1,656.70. The White House and the U.S. Congress discussed measures to implement in […]

Banks may lose billions of dollars in fee-based revenues, study says

Accenture Plc released its study on Wednesday revealing that major banks across the globe are in danger of losing billions of dollars of fee-based retail revenue coming from the intensified regulatory pressure and tougher competition as new entities offer no-fee services. The study also noted that bank revenues across 12 markets around the globe in […]

Heineken to invest $183 million into Brazil expansion

Heineken on Monday said that it will be investing 865 million Reais ($183.14 million) in order to expand its brewing plant located in Parana, Brazil. The Dutch brewer will finance its Ponta Grossa brewing plant this year and in 2021 in a move to increase its output by 75%. “We are bringing forward by one […]

Virus fears skyrockets gold prices past $1,700 record level in 7 years

Gold prices skyrocketed on Monday past the record $1,700 per ounce since 2012 after piling market fears of a pandemic and a sharp decline in crude prices led traders retreating for safe-haven assets. U.S. Gold Futures surged by 1.6% to $1,699.70 per ounce. Meanwhile, Spot gold prices closing with at a 1.5% high to $1,699.20 […]

First Coronavirus case in Bhutan compels the kingdom to ban tourists

Bhutan had banned tourists for a span of 2 weeks due to a confirmed case of coronavirus. This comes from a report of a tourist that had been diagnosed upon entry of India, the Kingdom’s neighboring country. The virus-confirmed patient had only been identified as a 74-year old American who had flown from India on […]

Stocks drop, Treasury yields hit lower grounds as virus reach larger scale

TOKYO- Asian shares and US stock futures sunk on Friday after another session of defeat was monitored in Wall Street. The frail activity was mainly from disturbance to businesses brought by the compounding virus contagion outside China. In line with this, larger COVID-19 spread sparked concerns of a prolonged economic drag. MSCI’s broadest index of […]

Former Uber self-driving head files for bankruptcy protection after $179 million loss to Google

Former Uber Technologies Inc. head’s self-driving technologies unit Anthony Levandowski filed for bankruptcy protection on Wenesday. This came following a court sanction of $179 million payment to Google after his separation from the company. Levandowski, who worked as a key engineer in Google’s self-driving project, and his colleague Lior Ron violated legal obligations and pursued […]

IMF’s $50 billion aid package bolsters Asian markets

Asian markets gained on Wednesday following the International Monetary Fund (IMF) unveiling a $50 billion aid package with efforts to combat the spread of the highly contagious coronavirus. IMF Managing Director Kristalina Georgieva said in an interview with CNBC that the fund is aimed toward low-income and emerging market countries and would be available without […]

Dollar recovers after impact of Fed rate cut on market fades

The Dollar recovered from its decline against the Euro with a lift from positive jobs data on Thursday. The Japanese yen, considered safe haven currency, lost a little of its recent gains back to the dollar, as market risk appetite improves on the return of Joe Biden in the Democratic Party. High U.S. labor-market data […]

Asian shares climb up, virus concerns restrict smooth performance

SYDNEY- Asian shares grew stronger hitting its fourth session of high on Thursday as U.S. markets actively performed and another set of central bank financial stimulus cleared the previously murky global economic forecast. Wall Street stabilized on a well-ended performance of former Vice President Joe Biden during the Democratic campaign. Biden was viewed to less […]

S&P revises US growth forecast to 1% amid epidemic

A fast-spreading virus outbreak is likely to hit the U.S. economy longer worse than anticipated, according to the S&P Global Ratings on its cut on the global forecast on Tuesday. The Organisation for Economic Cooperation and Development warned that the epidemic has plunged global economy to its worst activity since the 2008 financial crisis. The […]

Central bank of China keeps rates unchanged despite Fed easing

The People’s Bank of China did not follow the Federal Reserve’s emergency policy short-term rate cut, leaving its borrowing costs unchanged on Wednesday. The Central Bank did not open market operations according to its official statement on its website. However, investors still anticipate that the Chinese government will find ways to cut other financing costs […]

Oil advances as OPEC+ heads closer to further oil reduction

SINGAPORE- Oil prices increased up to 1% on Wednesday on optimism that major oil manufacturers are close to sealing an agreement implementing deeper oil reduction. The said cuts are aimed at equalizing the decline in demand brought by the novel coronavirus contagion. Brent crude LCOc1 added 58 cents, equivalent to 1.12%, and last stood at […]

RBA trims rates to 0.5% amid China economic growth slowdown

The central bank of Australia implements monetary easing as it cut interest rates to lessen the impacts of the economic growth slowdown of China due to the coronavirus outbreak. The Reserve Bank of Australia (RBA) trimmed the cash rate by a quarter percentage point to 0.50%, a move anticipated by market analysts and traders in […]

Dow gains biggest daily rise since 2009

The Dow Jones Industrial Average climbed more than 5% on Monday, while Nasdaq and S&P 500 both recovered 4% after the previous week’s deep sell-off over the virus spread. After the indexes gained a few minutes before the market closed, the Dow closed at its biggest one-day gain since 2009, while the S&P 500 and […]

Australian Dollar rises after reserve bank cuts official cash rate, major central banks pledge to support economy

Australian Dollar rises after reserve bank cuts official cash rate, major central banks pledge to support economy The Australian Dollar rose on Tuesday after the Reserve Bank of Australia (RBA) slashed its official cash rate (OCR) by 0.50% to 25 basis points. The Australian Dollar rose by 0.2% to 0.6553 by 11:35 PM ET (03:35 […]

European stocks fall again over virus fears

European shares dropped again on Thursday, with a deeper hit for travel stocks due to a sudden rise in coronavirus cases outside China. This news heightened fears on its impact on global growth. Many blue-chip companies released profit warnings, with the Standard Chartered sliding 3.4% after saying that key earnings target would need more time […]

Asian stocks crash as pandemic concerns intensify

SINGAPORE- Oil and Asian share markets continued to hit lower grounds on Thursday as the fast-paced contagion of the novel coronavirus brought market sentiment down and made investors seek safe-haven assets. The MSCI’s broadest index of Asia-Pacific shares outside Japan finished its session with 0.5% decline and is 4% lower for this week’s trading activity. […]

Oil advances on short-covering despite heavy coronavirus concerns

TOKYO- Oil prices positively performed on Wednesday as investors resorted to short-covering after three sessions of inactivity. Gains were recorded even as novel coronavirus contagion continues to bring worries that its further spread may lead to a global crisis. Brent crude added 42 cents, equivalent to 0.8%, and last stood at $55.37 per barrel at […]

Japanese finance minister Taro Aso keeps close eye on market volatility

Japanese finance minister Taro Aso said that he was closely watching market volatility when Asian shares dropped due to rising fears on the economic impact of the coronavirus spread, which is said to be larger than expected. Aso declined to comment on the yen’s continual decline against the dollar. Economy minister Yasutoshi Nishimura said that […]

Growing coronavirus fears propel dollar to a three-year high

The U.S. dollar index surged to a three-year high amid the unyielding coronavirus fears, and it continues to hound financial markets forcing investors to run to the safe-haven dollar. Investment assets that are time-tested and shockproof amid financial turmoil are rallying since the coronavirus outbreak and piled huge problems over big financial firms including the […]

Shares inch down, gold soars as investors take refuge far from nCoV impact

SYDNEY- Global shares and oil both underperformed on Monday. However, safe-haven gold became the sought-after asset as coronavirus contagion outside China inflicted world economic outlook with diagnoses and deaths bloating in South Korea, Italy, and Middle East. South Korea immediately raised alarm as the virus records increased up to 700 new cases with confirmed deaths […]

Morgan Stanley to strike a $13 billion deal with E*Trade

Morgan Stanley to strike a $13 billion deal with E*Trade Morgan Stanley said on Thursday that it would buy E*Trade Financial corp in a stock deal amounting around $13 billion. The deal with the discount brokerage has been seen as the biggest acquisition by a Wall Street bank since the financial crisis in 2008. Chief […]

Dollar dominates market, yen & Asian currencies drop over virus risks

The Japanese yen is nearing its worst week in over two years on Friday as coronavirus concerns spread to Japan, Beijing, and South Korea, moving funds to the U.S. dollar. The yen dropped to its lowest since April after two straight days of heavy selling, weak domestic data, and intensifying virus risks, causing investors to […]

Japan’s manufacturing sector suffers on coronavirus impact

TOKYO- Japanese manufacturing activity experienced the sharpest decline in seven years in February, as series of impact and disruptions brought by the coronavirus contagion boosted the possibility of a recession in the world’s third-largest economy. The underperformance of the sector indicated that the virus greatly impacted the global growth and business, prompting Japanese authorities to […]

China cuts benchmark lending rate to support virus-hit economy

China had cut the benchmark lending rate on Thursday in a widely-anticipated action to lessen its business’ financing costs in an economy disrupted by the virus outbreak. The one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% at the previous monthly fixing. Meanwhile, the five-year LPR was cut by 5 basis […]

EU to propose plans to boost European firms and compete with U.S. tech giants

EU to propose plans to boost European firms and compete with U.S. tech giants The European Commission said on Wednesday that it will launch initial proposals to help companies in Europe benefit from its rich industry data. The proposal will also help the companies compete better against U.S.-based tech giants such as Facebook Inc., Alphabet […]

Stocks decline as Apple reports risks over coronavirus impact

Wall Street broke from record highs and Asian shares declined after Apple Inc said it will not reach its revenue guidance for the March quarter due to a slower production and weaker demand amid the virus outbreak. The news roused investors from optimistic outlook as it was revealed that China’s economic stimulus would do little […]

Asian shares gain, on its way to second straight week

Asian shares gained on Friday on course for its second straight week, as governments make provisions to dampen the effect of the coronavirus outbreak. MSCI’s index of Asia-Pacific shares outside Japan inched up 0.3%, lifted by gains in South Korea and Hong Kong. On the week, it was up 1.94%. Japan’s Nikkei lost 0.55%, hurt […]

Chinese stocks drop as Hubei virus cases reports double up

Chinese stocks drop as Hubei virus cases reports double up Chinese stocks dropped amid a surge in the number of new people infected by the coronavirus were reported in the Hubei province.   Seen as the province at the center of the epidemic, Hubei raised the death toll to an additional 242 as well as […]

Oil declines on oversupply concerns as virus inflicts China demand

SINGAPORE- Oil prices sunk down further, continuing its previous decline from earlier part of January as worries of oversupply dampened market sentiment. Such inactivity was brought by coronavirus contagion that capped oil demand in China, the world’s biggest oil importer. Brent crude LCOc1 shed 38 cents to $53.63 per barrel with initial trading value of […]

Post-Brexit UK keeps hopes up for early free trade with Australia

Post-Brexit UK keeps hopes up for early free trade with Australia British Foreign Secretary, Dominic Raab told reporters on Thursday that the UK has been eyeing a free trade deal with Australia and hopes that it would be one of their first trade agreements to secure since Britain has exited the bloc. After Britain had […]

Six central banks to hold meeting on cryptocurrency

Six major central banks are planning to conduct a joint research on digital currencies or cryptocurrencies and representatives are considering holding the first meeting in Washington in April, according to a report by Nikkei. The central banks of Switzerland, Canada, Britain, Japan, Sweden, and the Euro zone have announced their plan to join their findings […]

Asian shares inch up on strong US stats, focus on impacts of virus

Asian stocks advanced on Thursday, just a day after US S&P 500 reached all time-high from strong US figures, while markets remained cautious on persisting effect of coronavirus contagion. Japanese Nikkei clocked in 1.63% while MSCI’s broadest index of Asia-Pacific shares acquired 0.39%. S&P 500 .SPX inched up 1.13% last Wednesday, ending its session to […]

Bank of Japan to heighten stimulus as virus concerns affect forecast

MATSUYAMA, Japan- The Bank of Japan (BOJ) is ready to implement and increase stimulus proving that the economy’s recuperation is derailed, Deputy Governor Masazumi Wakatabe disclosed on Wednesday, saying that the novel coronavirus contagion could drastically affect corporate sentiment and international trade. Wakatabe said that Japanese economy recuperated from slowdown last year aided by strong […]

Singapore central bank keeps policy stance amid weakening economic conditions

Singapore’ central bank said that its exchange rate-based monetary policy remains unchanged as the coronavirus outbreak further weakened global economic growth. They furthered that its policy stance remains appropriate as the currency has room to ease within its current settings. Following its lowest growth rate in a decade last year, Singapore had said that the […]

Asian shares advance as China stocks gain but caution lingers

TOKYO- Asian stocks clocked in gains on Wednesday as Chinese stocks inched up brought by optimism of increased stimulus to reduce the economic affliction of coronavirus contagion. However, risks still linger as the virus continues to spread with the mortality rate growing up to 500. MCSI’s broadest index of Asia-Pacific shares outside Japan acquired 0.36%. […]

Dollar gains on upbeat manufacturing data, yuan declines over virus concerns

The dollar steadied on Tuesday as a US manufacturing survey showed sudden recovery, but the yuan and AUD subdued due to wider virus outbreak concerns. The dollar index gained 0.44% on Monday, last at 97.802, as the Institute for Supply Management reported a surprise rebound in factory activity in January after five months of slump. […]

Australia bids for second flight from Wuhan as first batch of evacuees move to Christmas Island

Prime Minister Scott Morrison announced on Tuesday that Australia is considering holding a second evacuation flight from Wuhan City, China amid the outbreak of the novel coronavirus since its first flight already landed on Christmas Island in the Indian Ocean. A total of 241 Australian evacuees safely landed on Christmas Island as the first batch […]

Shanghai stocks decline $370 billion in market cap as virus fears hit Chinese markets

Chinese stock and commodity markets plunged on Monday’s opening as investors ditched risky assets due to rising concerns on the coronavirus spread. The market drop took away nearly $370 billion, or 9% lower in market capitalization from the Shanghai Composite index .SSEC. The yuan opened at its lowest level this year, slipping 1%, past the […]

U.K. Economy in gloom due to Brexit uncertainty

Investors are apprehensive with news of renewed Brexit uncertainty. They had looked into the Kingdom’s economic fundamentals that strongly suggest of economic slowdown. Should the stagnation carry on, rate cut speculations will happen and will pressure the Pound further The Bank of England lowered the forecast for quarterly growth in the remaining 3 months of […]

Nintendo CEO says no plans for new Switch model in 2020

Nintendo CEO says no plans for new Switch model in 2020 Nintedo Co Ltd. CEO Shuntaro Furukawa said on Friday that it has no plans to launch an upgraded Switch model this year. The news halted rumors that the gaming company would release a newer version of the hit handheld device. His comments came a […]

Dampened market sentiment due to coronavirus supports currencies

TOKYO- The dollar reached two-month high against several major peers while Australian dollar and the yuan fluctuated on Thursday as markets armed themselves from assets subject to China’s coronavirus contagion. The US Federal Reserve, while restricting interest rates as predicted on Wednesday, also pointed finger to the coronavirus as the major contributor of uncertainty for […]

Britain flees EU, heads into the trade deal unknown

The United Kingdom finally left the European Union on Thursday night, leaving its trade deal uncertain with the group. The long-planned and waited geopolitical move of Britain has finally come to pass, though the transition period keeps Britain’s membership save for the name until the end of this year. Prime Minister Boris Johnson said in […]

Risk currencies hold steady as investors assess virus fallouts

Risk currencies hold steady as investors assess virus fallouts Risk currencies steadied on Wednesday as investors evaluated the economic damage that resulted from the outbreak of the China virus. Investors banked on hopes that Hong Kong shares will resume trading after the Lunar New Year break. As countries increase efforts to contain the spread of […]

Copper prices plummet as concerns over China virus intensifies

Copper prices plummet as concerns over China virus intensifies London copper dropped to its lowest in 8 weeks on Monday as concerns over the new virus in China intensified after it had claimed 80 victims. On the London Metal Exchange, prices of 3-month copper fell by 1.9% at $5,812/ton, its lowest price since December 4, […]

Britain releases 50 pence coin to mark exit from EU

Britain revealed on Sunday its minted 50 pence coin to mark the country’s exit from the European Union. The said coin was embossed with encryption “Peace, prosperity and friendship with all nations” together with Brexit date of 31 January 2020. An estimated three million coins will be distributed for public use from shops, banks, and […]

Oil prices suffer further as China virus contagion worsens

Oil prices sunk down with 2% loss as it recorded consecutive months of lows on Monday. Such inactivity was brought heavily by the growing number of novel coronavirus cases and city lockdown that may drastically affect demand for crude. Brent crude LCOc1 declined by $1.12 per barrel, or equivalent to 1.9% to $59.57 by 0013 […]

Intel shows signs of turnaround for 2020

Intel shows signs of turnaround for 2020 Intel Corp on Thursday signaled the market view that the chip industry would be reaching a turnaround after a prolonged slowdown. Driven by cloud computing demand, the 2020 forecast is expected to see better revenue than Wall Street’s expectations, Intel added. The company’s sales in its closely watched […]

More central banks plan on issuing virtual currencies

With growing inclination in technology, several central banks are planning to release their own virtual currencies, according to findings of Bank for International Settlement. Research showed an additional 10% increase as 20% of the 66 central banks interviewed are planning to have their own digital coins within the next six years. In line, one in […]

Ford estimates a $2.2 billion pre-tax hit in fourth quarter due to pension plans

Ford Motor Co said that its fourth quarter earnings will be affected by a pre-tax loss of up to $2.2 billion caused by a higher contribution to its employees’ pension plans. The higher contribution was due to a decrease in discount rates, which leads to a larger amount of money to be contributed for future […]

Oil declines for three consecutive days on pressing concerns of coronavirus

Oil prices sunk to lowest level in seven weeks on Thursday dragged by anxiety that contagion of China’s new strain of virus may reduce fuel demand. In line, figures disclosed that United States’ oil inventories advanced last week. The persistent and threatening Coronavirus has resulted to the death of 17 people since it was first […]

Japan recovers from initial virus-related losses, issues still remain

Japan recovers from initial virus-related losses, issues still remain Japanese shares made humble gains on Wednesday as investor panic about China’s coronavirus outbreak eased. While hygiene-related firms continued to be in demand, pressure persisted on the tourism sector. The Nikkei share average rose 0.2% to 23,904.51 in mid-morning trade, partially clawing back losses from the […]

Yen climbs, yuan falls as stocks drop due to China virus outbreak

The Japanese yen climbed while Chinese yuan fell against US dollar as news of coronavirus outbreak in China raised concerns among investors, causing Asian stocks to fall. The yuan fell against the USD in onshore and offshore trade as the fourth death due to the illness was confirmed. A Chinese health expert also warned that […]

Asian shares grow wary on Virus threat in China

SYDNEY- Asian shares slipped on Tuesday as growing concerns about a recently discovered strain of coronavirus in China swiped in risks in Asian financial markets.                 Safe-haven bonds and the yen marginally advanced as investors recalled implications of SARS virus back in 2003, with the possibility of nationwide spread of coronavirus as millions will visit […]

Bank of America aims to ‘double’ consumer market share in US, says CEO

Chief Executive officer Brian Moynihan of Bank of America Corp said that the bank could raise its consumer market twice larger in the US despite fear of major banking institutions. “Our market share in consumer is probably 12, 13, 14 percent, depending on who counts. … The reality is, you could double that,” Moynihan said in […]

Dollar peaks on 8-month high vs JPY as US economy keeps stable growth

US dollar gained against Japanese yen on an eight-month peak due to a stable growth rate in US economy in 2019. Retail sales rose for the third straight month in December while filing claims for unemployment benefits fell for the fifth straight week, showing a strong and stable labor market. Manufacturing activity in the Mid-Atlantic […]

Global stocks reach high level as markets assess Sino-US trade pact

TOKYO- Stocks across the world edged up, reaching record highs on Thursday. Such activity followed after China and the United States signed the “Phase 1” of the trade agreement intended to mitigate their months-long trade dispute that dragged the global economy. Despite positive performance, investors remain cautious as numerous concerns are still unsettled. MSCI’s broadest […]

United States to keep tariffs on Chinese products until Phase 2 pact: Mnuchin

UNITED STATES TO KEEP TARIFFS ON CHINESE PRODUCTS UNTIL PHASE 2 PACT: MNUCHIN WASHINGTON-The United States will continue the ongoing rounds of tariffs on Chinese products until such time that both sides come up with a second phase of the US-China trade agreement, United States Treasury Secretary Steven Mnuchin stated on Tuesday, a day before […]

Trump says China trade deal to be signed shortly after 15th January

Trump says China trade deal to be signed shortly after 15th January U.S. President Donald Trump said on Thursday that the Phase 1 trade deal with China could be signed “shortly thereafter”. “We’re going to be signing on January 15th,” Trump told the ABC TV affiliate in Toledo during an interview, “ I think it […]

Japan consumer spending declines again in November, dents recovering economy

Japan household spending dropped on its second straight month in November, indicating a higher sales tax weighing down on private consumption for a while. Japan has been working to regain momentum after the drop in household spending which followed the October sales tax hike. Japan exports were hit by weak global demands in the past […]

SoftBank-backed delivery company Rappi lays off 6% of workforce

Latin American delivery startup Rappi announced that it dismissed 6% of its employees. This measure came after Japan’s Softbank Group invested a total of $1 billion in Rappi. Rappi did not provide specific figures on how many jobs they have cut. According to the Brazil Journal news outlet, Rappi has 5,000 people working for them, […]

UK-EU trade deal “basically impossible” to negotiate in 1 year says EU head

The head of the European Commission described on Wednesday that Britain’s chances to negotiate all aspects of its post-Brexit relationship with the European Union to be completed within the year as “basically impossible”.            Ursula von der Leyen bared her thoughts about the EU-UK before meeting British Prime Minister Boris Johnson, saying, “The transition time is […]

Wall Street declines as investors wary on US-Iran tension, but chipmakers gain

Wall Street’s major indexes fell as investors become cautious of the escalating tension between the US and Iran. Following this, energy shares also dropped while oil prices recently climbed back up. S&P 500 futures dropped 1% after news of Iranian missile attacks on Iraqi air base housing American troops was reported. The drop in S&P […]

Middle East tension propels yen to three-month high

SINGAPORE- Japanese yen performed well as gold inched higher on Wednesday after Iran attacked base of Iraq hosting US armies. Such tension brought in fears of wider political conflict between Iran and United States driving investors run to safety. Anonymous US officials disclosed that rockets were fired at several target points including Iraq’s al Asad […]

China lifts twenty-year ban on Japanese beef imports as it faces meat supply shortage

China lifted the ban on Japanese deboned beef taken from cows under 30 months old, as notified by the General Administration of Customs. This ends the almost two-decade ban on the beef imports from Japan. This measure comes as China faces severe shortages on meat supply due to an outbreak of African swine fever disease. […]

US business borrowing for capital investment drops 3% in November

Borrowings for capital investments in US companies fell 3% in November compared to last year’s figures, according to the Equipment Leasing and Finance Association (ELFA). US companies signed up for leases, loans, and lines of credit up to $7.8 billion, down from last year’s $8 billion. Borrowings dropped 23% when compared from last month’s. “Uncertainty […]

Japan approves record budget for next fiscal year

Japan approves record budget for next fiscal year Japan’s cabinet has approved a record budget for the next fiscal year amid rising social security costs and a government already struggling with the developed world’s biggest debt. Spending by the Japanese government will increase by about 1.2% to 102.7 trillion Yen ($939 billion) on April next […]

China and US keep close communication on signing of phase one deal

The United States and China are keeping close communication on the signing of the phase one trade deal, China’s commerce ministry said. The phase one of the deal will see to decrease the tariffs imposed on Chinese goods and to boost higher Chinese purchases of US energy, farm, and manufactured goods. The phase one of […]

CITIC sets to become first China firm to lead Asia equity rankings

CITIC sets to become first China firm to lead Asia equity rankings CITIC Securities is poised to become the first Chinese firm to lead annual equity markets (ECM) rankings for Asia-Pacific excluding Japan this year.   Goldman Sachs, Morgan Stanley, and other Western banks have traditionally battled over the top position in the region, where […]

Electrolux to obtain $70 million charge for US overhaul

Swedish appliance maker Electrolux stated that its North American business will obtain $70 million in Q4 as part of moving into a new facility in South Carolina. The new facility in Anderson, South Carolina is set to replace manufacturing in St. Cloud, Minnesota and other facilities in Anderson, driving Electrolux to invest $350 million in […]

IFF announces merger with DuPont’s $26.2 billion nutrition unit

International Flavors & Fragrances Inc plans to merge with Dupont Inc’s nutrition and biosciences unit worth $26.2 billion in a merger deal. This measure was done to create a new consumer giant worth at least $45 billion. Under the terms of agreement, IFF shareholders will own 44.6% of the new company’s shares while DuPont shareholders […]

Singapore Q3 unemployment rate peaks at 2.3% in ten years

Singapore’s unemployment rate in Q3 of 2019 hiked to its highest in 10 years amid economic uncertainty caused by an election to be held in the coming months, official data showed. Overall unemployment rate climbed to 2.3% from the previous quarter’s 2.2%. This was the highest unemployment rate since the fourth quarter of 2009, which […]

Oil prices drop due to surprise hike in US crude stocks

Oil prices dropped due to an unforeseen build in crude inventory in the United States and a slow progress in the US-China trade deals made investors wait on whether new tariffs on Chinese goods will be placed. Brent futures LCOcl slid 0.7%, or 44 cents, priced at $63.90 per barrel by 0342 GMT. US West […]