In France, the upward trend in inflation continues. In March, it accelerated to 4.5% year on year. A month earlier, prices showed an increase of 3.6%. To the previous month, March inflation in the country reached 1.4%. Both indicators exceeded the levels predicted by analysts. They expected price growth in March by 4.3% and 1.3% […]
The Association of Aviation Lessors of Ireland announced the termination of all lease agreements with airlines of the Russian Federation. This decision was made in accordance with the EU sanctions imposed against Russia, whose troops invaded the territory of Ukraine. This is reported by Reuters. Such agreements have been terminated by all Irish aircraft leasing […]
The American electric car manufacturer Tesla has announced the suspension of production at the plant in Shanghai. The reason for the temporary shutdown of the enterprise is the stringent measures introduced in the eastern districts of the city to curb the spread of coronavirus. Local authorities have ordered residents of these areas not to leave […]
Nickel prices continue to rise. At auction in London, it soared by the maximum allowable 15% and exceeded the level of 37 thousand dollars per ton. On the eve of the quotes of this industrial metal also reached the upper limit of the corridor. During the trading session on March 8, the price of a […]
The Ukrainian Statistical Office has published macroeconomic results of the past and early this year. In the fourth quarter, Ukraine’s GDP growth amounted to 5.9%, increasing the pace compared to an increase of 2.7% three months earlier. The country’s economy completed the entire past year with a growth of 3.2%. The negative balance of the […]
Amazon.com, an American e-commerce company, announced the completion of a deal to buy Metro-Goldwyn-Mayer, which produces videos and films and rents out its video products. The purchase agreement was signed by the parties last year. Regulators in the US and the European Union have approved it. Under the terms of the deal, Amazon.com made the […]
For the first time in history, Class A shares of the corporation Berkshire Hathaway, controlled by billionaire Warren Buffett, topped $500,000 at Wednesday’s close, trading at $504,400. Over the day, they have risen in price by 1.3%, and since the beginning of this year, their cost has increased by 11%. A positive factor for the […]
Rising production costs have driven up the price of electric vehicles made by Tesla in the US. This is indicated by a message published by the American automaker on its official website of the country. The Model 3 price rose to $46,990 from $44,990 on March 10. The Model Y Long Range price reached $62,990 […]
The Japanese company Bridgestone Group, which specializes in the production of tires, has announced the cessation of production in Russia. Its tire plant is located in the Russian city of Ulyanovsk. The company also indicated that it had decided to no longer supply its products to that country. The company has joined a long list […]
The demands of the lessors forced the largest Kazakhstani air carrier Air Astana to completely stop flights to the Russian Federation. The low-cost airline said in a statement that it regrets this forced measure due to the denial of flight insurance coverage. Due to the need to comply with the requirements of lessors and insurance […]
In morning trading, the price of gold is slightly reduced. By 7.55 Moscow time, the price of a troy ounce of this precious metal fell by 8 dollars 10 cents or 0.4% to 1992 dollars 30 cents. Silver also fell in price. The cost of its ounce fell to $26.13, or 0.48%. Earlier this week, […]
Negative sentiment prevails on stock exchanges in the United States. Trades ended with a decrease in stock indices. Thus, Dow Jones fell to 33794.66 points or 0.29%. Trading on the S&P 500 index closed at 4363.49 points, which is 0.53% lower than the previous trading day’s close. The Nasdaq fell to 13,537.941, or 1.56%. In […]
The American Central Bank published the Beige Book. It provides an assessment of the state of the economy in various regions of the country. The review notes that different regions of the United States showed modest to moderate growth rates at the beginning of this year. Almost all survey participants stated two main problems. The […]
The price of copper shows a slight decrease after its growth the day before. Comex data show a correction in the copper market. As of 10:07 am Moscow time, a pound of this metal fell to $4,564, or 0.23%. As a result of trading on Tuesday, copper rose in price by 3.2%. At the auctions […]
On the stock exchanges in Europe, there is a fall in the indices. As of 12:44 pm Moscow time, the FTSE 100 fell to 7418.7 points or 0.54%. CAC 40 fell to 6526.53 points or 1.99%. DAX dropped to 14144.47 points or 2.19%. Investors appreciated the data on business activity in the eurozone. In February, […]
Business conditions in the journal being processed unexpectedly deteriorated. According to the results of this study, which was conducted by IHS Markit. PMI fell against the January association of indices by 3.2 points to 48.6 points. In a review of the company, that last month there was a violation of the heart rhythm. This has […]
The geopolitical crisis and the resulting logistical problems are pushing up commodity prices. A wheat bushel at auction in Chicago jumped 6.2% to $8.95. The cost of a corn bushel rose 3.5% to $6,825. Palladium on the stock exchange in London soared in price by 8.7%. More than 40% of the total supply of metal […]
Germany’s major insurer, Allianz, ended 2021 with a net profit of 6.61 billion euros. In twelve months, its capacity fell by 2.9%. At the same time, an increase of 5.7% was shown by annual revenue, amounting to 148.5 billion euros. According to the trimestrial report, in October-December last year, the company recorded a net loss […]
Morning trading on Friday began with a decline in gold prices. By 8:43 am Moscow time, the troy ounce cost of the metal fell by 0.4%. It traded at $1,894.45. An ounce of silver rose to $23.91, or 0.13%. The day before, the price of gold rose above $1,900. It happened for the first time […]
U.S. GPU developer Nvidia ended the 4Q with a record revenue of $7.64 billion, beating market expectations of $7.42 billion. Net income was recorded at about $3 billion, up from $2.46 billion a year previously. During the quarter, the company sold video processors for cryptocurrency mining for $24 million. At the equal term, for the […]
ACEA reported that 682,596 cars were sold in January. The indicator fell year on year by 6%. The decline in the new car sales in the European market has already become a steady trend. They have been falling for 7 consecutive months. The main reason for the negative dynamics was the long-term problems associated with […]
Official data released on Tuesday revealed that Turkey’s economy increased 7.4% year on year in the third quarter, meeting forecasts due to the strength of retail demand, manufacturing, and exports. However, it did not alleviate concerns over policy setting. According to figures from the Turkish Statistical Institute, on a seasonally and calendar-adjusted basis, GDP increased […]
The U.S. dollar climbed to an almost four-and-a-half-year high against the Japanese yen on Tuesday. The greenback rose following U.S. Federal Reserve Chair Jerome Powell’s reappointment for a second term, boosting bets on higher U.S. interest rates. The dollar touched 114.8 yen after a 0.77% increase on Monday, approaching the previous week’s high of 114.97, […]
Asia stocks were mostly down on Tuesday, tracking a decline on Wall Street following U.S. President Joe Biden’s nomination of Fed Chair Jerome Powell for a second term. Powell’s nomination bolstered expectations that the U.S. will taper its stimulus soon. MSCI’s gauge of Asia Pacific stocks outside Japan plunged 0.49%, while Hong Kong’s Hang Seng […]
The dollar continued its gains on Friday morning in Asia, on track for its best week in five months. Investors are expecting that the United States’ Federal Reserve will begin its interest rate hike sooner than expected following last Wednesday’s strong inflation data. The U.S. Dollar Index that measures the greenback other major currencies tallied an increase […]
An expanding COVID-19 cluster in China’s Dalian has prompted national authorities to restrict outbound travel, cut offline school classes, and close some cultural sites in the port city in an effort to contain the outbreak. On Thursday, Dalian recorded 52 locally transmitted infections with confirmed symptoms, more than twice of Wednesday’s 21 new cases. The […]
The dollar rose on Thursday morning in Asia, touching its highest rate versus the pound and the euro this year. Meanwhile, the yen plunged after the United States’ inflation soared to its highest level in a generation, fueling expectations on interest rate hikes. The U.S. Dollar Index that measures the greenback against other major currencies tallied an […]
The dollar performed poorly on Monday morning in Asia. Investors are still trying to digest recent dovish monetary policy choices from major central banks amid markets’ volatile interest rate. The U.S. Dollar Index that measures the greenback against other major currencies nudged 0.01% lower to 94.310 by 12:24 AM ET (4:24 AM GMT). The USD/JPY pair jumped 0.19% to […]
Oil edged higher on Friday in Asia, regaining earlier losses as the Organization of the Petroleum Exporting Countries and allies (OPEC+) snubbed the clamor for increased supply and elected to keep a more gradual return of production. Brent oil futures jumped 0.97% to $81.32 per barrel by 11:31 PM ET (3:31 AM GMT) after plummeting […]
The dollar climbed on Tuesday morning in Asia but traded below its previous peaks as the Reserve Bank of Australia (RBA) released its latest policy decision earlier today. The U.S. Dollar Index that measures the greenback against other major currencies tallied an increase of 0.04% to 93.918 by 11:50 PM ET (3:50 AM GMT). The USD/JPY pair dropped 0.05% […]
The world’s leading oil exporter Saudi Arabia may increase prices of light crude grades to Asia in December, boosted by a recovery in distillate margins and spot premiums for Middle Eastern oil this month, trade sources disclosed on Friday. Following two straight months of price cuts, state-owned oil giant Saudi Aramco may increase the official […]
Shoppers in Britain increased their spending at the weakest rate since January in September. The slowdown was attributed to concerns about fuel shortage, according to a survey released on Tuesday. The British Retail Consortium said retail expenditure climbed only 0.6% in September, much lower than a 3.0% increase in August. A disruption in fuel supplies […]
In the U.S., the amount of Ethereum currently held by miners had reached record levels in the country’s currency. To date, the amount being held by the Ethereum miners is at its largest since its launch. Upon conversion into the U.S. dollar, the amount had been revealed at a peak of $1.85 in accordance with […]
China’s service sector recovered in September as COVID-19 infections in the eastern province of Jiangsu eased. However, the pandemic’s risk to the economy persists. The Caixin services purchasing managers index (PMI) increased to 53.4 in September from August’s 46.7 reading. The Caixin survey, which focuses on the private sector, also breached the 50 mark, indicating growth. Data […]
The U.K. will ask British businesses what they want the agreement to cover on Friday, the country’s first step toward trade negotiations with the six-country Gulf Cooperation Council (GCC). Trade Minister Anne-Marie Trevelyan is aiming for a deal with the GCC as she seeks to establish new ties around the world after Britain’s exit from […]
Japan’s household spending experienced a sharper-than-expected decline in August. The curbs that were set in place to deal with the coronavirus pandemic when the country was in a state of emergency dragged down consumption during the summer holiday season and risked undercutting the economy’s recovery. Government data released on Friday did not bode well for […]
Germany’s exports dropped for the first time in 15 months in August. The decline was mainly owed to the supply chain-driven inflationary pressures hurting exporters. Seasonally adjusted exports from Germany shed a month-on-month 1.2% to 113 billion euros ($130 billion). The reading did not meet economists’ expectations of a 0.5% increase. German industrial orders […]
German multinational travel and tourism firm, TUI Group, had been reported to have made plans to raise 1.1 Billion Euros ($1.27 billion) in equity to pay its debt due to the pandemic. This came to light with its report of holiday bookings increasing late summer. It is public knowledge that the German government had bailed […]
Russia will post a stronger-than-expected economic recovery this year. However, United States sanctions, slow vaccination progress, and monetary tightening will drag its growth, the World Bank reported on Wednesday. The World Bank brought its expectation of Russia’s gross domestic product growth to 4.3% this year from June’s projection of a 3.2% expansion. It also revised […]
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 […]
Australia’s trade surplus recorded a surprising record-high growth in August. This came as an increase in liquefied natural gas and coal exports greatly compensated for a drop in iron ore prices, providing a boost to mining earnings and tax collections. Surplus on international trade climbed to A$15.1 billion ($11.0 billion) in August, data from the […]
The dollar recovered on Tuesday morning in Asia, but placed below a one-year high. Investors now brace for the latest United States’ jobs report for hints on the timeline of the Federal Reserve’s asset tapering and interest rate hikes. The U.S. Dollar Index that measures the greenback against other major currencies nudged 0.17% higher to 93.942 by […]
The lack of particulars on the widely-anticipated “top-to-bottom” policy review had espoused complaints across U.S. industries and experts. U.S. Trade Representative, Katherine Tai had kept the details under wraps for the past 8 months, instigating speculations of what the report may contain. Having been unveiled on Monday, the policy review had been found wanting, with […]
Gold edged lower on Tuesday in Asia amid a recovering dollar and lingering inflation concerns that lifted the safe-haven asset to an over one-week high in the last session. Gold futures shed 0.42% to $1,760.10 by 11:50 PM ET (3:30 AM GMT), after hitting $1,770.41 on Monday, the futures’ highest since September 23. The dollar, […]
Investor sentiments were dampened because of apprehensions over increasing debt defaults by Chinese property developers all while in the thick of China Evergrande Group’s plummeting credit rating. And it is not without reason as Evergrande is neck-deep in its $300 billion debt. It had been reported that the company had skipped making coupon payments on […]
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 […]
Oil edged lower on Monday, ahead of an Organization of Petroleum Exporting Countries and allies (OPEC+) meeting that would discuss whether the recent rally in prices amid supply shocks and recovery from the pandemic will be sustained. Brent crude lost 0.2%, or 14 cents, at $79.14 per barrel by 0505 GMT. The benchmark contract climbed […]
Japan’s business climate strengthened for five consecutive quarters in September due to strong global demand. The headline index that measures big manufacturers’ sentiment stood at plus 18 in the third quarter. This was better than the plus 14 reading in the previous quarter, exceeding market forecasts of plus 13. Big non-manufacturers’ sentiment index rose to […]
Industrial output in Japan declined for two consecutive months in August. A surge in COVID-19 cases in Asia and persisting chip shortage continue to disrupt supply chain in car production. Factory output dropped 3.2% in August from the previous month, official data showed on Thursday. It was attributed to weaker car production and electronic machines. […]
Asian share markets were seen upbeat on Monday. Investors’ enthusiasm was supported by a rebound in U.S. payrolls, but the expansion came out mildly that it might still prompt the Federal Reserve to discuss the prospect of tapering. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.3% increase, on track to salvage three […]
Bitcoin had crashed more than 3% on Friday as Tesla head Elon Musk had tweeted yet again about the cryptocurrency. While this brought in speculations about the company’s investment withdrawal, the virtual coin is still on track for its strongest weekly earning in about a month as it tries to recover from a drop seen […]
Australia’s economy hits pre-pandemic levels as consumers and businesses spent lavishly, lifting the economy from the coronavirus drag, causing the country’s first recession in thirty years. The economy of the Land Down Under grew by 1.8% in the three months to March as indicated in the data released by the Australian Bureau of Statistics (ABS) […]
The United States saw an acceleration in its May manufacturing activity. This was attributed mainly to surging demand, which supported orders amid the country’s emergence from the coronavirus drag. However, pending tasks continued to mount as raw materials and labor fell short. The Institute for Supply Management’s index of national factory activity was read at […]
Asian share markets were seen upbeat as global equities placed near a record high on Wednesday. The series of upswings came after the United States posted an expansion in its manufacturing activity, heavily indicating that the world’s largest economy has been gaining tighter momentum. After a record high on Tuesday, MSCI’s gauge of shares across […]
Gold shone brightly on Monday trade in Asia as the dollar weakened and bond yields lowered after investors digest Chinese economic data. Gold futures advanced 0.15% to $1,908.25 by 1:49 AM ET, remaining above the $1,900-mark. The gold contract rolled over to the Aug 21 contract on May 30. The dollar, which usually moves inversely […]
Monday saw an increase in Asian share markets, putting them on track for their third weekly jump. Investors’ enthusiasm was mainly from optimism that employment figures in the United States will indicate a rebound in hiring, suggesting a sustained global economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan traded a fraction firmer. Japan’s […]
The success in COVID-19 vaccine drive in the United States has propelled fuel demand ahead of the summer driving season that will see commencement in the weekend. Authorities American Petroleum Institute and the U.S. Energy Information Administration disclosed draws in the U.S. crude oil supplies within the earlier chapters of the week. In line with […]
Asian shares’ upbeat performance boosted global equities, marking their seventh day of rally on Friday. Investors’ enthusiasm was mainly from hopes that the United States will push the world out of the coronavirus crisis as the country plans to render a multi-trillion dollar stimulus package. MSCI’s broadest index of Asia-Pacific shares outside Japan hiked 0.3% […]
Asian share markets eased from high grounds on Thursday as the prospect of stimulus withdrawal dampened Chinese shares’ early performance. The dollar, on the other hand, saw an increase to hit a one-week high. MSCI’s broadest index of Asia-Pacific shares outside Japan plunged 0.5%, placing below its record peak of 696.76 on Wednesday. Chinese shares […]
For the month of April, U.S. businesses had a total loan amount of $9.8 billion for capital investment. According to the Equipment Leasing and Finance Association (ELFA). This figure is 19% higher than a year earlier, driven by the economic recovery triggered by mass COVID-19 inoculations and lifting lockdowns. Compared with March, borrowing in April […]
The main indexes of Wall Street had opened higher on Tuesday had remained afloat by gains from technology-related mega caps. Worries regarding inflation had started to wane and U.S. bond yields eased for four days in a row. The Dow Jones Industrial Average climbed by 34.7 points, or 0.10%, with its open at 34428.66. The […]
Japan’s exports reached historic highs in April, while capital spending expanded as global demand for cars and electronics advanced. The positive readings brought in optimism that trade’s recovery could fuel the world’s third-largest economy back to growth. The country’s exports recorded a 38.0% year-on-year increase in April, official data showed on Thursday. The figure, which […]
European stock markets bounced back on Thursday trade from the previous downbeat performance. This as the pandemic recedes and allows the Eurozone to reopen its economy. Germany’s DAX futures contract was up 0.3%. CAC 40 futures in France rose 0.1%. The FTSE 100 futures contract in the U.K. gained 0.8%. European indices dipped on Wednesday […]
The dollar lingered near its weakest levels of the year on Wednesday as investors clung onto bets that the U.S. Federal Reserve would maintain dovish policy settings ahead of inflation data. The dollar hit its lowest against the euro in two months, following an upbeat European growth survey. It stood just above the $1.2140-level in […]
Nissan Motor Co’s shares plunged as low as 10.3% during their early Wednesday trade. The drop, which came to be the sharpest in four months, could be attributed to the automaker’s weaker-than-expected guidance for the current fiscal year. The Japanese car provider breached expectations on Tuesday, with global chip shortage and surging prices of raw […]
Crude prices rose over 1% on Monday following a major cyberattack that forced U.S. critical fuel supply pipelines to shut down, emphasizing the fragility of oil infrastructure. Brent crude rose 1.1%, or 76 cents, at $69.04 per barrel, after climbing 1.5% last week. U.S. West Texas Intermediate futures were up 1.1%, or 70 cents, at […]
British construction activity grew rapidly in April, near its six-and-a-half-year record posted in March as lifted COVID-19 lockdowns bolstered demand, a survey revealed on Friday. The IHS Markit/CIPS Construction Purchasing Managers’ Index (PMI) slightly lowered to 61.6 in April from 61.7 in March, despite the survey’s gauge of new orders rising to its highest level […]
Next, a British-based fashion retailer increased its full-year profit projection for the second time in two months after posting stronger-than-expected first-quarter trading. Next reported on Thursday its central guidance for pretax profit in the 2021-2022 fiscal year increased to 720 million pounds ($1 billion), from the previous 700 million pounds projection made in April. The […]
Gold edged up in Asian trade on Thursday ahead of the release of U.S. non-farm payroll data, and the benchmark 10-year U.S. Treasury yield and the dollar also rose. Gold futures improved 0.27% to $1,789.15. The U.S. ADP Nonfarm Employment Change jumped to 742,000 in April, missing the expected growth figures. However, the growth was […]
The dollar reached a two-week high on Tuesday as risk appetite faded amid a stock sell-off. This came after U.S. Treasury Secretary Janet Yellen said that interest rates may need to increase to prevent the economy from overheating. The dollar’s safe-haven appeal was further supported when the Nasdaq slid over 2%, the S&P over 1%, […]
The Reserve Bank of Australia kept its rates near zero for a fifth straight meeting on Tuesday and vowed to keep policy super loose for a prolonged period despite the rapid pace of the country’s economic recovery from the coronavirus crisis. Australia’s central bank reaffirmed its promise to keep the cash rate at the record […]
Asian share markets recorded a positive performance on Tuesday. The series of gains could be attributed to signs of recovery from the COVID-19 crisis as major economies across the world resumed their economic activity. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.05%, tracking Wall Street’s overnight rally. Hong Kong’s Hang Seng index […]
Oil prices fell on Friday, taking a breather after hitting their highest level in six weeks as worries of wider lockdowns in India and Brazil offset a bullish outlook on summer fuel demand and pandemic recovery. Brent crude dropped 0.4%, or 29 cents, at $68.27 per barrel, the last trading day for the front-month June […]
Japan saw an increase in services prices in March as advertising and transportation fees advanced, data showed on Monday. The jump suggests that the country’s economy is faring better now than last year when the pandemic wrought disruptions. The services producer price index gauges how much charge companies ask each other for services and recorded […]
Hyundai Motor Co, a South Korean automaker, announced on Thursday its net profit skyrocketed 187% to its highest in four years after the demand for its high-margin sports-utility vehicles and premium Genesis cars surged. However, a threat to hamper the automaker’s growth peak rises as a global shortage of semiconductors looms. Hyundai is part of […]
The dollar fell near multi-week lows against peers on Thursday as fading gains in U.S. Treasury yields lowered the dollar’s advantage Sentiment for the dollar fell as Treasury yields plunged. The dollar slid slightly to 107.93 per yen, near a seven-week low. The euro traded at $1.2033, not far from the highest level hit since […]
The economy of the United States is expected to expand at its fastest annual pace in decades this year. It is also predicted to surpass most of its major peers as the country upgraded its economic outlook. However, an increase in coronavirus infections will likely press over the next three months, a Reuters survey showed. […]
The unemployment rate in the U.K. surprisingly dropped for the second month in February despite the fact that COVID-19 restrictions were implemented during that period. According to the Office of National Statistics, the drop in the unemployment rate was linked to a rise in the share of people who were out of the jobs market […]
Mexico’s economy plunged yet again, marking another month of decline as it dropped more than 2% in March. While there was a contraction, analysts were still optimistic for a rebound in the coming months as the coronavirus crisis subsides and the United States’ relief package kicks in. The economy recorded a 2.1% contraction in March […]
The dollar fell near a one-month low against major peers on Monday, with Treasury yields lingering near the weakest in five weeks, after the U.S. Federal Reserve reiterated that any spike in inflation will likely be temporary. The dollar was held down by risk sentiment as global stocks rallied to record highs. The dollar index […]
Asian share markets placed near a 1-1/2 year peak on Monday, with investors’ sentiment greatly fueled by expectations that monetary policies across the globe will remain accommodative. More so, vaccine rollouts partly mitigated coronavirus-driven fears. MSCI’s broadest index of Asia-Pacific shares outside Japan was last seen at 695.59, placing just below its 696.48 record […]
Oil prices rose to new four-week highs on Thursday on upbeat U.S. economic data and higher demand forecasts as countries begin to recover from the COVID-19 pandemic. Brent futures climbed 0.5%, or 36 cents, at $66.94 per barrel on Thursday after gaining nearly 5% on Wednesday. U.S. West Texas Intermediate crude gained 0.5%, or 31 […]
European stock markets traded mixed on Wednesday as U.S. inflation concerns eased due to falling bond yields. Coronavirus-related concerns, however, continue to weigh on markets, dragging other stocks down. Germany’s DAX futures contract gained 0.2%. the U.K.’s FTSE 100 futures contract improved 0.1%. CAC 40 futures in France lowered 0.6%. The consumer price index in […]
The dollar dropped to multi-week lows against the euro and the yen on Wednesday. This came after an increase in the U.S. consumer price gauge failed to prompt wider fears about rising inflation and the Fed’s tapering, pushing down U.S. bond yields. The dollar fell 0.2% to 108.80 yen, hitting its weakest level in three […]
Singapore’s economy posted a surprising expansion in the first quarter from a year ago. The jump could be attributed mainly to the country’s upbeat manufacturing activity, Wednesday data showed. On an annual basis, gross domestic product advanced 0.2% from January to March. The figure released by the Ministry of Trade and Industry came stronger than […]
European stock markets were down on Monday as a result of cautious trading in view of the start of the U.S. earnings season and discouraging important economic data. Germany’s DAX futures contract was down 0.4%. The FTSE 100 futures contract in the U.K. dropped 0.5%. The CAC 40 futures contract in France inched down 1.2%. […]
Thursday’s trade session in Asia did not see gold luster as investors had a huge appetite for riskier assets. This as the Federal Reserve’s meeting showed sustained policy support which boosted hopes for the global economic recovery from the pandemic. Gold futures lost 0.9% at $1740.05. With the release of the Fed’s meeting minutes on […]
European stock markets produced positive results on Wednesday’s trade session as the global economic recovery hopes glimmered. The European region is now seen to take charge over the third wave of coronavirus cases. Germany’s DAX futures contract gained 0.1%. CAC futures contract in France and the FTSE 100 futures contract in the U.K. improved 0.1 […]
Job vacancies in the United States reached a two-year high in February while hiring accelerated as expedited coronavirus vaccine rollouts boosted domestic demand. More so, the country’s massive stimulus package heavily supported companies’ needs for more employees. Job openings, which gauge labor demand, jumped 268,000 to 7.4 million on the last day of February. The […]
London-based energy firm BP reported on Tuesday it expects to have reached its $35 billion net debt target in the first three months of this year earlier than set and make way to fulfill its pledge of shares buyback. The news pushed BP shares to increase up to 3% to 299 pence in early trade. […]
As efforts for fiscal stimulus and speedy inoculation programs in the European Union are heightened, investors were quick to bet on a fast global economic recovery resulting in Europe’s benchmark equity index STOXX 600 hitting a record high on Tuesday. STOXX 600 advanced 0.9% at 436.16 points to surpass its previous life-high of 433.90 points […]
The dollar dropped to a near two-week low against its peers on Tuesday, falling along with Treasury yields that dropped from recent highs despite signs of U.S. economic recovery. Since end-March, the dollar index hovered near its lowest level, falling further in early Asian trade after dropping 0.4% on Monday. The Japanese yen recovered from […]
China’s faster-than-expected factory activity growth and U.S. Treasury yields conspired to take down gold in Asian trade on Wednesday. Gold futures slipped 0.42% at $1,679 as the dollar, which normally trades inversely to gold, gained on Wednesday. China released its manufacturing Purchasing Manager’s Index (PMI) that saw a 51.9 reading in March. It fared better […]
While Asian share markets performed positively on Wednesday, they were still on track for their first monthly decline since October. The U.S. dollar, on the other hand, reached high grounds as investors’ enthusiasm was fueled by the prospect of a stable global economic recovery. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4%, marking […]
Gold performed weaker in Asian trade on Tuesday, hitting its lowest level in over two weeks. The fall in the yellow metal’s prices was due to strengthening dollar and rising Treasury yields which were propelled by prospects of more stimulus and faster inoculation programs in the United States. Gold futures dipped 0.42% at $1,707.35, after […]
Asian share markets were seen upbeat on Monday, while oil prices recorded a subdued performance as a ship blocking the Suez Canal was finally refloated. This brought in hopes that the vital waterway’s reopening would ease global shipping backlogs. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3% as Chinese blue chips traded 0.8% […]
Tokyo, Japan’s core consumer prices dropped further in March. However, the contraction came slower than its usual pace, suggesting that an increase in fuel cost and a rebound in domestic demand will likely negate the country’s deflation threats. The core consumer price index of Tokyo recorded an annualized 0.1% decline in March, data from the […]
The dollar hit a new four-month high against the euro on Thursday as the U.S. pandemic response outpaced Europe’s, with the latter hobbled by lockdowns and slow vaccine rollouts. The euro stood near a four-month low of $1.1809 hit in Asian trade. The dollar index lingered below a four-month peak of 92.617 hit overnight. The […]
Thursday trade saw a mixed performance in the European stock markets as investors were cautious as they wait for the EU leaders’ meeting addressing the coronavirus crisis. Germany’s DAX futures contract was up 0.2%. On the losing end, France’s CAC 40 futures contract fell 0.2% and FTSE 100 futures contract in the U.K. lost 0.1%. […]
After U.S. President Joe Biden enacted one of the largest fiscal stimulus in history, inflation risks are starting to mount, economists said. They are also worried about the growing debt of the government. The National Association for Business Economics survey conducted Feb. 22-March 5 showed that more than sixty percent of economists suggest that inflation […]
The Turkish lira dropped towards a record low against the dollar after President Erdogan stunned investors by replacing the central bank governor with a critic of high interest rates. The yen climbed versus the euro, kiwi, and Aussie on speculation that Japanese investors buying lira for its high interest rates will close out their positions. […]
The dollar firmed on Friday, boosted by higher Treasury yields and a decline in the stock markets. The rise came after the U.S. Federal Reserve dampened speculation for an early interest rate hike. The dollar index briefly rose following a 0.5% climb on Thursday, the most in two weeks. The 10-year U.S. Treasury yields hit […]
Oil prices dropped for a sixth straight day on Friday, down almost 9% for the week. This came as a fresh wave of coronavirus cases across Europe prompted lockdowns and dampened hopes for fuel demand recovery. U.S. West Texas Intermediate crude dropped 0.07%, or 4 cents, at $59.96 per barrel. Brent crude fell 0.16%, or […]
Asian share markets performed weakly on Friday as an increase in U.S. bond yields dampened investors’ enthusiasm toward technology stocks. Moreover, a selloff in crude heavily dragged oil prices to their lowest levels in months. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% drop. This came after Wall Street’s choppy trade sent […]
The dollar eased on Thursday as the U.S. Federal Reserve said it was unlikely to raise interest rates through all of 2023 despite a swift economic recovery. The dollar index traded at 91.488 after hitting a two-week low of 91.340 as Fed Chair Jerome Powell dampened speculations on stimulus policy. The euro fell to $1.19655 […]
Japan had seen its exports drop faster than what was expected in February as shipments bound to the United States and China weakened. The drop came to be a point of concern for the world’s third-largest economy as it tries to stage a rebound from the coronavirus crisis. Data from the Ministry of Finance showed […]
The dollar held on to gains made on Tuesday as caution dominated the currency markets ahead of major central bank gatherings, starting with the Federal Reserve’s two-day meeting that will start later in the day. The dollar lingered below its highest level since June against the yen. It stood at $1.19 on the euro in […]
China had monitored its industrial output advance an annualized 35.1% from January to February, official data showed on Monday. The record came faster than the 7.3% reading seen in December, indicating that the jump had contributed to the country’s emergence from the coronavirus drag. The figure greatly breached the 30.0% year-on-year increase expected by analysts […]
Gold lowered on Friday in Asian trade but was all set to post its best figures in seven weeks over weakening U.S. Treasury yield and dollar. Gold futures rose 0.33% at $1,716.90. For the week, gold prices have improved 1.4%, capping their largest gains since January of this year. Despite the gains in today’s trade, […]
In a bid to boost local tourism and support ailing airlines due to shut down of international flights because of the pandemic, the Australian government proposed a A$1.2 billion ($928 million) tourism support package on Thursday. The package will provide 800,000 tickets on domestic flights to more than ten destinations around the land down under. […]
The dollar wallowed near a one-week low on Friday as a calm bond market boosted investor’s appetite for Asian currencies. The commodity currencies Aussie and kiwi stood near one-week highs hit overnight as inflation fears declined. The dollar index hovered just above the 91.364 level reached overnight for the first time since Feb. 4. It […]
The economy of the United States was predicted to expand faster than what was initially thought, with expectations that it will also reach pre-pandemic levels within six months, a Reuters poll of economists showed. However, the job market’s recovery was viewed to take longer to recover. The world’s largest economy will likely expand 5.7% this […]
Tesla, an electric vehicle company, saw its shares surge nearly 20% on Tuesday. The jump came after shares were deeply hurt by a selloff, recovering impressively as data showed an increase in China sales and as an analyst increased his rating on the stock. Shares of the company closed at $673.58, recording their sharpest daily […]
On Friday, China decided to restore its annual economic growth target, setting its outlook above 6% and pledging that it will increase job vacancies in cities than last year. The decision came after the world’s second-biggest economy staged an impressive rebound from the coronavirus drag. Last year, the coronavirus pandemic prompted China to drop its […]
Asian share markets were seen downbeat on Friday. The decline was mainly from an increase in U.S. Treasury yields, which greatly affected equity investors and boosted the dollar to a three-month peak. In turn, the Japanese yen hit a record of eight-month low. During Friday’s early trade, Australian shares recorded a 1% decline. Japan’s Nikkei […]
The dollar climbed to a seven-month high against the yen on Thursday as a rise in U.S. Treasury yields provided support ahead of a speech by Fed Chair Jerome Powell. The dollar stood near a three-month high against the Swiss franc and held onto gains against most currencies as a calm Treasury market boosted sentiment. […]
A private sector survey showed on Wednesday China’s services sector expanding at its slowest pace in ten months, in February. The slow pace of the sector’s growth was due to job cuts as companies faced low demand and higher costs. The Caixin services purchasing managers’ index (PMI), posted a 51.5 reading, slightly lower than the […]
February had seen South Korea’s factory activity accelerating at its most rapid pace in almost 11 years, a private poll showed on Thursday. In turn, the impressive expansion in production and new orders greatly supported the recovery in the manufacturing-heavy economy. The IHS Markit purchasing managers’ index (PMI) placed at 55.3 in February, jumping from […]
In a bid to double its annual revenue in 2023, Twitter Inc. announced on Thursday it will introduce new features and products on a fast-paced track to rejuvenate its business after years of idleness. After the announcement, Twitter stock improved 3.9% to close at $74.71, following an all-time high of $80.75. The social media giant […]
Oil prices dropped on Friday as a decline in bond prices resulted in gains for the dollar and hopes that with oil back to pre-pandemic levels, higher supply is likely to return to the market. U.S. West Texas Intermediate crude futures fell 0.6%, or 36 cents, at $63.17 per barrel. It lost all gains made […]
The dollar dropped to a near three-year low against the Aussie and the Pound as progress in containing COVID-19 cases lifted risk sentiment. The Aussie reached $0.7892, its strongest since March 2018, while the Kiwi hit $0.7315, its highest level since April 2018. Vaccine rollouts will reduce risks to the Australian economy over the year, […]
Oil prices climbed on Monday as the slow rebound of U.S. crude production following a deep freeze raised worries about fuel demand recovery amid the coronavirus pandemic. Brent crude rose 1.2%, or 76 cents, at $61.67 per barrel following a 1% gain last week. U.S. oil gained 1.3%, or 74 cents, at $59.98 per barrel […]
The government of Japan slashed its economic growth projection in February as the country faces an extended state of emergency to curb the spread of the coronavirus, causing further blows to consumer spending. Economists suggest Japan’s economy will contract in the current quarter as reinstated coronavirus restrictions in Tokyo and some prefectures weigh on business […]
Chinese shares were seen upbeat on Thursday, recording their first session of gains after the country celebrated the Lunar New Year. Renewed optimism for an increase in global growth heavily fueled enthusiasm, but other markets across Asia were hurt by investors’ withdrawal from shares. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.15% […]
Bitcoin reached a historic high as it placed above the $50,000 mark on Tuesday. The latest increase then added steam to a rally brought by signs that the world’s most prominent cryptocurrency is gaining tighter market traction among mainstream investors and companies. Bitcoin was seen at $50,603, jumping 0.83% higher from its previous record of […]
The dollar dropped to a three-week low on Tuesday, while the pound reached a near three-year high as progress in vaccine rollouts improved investor’s hopes for economic recovery. Commodity currencies also rose on Tuesday, while the safe-haven yen was dragged by the upbeat market mood and a selloff in U.S. Treasuries. The Japanese yen fell […]
Oil prices climbed on Tuesday as wells and refineries in Texas, the United States’ biggest crude producer, shut down due to a cold front. Prices also rose as Yemen’s Iran-aligned Houthi group confirmed it hit Saudi Arabian airports with drones, raising supply worries in the world’s biggest oil exporter. Brent crude futures rose 0.6%, or […]
Oil prices rose to 13-month highs on Monday as worries of rising tensions in the Middle East incited fresh buying, while hopes for a U.S. COVID-19 stimulus aid and easing restrictions supported fuel demand. Brent crude rose 1.8%, or $1.09, at $63.52 per barrel after rising to a session high of $63.76, its highest since […]
European stocks rose on Monday as economic recovery hopes weighed on markets. The growing optimism in economic recovery stems from the speeding pace of inoculations in the European bloc. Germany’s DAX futures contract gained 0.1%, the United Kingdom’s FTSE 100 futures contract improved 0.6%, and France’s CAC futures inched up 0.7%. Health Commissioner Stella Kyriakides […]
Asian shares subdued on Friday trade, ending near their record high amid mixed U.S. economic data causing investors to hold back. On the winning side, Bitcoin reached $49,000, its highest level ever, before closing at $48,282. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.03%, closing near its highest peak recorded in the previous […]
Oil prices dropped on Thursday, losing some of the recent gains on profit-taking and speculation that the market’s strength could lead Saudi Arabia to cancel more production cuts. Brent crude slid 0.7%, or 40 cents, at $61.07 per barrel after hitting its highest level since January 2020 on Wednesday. U.S. crude dropped 0.6%, or 35 […]
Following a stronger-than-expected 4th quarter sales performance, COVID-19 vaccine developer AstraZeneca released its sales growth forecast for 2021 on Thursday. The British drug producer expects a “faster growth” in its core earnings. AstraZeneca, a London-listed company, projected a $4.75 to $5.00 per share growth in its 2021 shares. Its low teens percentage forecasts came after […]
The dollar stood near two-week lows as safe demand dropped on Wednesday, with investors expecting a pandemic recovery this year, boosted by massive fiscal and monetary stimulus aids. The dollar index rose to 90.509 in Asian trade on Wednesday, following a two-day fall that pulled it to as low as 90.427. Traditionally a safe haven, […]
Oil prices climbed again on Wednesday, extending a more than week-long rally after a drop in U.S. crude oil inventories fueled optimism about fuel demand recovery. Brent crude rose 0.2%, or 11 cents, at $61.20 per barrel following a 1% gain on Tuesday. U.S. crude gained 2 cents to $58.28 per barrel. U.S. crude stockpile […]
Asian share markets gained cautiously on Wednesday. The series of earnings followed after Wall Street’s strong session, with optimism about the global economy also supporting investors’ risk appetite. However, worries about the sustainability of a recent risk rally might restrict shares from advancing further. Australian shares jumped, with the S&P/ASX 200 gaining 0.5%. E-mini futures […]
The dollar fell to its lowest in a week on Tuesday as traders began doubting the scale of a recent rally driven by hopes for a quick U.S. pandemic recovery. The dollar index fell 0.2% to 90.75 in Asian session, and slid to 90.963 for the first time since February. The dollar has been in […]
With the pandemic taking a heavy toll on global businesses, hardly hitting energy demand, Royal Dutch Shell found itself suffering from a sharp profit downturn in 2020. Shell’s 2020 profit suffered from a 71% decline. The company’s oil and gas production was also heavily impacted, with its adjusted earnings for 2020 slumped to $4.8 billion. […]
Following Asian market’s rally driven by a faster global economic recovery outlook, European shares followed suit and gained on Wednesday trade. Germany’s DAX index added 0.8%, while the STOXX 600 index climbed 0.9%. Siemens improved 1.8% as the German engineering firm increased its 2021 outlook after posting more-than-expected first-quarter figures on a faster track to […]
U.S. stock futures and Asian shares prospered on Wednesday as governments around the world prepare to boost spending to lift economies and continue to recover from the coronavirus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.58%. Australian stocks added 0.92% while shares in China declined 0.03%. Japan’s Nikkei improved 0.9% and Korean […]
January had seen manufacturing activity in the United States drop mildly. Meanwhile, a gauge of prices paid by factories for raw materials and other inputs advanced to its strongest level in nearly a decade. This greatly indicates that the country’s inflation will grow this year. The Institute for Supply Management’s index of national factory activity […]
Asian share markets recorded an upbeat performance, while U.S. stock futures salvaged initial losses on Monday. The series of jumps could be attributed to retail investors’ found enthusiasm over precious metals, completely easing some struggling hedge funds. After plunging for four consecutive sessions, MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.4%. Japan’s benchmark […]
Europe’s largest economy, Germany, on Wednesday lowered its GDP growth forecast to 3% this year from a previous 4.4% estimate as coronavirus lockdowns persisted and stalled economic activities. Chancellor Angela Merkel and state leaders concurred to extend the imposed lockdowns in Germany until mid-February. This is due to the country’s continues to struggle curbing the […]
The dollar was on the defensive against its peers on Wednesday as traders awaited comments from Fed Chair Jerome Powell, who is likely to maintain a dovish policy. The dollar held declines against risk currencies amid hopes for pandemic recovery. The dollar index rose 0.1% to 90.253 in Asian trade after falling 0.2% in the […]
Britain is now in the process of setting out options to enhance its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit pushed European fund investors were out of the equation. According to the finance ministry, ideas for change include exempting authorised funds from tax and creating an unauthorised tax-exempt fund structure for investment […]
Oil prices dropped on Tuesday as fading hopes for a fast approval of new U.S. coronavirus stimulus and a surge in new COVID-19 cases raised doubts about demand recovery. Brent crude lost 0.5%, or 28 cents, at $55.60 per barrel. U.S. crude slid 0.5%, or 25 cents, at $52.52 per barrel. Both contracts gained almost […]
Asian share markets reversed from high grounds to trade weakly on Tuesday. Investors’ dampened sentiment was brought by concerns about possible impasses that U.S. President Joe Biden’s $1.9 trillion stimulus package may encounter. In addition to this, the downbeat session dragged U.S. Treasury yields to three-week lows. Majority of Asian markets traded negatively, with South […]
December had seen Japan’s core consumer prices decelerate at the fastest annual pace in a decade. The drop highly underscored worsening deflationary concerns that, in turn, brought in pressures for the central bank to reinforce its measures against the coronavirus crisis. The country’s core consumer price index (CPI) recorded a 1.0% decrease in December year-on-year, […]
Asian share markets eased from milestone peaks on Friday. The weak session could be attributed to investors’ move of taking profits after President-elect Joe Biden’s $1.9 trillion worth of stimulus plan lifted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan plunged further, ending its afternoon session with a 0.6% decline. The drop came after […]
The S&P 500 and Nasdaq posted fresh record highs on Thursday hovered by optimism about more pandemic relief from the Biden administration to lift the virus-hit economy. The Nasdaq Composite improved its best record, advancing 73.67 points, or 0.55%, to 13,530.92 after getting a big boost from soaring shares of megacap stocks such as Alphabet […]
China will lay out policy support for its economic recovery this year; also to avoid a fiscal cliff as small businesses continue to be dragged down by the COVID-19 crises. This development was affirmed by a senior official at the state planner on Tuesday. With an upbeat economic output in the final quarter of 2020, […]
Asian share markets recorded an upbeat performance on Tuesday. The series of gains could be attributed to an expansion seen in China’s economy, with investors hoping that this will bolster growth across the region even as the coronavirus crisis brought in contraction concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.98%, placing close […]
The Fed’s Beige Book, known as the Summary of Commentary on Current Economic Conditions, reported on Wednesday the U.S. economy is growing at a slow pace. The Beige Book said such yield was due to inflation rise coupled with job growth decline. Based on anecdotal information collected by the Fed’s 12 reserve banks through […]
Asian share markets recorded an upbeat performance on Wednesday. The series of gains were mainly from investors’ high hopes over a coronavirus vaccine and its potential to alleviate struggling economies. Meanwhile, oil prices hit a one-year high on tight supply expectations. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.61%, while Japan’s benchmark index […]
Following week-long gains capped by reaching 10-month highs, European shares dropped on Monday. This is after surging COVID-19 infections and commodity stocks downturn weighed on Europe’s stocks. The pan-European STOXX 600 index lost 0.1%; Germany’s DAX index was down 0.4% and France’s CAC 40 dropped 0.2%. The latter’s loss was slightly due to a technical […]
Global share markets retreated from high grounds on Tuesday, easing from their milestone peaks as political riot in Washington and surging COVID-19 infections restricted gains. However, a selloff in U.S. Treasuries rallied further as investors’ sentiment was fuelled by the government’s massive spending. After hitting an all-time high on Monday, MSCI’s broadest index of Asia-Pacific […]
Eric Scheidegger, chief of Economic Policy Directorate at The State Secretariat for Economic Affairs (SECO), affirmably concludes a 4% growth in the Swiss economy in the years 2021 and 2022, based on his statement released by newspaper NZZ am Sonntag. Citing a “positive scenario”, Switzerland’s chief economist predicted the global economy to bounce bank […]
Asian shares eased from high grounds on Monday, while Treasury yields were seen at 10-month highs. Investors’ mixed sentiment could be attributed to a global reflation trade as the United States plans on unveiling a trillion-worth of stimulus package this week. After touching a record peak last week, MSCI’s broadest index of Asia-Pacific shares outside […]
Federal Reserve policymakers were sticking with the current rates and bond purchases, the minutes of the central bank’s meeting showed on Wednesday. This resolve is seen as the central bank’s support for economic recovery as inoculations continue to roll across the country. The released meeting minutes on Wednesday showed the decision of the Federal Open […]
November had seen construction spending in the United States advance to a record peak. The expansion was mainly from an upbeat housing market despite historically low mortgage rates. Moreover, this could possibly minimize the coronavirus drag that the country has been experiencing. Construction spending jumped 0.9% to $1.459 trillion, the Commerce Department said on Monday. […]
Oil prices climbed on Monday on expectations that OPEC+ may limit output at current levels starting February at a meeting later in the day. This was decided as the coronavirus pandemic heightens concerns about oil demand in the first half of the year. Brent crude for March contract rose 1.2%, or 62 cents, at $52.42 […]
After recording an all-time high of $34,800 in Asia trade on Sunday, Bitcoin continued to post upbeat figures, hitting $33,365 in Asia on Monday trade. With sustained support from investors, Bitcoin is on its way to becoming a mainstream asset. Less than three weeks ago, Bitcoin posted its milestone of reaching $20,000 for the first […]
Asian share markets extended their rally on Monday. This followed after investors were seen enthusiastic over the prospect of a brisk economic recovery brought by coronavirus vaccines. However, impending reinforcements of virus restrictions in Tokyo dragged Japanese shares from their 30-year high record. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.8%, hitting its […]
While Treasuries advanced, majority of financial markets were seen subdued as U.S. stock futures and commodities reached low grounds on Friday. The mixed performance came after Donald Trump threatened not to legislate a long-awaited stimulus bill. S&P 500 e-minis plunged half a percent during their mid-day session in Asia. Meanwhile, European and British equity futures […]
Oil prices slid in early trade on Wednesday after U.S. crude oil inventories rose, contrary to expectations. U.S. President Donald Trump threatens to not sign a long-expected coronavirus stimulus aid, unnerving markets. U.S. West Texas Intermediate crude futures dropped 1%, or 46 cents, at $46.56 per barrel. Brent crude futures fell 0.9%, or 46 cents, […]
Britain and Canada announced on Tuesday that they sealed a short-term deal that will secure the free trade agreement between the two countries continue after Brexit until the Canadian parliament enacts a new bilateral agreement. “The United Kingdom and Canada have today agreed transitional measures to maintain the flow of goods between our countries from […]
On Monday trading, Tesla sharply plunged in their debut together with the S&P 500. The sharp decline peaked after news of possible competition with Apple broke out. After reaching the pedestal on a record high posting in the previous trading session, Tesla culminated Monday trading with a sharp 6.5% fall – the firm’s sharpest one-day […]
The dollar gained against other majors on Monday with investors rushing to safe-havens as countries imposed stricter COVID-19 restrictions. The pound was on course for its biggest decline in three months against the dollar. It was down 1.14% to $1.3336. Against the dollar, the euro fell 0.6% to $1.21860. The risk-sensitive Aussie and kiwi sank […]
Early Monday trade saw oil prices dipping as the new coronavirus strain rapidly spreading in Britain triggered concerns that lockdown measures and restrictions in the country, along with other European nations, would stall the economic recovery, including fuel demand. Brent crude fell 97 cents, or 1.9%, to $51.29 a barrel by 0103 GMT after increasing […]
The number of claims for jobless benefits rose last week as the US faced re-imposed COVID-19 restrictions, halting business operations and indicating a faltering recovery from the coronavirus recession. Initial claims for state unemployment benefits jumped 23,000 to a seasonally adjusted 885,000 for the week ended Dec. 12. The second straight weekly rise lifted claims […]
The Australian economy’s emergence from its coronavirus-driven downturn will come faster and more robust than what was initially thought, the government predicted on Thursday. This is expected as the virus-beaten country managed to control the spread of the coronavirus. According to Treasurer Josh Frydenberg, the economy down under will expand 4.5% in 2021, placing higher […]
Asian share markets were seen near their record peaks on Thursday. More so, the dollar hit a two-year low record as oil prices reached the strongest level since March. These followed after investors’ sentiment was fuelled by the prospect of monetary support and fiscal stimulus in the United States. MSCI’s broadest index of Asia-Pacific shares […]
After reaching their milestone peaks recently, Asian share markets recorded a subdued performance on Tuesday. The series of declines followed after investors’ vaccine-driven sentiment was heavily dampened by an upsurge in fresh coronavirus infections and implemented lockdowns. MSCI’S broadest index of Asia-Pacific shares outside Japan recorded a 0.6% drop to 637.8. The index’s recent record […]
Oil prices extended their overnight rally on Friday, with Brent breaching its $50 record for the first time in nine months. This followed after coronavirus vaccine rollouts brought hopes that 2021 will witness an upbeat demand for crude. Brent advanced 11 cents to trade 0.2% higher by 0427 GMT. Currently quoted at $50.36 per barrel, […]
Britain secured a free trade agreement deal with Singapore on Thursday, the most recent among its many trade deal bids across the globe as its transition out of the European Union ends on Dec. 31. Liz Truss, Britain’s secretary of state of international trade, signed the deal together with her Singaporean counterpart Chan Chun Sing […]
November had seen China’s factory gate prices decline at a slower pace, indicating that the country’s economy made a mild rebound from the coronavirus drag. However, weak food prices heavily weighed on consumer prices, recording their first drop in over a decade. The producer price index (PPI) plunged 1.5% year-on-year, the National Bureau of Statistics […]
The British economy will shrink in the final quarter of the year and GDP will likely take two years to reach pre-pandemic levels, a Reuters poll said on Wednesday. The poll also predicted the UK will ink a free trade deal with the European Union. After seeing a soaring 15.5% growth in the third quarter, […]
U.K. housing market shows no signs of slowing down as lenders approved 13-year high mortgages in October, according to data released by the Bank of England on Monday. However, the figures also showed a growing weariness on day-to-day borrowing among many consumers. Mortgage approvals for house purchase in October reached 97, 532, higher than the […]
Contracts of previously owned homes in the U.S. unexpectedly fell for the second time in a row in October as a shortage of properties pushed up prices, albeit record-low mortgage rates support the housing market. Pending Home Sales Index reported by the National Association of Realtors said on Monday plunged 1.1% to 128.9, referencing on […]
Eurozone’s two biggest economies – Germany and France – are suffering from poor consumer confidence in November as new COVID-19 lockdowns were implemented, data from a study showed on Thursday. Several establishments including bars, restaurants, hotels, and entertainment venues were shut again this month in both countries due to the re-imposition of restrictions to contain […]
Oil prices fell on Friday in subdued trade amid the U.S. Thanksgiving holiday and worries about oversupply. Doubts about a successful vaccine putting an end to the coronavirus pandemic also weighed on prices. Brent crude slid by 10 cents to $47.70 per barrel following a 1.7% fall overnight. U.S. West Texas Intermediate dropped 1.9%, or […]
China’s economic growth steadied in November built on strong global demand for exports as well as 5-year high stock market gains. Bloomberg’s aggregate index showed upbeat economic indicator figures for China, remaining on track of its recovery path and its sights of being the lone economy likely to expand this year. After gaining full control […]
Asian shares made minimal losses on Thursday. The series of declines came after global markets eased from a massive rally. In addition to this, investors’ focus deviated from encouraging vaccine news to weak employment figures and freshly implemented lockdowns in the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan ended its session with […]
Oil prices in the United States took a breather on Wednesday. The decline followed after an industry report revealed that the country’s stockpiles grew larger than what was expected. This heavily restricted a rally brought by encouraging news about an effective coronavirus vaccine. After a 4% increase made on Tuesday, West Texas Intermediate crude recorded […]
Japanese shares will most likely undergo correction in the near term as a global rally surges in the midst of sparking hopes for vaccines. But the best is yet to come for Nikkei as it is expected to yield its highest gains in 30 years, according to a Reuters poll on Wednesday. In the survey […]
ANA Holdings Inc’s shares dropped 4.2% on Tuesday after reports that Japan’s biggest airline plans to release new shares worth around $1.9 billion. ANA will launch its first share sale since 2012. The issuance is anticipated to raise almost 200 billion yen. In a statement released on Tuesday, the Japanese airline said nothing was decided […]
US business activity was seen growing at its fastest rate in over five years in November. The upbeat reading is an indication the US economy is clawing back from a COVID-19-driven recession. IHS Markit’s manufacturing and services sector purchasing managers’ indexes propelled, lambasting predictions of leveling off amid virus resurgence. The manufacturing index increased to […]
The economy of Singapore declined milder than what was initially estimated in the third quarter. The revised reading came after the city-state gradually lifted some of its coronavirus-driven restrictions, with authorities expecting an economic rebound in 2021. Gross domestic product recorded a 5.8% drop year-on-year in the third quarter, the ministry of trade and industry […]
The dollar steadied on Friday after U.S. Treasury Secretary Steven Mnuchin called an end to some of the Federal Reserve’s lending amid the pandemic. Mnuchin’s statement derailed a risk rally and rattled investors leaning on central bank support. The dollar index traded at 92.306, a little below Tuesday’s high of $1.18935. It is up 0.3% […]
European stocks fell on Wednesday as fears about additional economic damage and renewed restrictions due to rising coronavirus cases weighed on news about promising vaccine trial results. The pan-European STOXX 600 fell for a second straight day after sliding 0.4%. Real estate .SX86P and energy stocks .SXEP dropped, while tech stocks .SX8P rose. Britain’s RSA […]
According to a Reuters survey of economists, the Eurozone is currently approaching its first double-dip economic downturn in nearly a decade. Moreover, economists deemed that government funding allocated to monetary stimulus is inadequate to stage a robust rebound in 2021. After forecasting a steady recovery, economists rendered a 2.5% contraction this quarter as large portions […]
Oil prices gained on Tuesday on hopes that OPEC+ will maintain its output cuts for at least three months, while sentiment was boosted by news of another promising COVID-19 vaccine. Brent crude futures for January gained 0.4%, or 16 cents, at $43.98 per barrel. U.S. West Texas Intermediate crude for December contract rose 0.3%, or […]
On Thursday, German engineering group Siemens SIEGn.DE announced that its industrial profit surpassed expectations. This came to be the final set of results overseen by long-standing Chief Executive Joe Kaeser before stepping down from his post. The software provider said it expected better market conditions in 2021 as the global economy made a cautious rebound […]
Oil prices advanced during their morning session on Thursday. The jump heavily contributed to this week’s 12% growth as the world’s top producers plan to restrict supply mainly from the coronavirus’s impact on fuel demand. U.S. West Texas Intermediate crude futures recorded a 0.8% increase to $41.80 per barrel, while Brent crude futures advanced 0.7% […]
On Thursday, ArcelorMittal (MT) posted its net revenue for the third quarter. The world’s largest steelmaker said that the easing of coronavirus restrictions improved the steel demand worldwide. ArcelorMittal said that its operating income reached $0.7 billion in the third quarter, including impairment net reversal worth $0.6 billion. ArcelorMittal’s Chief Executive Officer Lakshmi Mittal stated […]
On Thursday, Twitter Inc. (TWTR.N) reported that it added fewer users than Wall Street had expected. The American social networking company stated that the rise in its expenses would accelerate in the fourth quarter. Twitter said that it expects shares to fall by 16%. Its advertising revenue in the third quarter climbed by 15% to […]
On Thursday, Starbucks Corp (SBUX.O) announced that its earnings forecast in 2021 were above estimates in light of strong demand for online orders and a recovery in the restaurant industry amid the coronavirus pandemic. The American multinational chain of coffeehouses and roastery reserves stated that it was forced to shut down many branches and limit […]
On Thursday, Samsung Electronics Co Ltd (005930.KS) announced that it expects a plunge in its fourth-quarter revenue due to weak server chip demand and rising smartphone competition. “After the U.S. restrictions against Huawei Technologies (HWT.UL) took effect in earnest, demand from Chinese customers has increased,” Samsung’s Senior Vice President of Memory Product Planning & Application […]
The dollar held onto gains against a basket of currencies amid rising coronavirus cases in Europe on Thursday. This fueled investor’s worries that renewed lockdowns would drag the already weak economic recovery. The dollar index steadied at 93.39 after gaining 0.3% in early trade. Against the Japanese yen, the dollar firmed at 104.45 after falling […]
On Thursday, U.S. auto safety regulators announced that they would closely monitor Tesla’s new software version of self-driving cars. The organization said that Tesla must be ready to protect the public against safety risks. On Tuesday, Tesla Inc. (TSLA.O) released a beta version of its “Full Self-Driving” software upgrade to an undisclosed number of “expert […]
On Tuesday, Netflix Inc. (NFLX.O) posted its weakest subscriber count in four years. The American technology and media services provider said that the number of Netflix’s subscribers went down because travel restrictions eased and live sports returned to television. It also added that streaming competition increased amid the coronavirus outbreak. The firm stated that there […]
European stocks saw gains during morning trade on Monday, buoyed by strong earnings updates from Dutch firm Philips, and Swiss wealth manager Julius Baer, which overshadowed concerns about the new lockdown measures implemented across the region. The pan-European STOXX 600 index gained 0.8% at 0711 GMT (0311 AM ET), picking up steam after a string of consecutive […]
On Friday, Foxconn Technology Group (2354.TW) reported that it aims to provide components and services to 10% of the world’s electric vehicles (EV) in the next five to seven years. Foxconn said that it already started talking to multiple car manufacturers for future cooperation. “We want to push Taiwan’s EV industry to the world,” Foxconn’s […]
The dollar and yen firmed on Thursday as resurging COVID-19 infections and little progress on a U.S. stimulus package rattled investors. The Aussie hit a one-week low after the Reserve Bank of Australia hinted at monetary easing. The safe-haven yen traded at 105.25 on the dollar in early trade, slightly lower than the two-week high […]
September had seen Japan’s wholesale prices dropping 0.8% from a year ago, data showed on Monday. The drop came to be the seventh consecutive month of year-on-year declines, tipping back the world’s third-largest economy into deflation. The corporate goods price index (CGPI) recorded a 0.8% drop, placing sharper than the 0.5% median forecast rendered by […]
On Wednesday, Miniso Group Holding Ltd. said in a regulatory filing that it plans to raise its initial public offering (IPO) to $562.4 Million. The low-cost Chinese retailer and variety store chain was backed by Tencent Holdings Ltd. (0700.HK). Goldman Sachs and BofA Securities would serve as the company’s underwriters for the offering. Miniso stated […]
Sentiment in Japan’s services sector greatly advanced in September, recording its sharpest jump in 2-1/2 years, government data showed on Thursday. This indicated that the economy is slowly emerging from the coronavirus drag. Economy watchers, a survey for workers that gauges their proximity to consumer and retail trends, showed that workers’ confidence about the current […]
The dollar held its ground against most peers on Wednesday after U.S. President Donald Trump cancelled talks on a stimulus package with Democrat lawmakers, prompting a safe-haven bid. Trump’s abrupt decision to cancel stimulus talks several weeks before the presidential election increases risks for the shaky U.S. economy. Against the euro, the dollar stood at […]
Orders for German-made goods rose by 4.5% in August, bringing optimism for a robust third-quarter in Europe’s largest economy after the COVID-19 crisis. The gains were attributed to demand from the Eurozone, according to the Federal Statistics Office on Tuesday, signaling that some companies were gradually recovering from the pandemic. Orders from abroad gained by […]
European stock markets traded lower on Tuesday over uncertainties of the COVID-19 crisis, despite positive signs of recovery in German manufacturing sector. Germany’s DAX futures fell by 0.1% at 3:45 AM ET (0745 GMT). France’s CAC index slipped by 0.1%, while FTSE futures in the U.K. lost 0.5%. Puma dropped 2.8% after French luxury group Kering completed […]
Oil prices rose on Tuesday over fears that refineries could close again due to a storm brewing in the U.S Gulf. Investors were also relieved by news that President Donald Trump returned to the White House after being discharged from the hospital for COVID-19. U.S. West Texas Intermediate crude futures rose 0.9%, or 36 cents, […]
China’s manufacturing activity was seen expanding in September, twin surveys showed. The solid expansion followed after the nation’s exports advanced on strong overseas demand, indicating a steady economic rebound from the pandemic drag. The official manufacturing Purchasing Managers’ Index (PMI) was read at 51.5 in September. The figure came higher than the 51.0 reading seen […]
Indian house prices are expected to plunge worse than the prediction rendered three months back. This is likely as surging coronavirus infections ravaged demand in an economy trying to fight its historic contraction, a Reuters survey showed. Even before the virus crisis ravaged the country, house prices had seen almost a 1% decline during the […]
On Saturday, Nissan Motor Corporation (7201.T) announced that it plans to release new automotive units in the growing Chinese market over the next five years. The Japanese multinational automobile manufacturer said that the move could help the struggling company return to making profit. “The recovery in the Chinese market has been very remarkable, and our […]
Gold futures lost 0.05%, trading at $1,865.30 per ounce at 12:09 PM ET (4:09 AM GMT). Meanwhile, the U.S. Dollar also traded lower with stocks gaining in Asia on Monday. Apart from the debate between Trump and Biden, investors are also looking if the U.S. Congress will reach an agreement on its latest stimulus package, with House […]
Chinese shares lifted Asian share markets on Monday. However, market sentiment was dampened ahead of a U.S. Presidential debate and as an upsurge in new coronavirus infections dragged investors’ optimism for global recovery. While MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% gain, it still placed near a two-month low seen last […]
The dollar steadied below its recent two-month highs on Friday and risk currencies recovered weekly losses, while equity markets were boosted by hopes that U.S. fiscal stimulus talks would resume. The dollar is on course for its best week since early April, supported by risk aversion that urged investors to quit their sell positions amid […]
On Thursday, Harley-Davidson Inc. (HOG.N) reported that it was in advanced talks with India’s Hero MotoCorp. (HROM.NS) for a distribution deal. The Milwaukee-based motorcycle manufacturing company said that the deal would allow its iconic motorcycle units to be available in India. “Hero will be the master distributor for Harley bikes in India. This will be […]
Japan’s factory output likely recorded three consecutive months of expansion ended August. However, it is monitored at a slower pace, indicating a modest recovery in the manufacturing sector, a Reuters survey showed on Friday. Industrial output is predicted to have advanced 1.5% in August. It previously recorded a revised 8.7% growth in July, the fastest […]
Asian share markets were seen subdued on Thursday. Shares across the region were posed to record their weakest session in two months as warnings from U.S. Federal Reserve officials underscored investors’ sentiment over the global economic recovery from the coronavirus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.93% loss during the […]
Gold prices fell earlier on Wednesday in Asian markets after the Dollar found strength in cheery housing market data in the U.S. despite the growth in COVID-19 cases. Gold futures lost 1.01%, trading at $1,888.04 per ounce at 12:46 PM ET (04:46 AM GMT). Recent housing market data in the U.S. bolstered the Greenback on […]
The Dow remained mostly unchanged on Tuesday after it struggled to find direction after gains in tech stocks were offset amid weak financial stocks. Market sentiment was further dampened by a resurgence of COVID-19 cases globally as well as a lack of additional fiscal stimulus packages. The Dow Jones Industrial Average inched up by 0.30% […]
Wall Street’s major indexes were seen at lows on Monday. The decline could be attributed to investors’ subdued sentiment as the possibility of lockdown in Europe and delays in stimulus from the Congress highlight a bumpy economic recovery. The death of U.S. Supreme Court Justice Ruth Bader Ginsburg also restricted another round of stimulus from […]
Asian share markets and majority of currencies were seen restrained on Monday. This followed after investors’ sentiment was affected by concerns about U.S. fiscal stimulus and vaccine clinical trials amid an upsurge of new virus cases in Europe. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% decline. Australia’s benchmark index was 0.5% […]
On Saturday, Rolls-Royce Holdings Plc. (RR.L) reported that it plans to tap investors for 2.5 billion pounds ($3.2 billion) to boost its finances amid the coronavirus outbreak. The British multinational engineering company said that it was working with Goldman Sachs’s (GS) bankers on debt and equity issuances. “We continue to review all funding options to […]
The dollar steadied in early Asian trade on Friday after sliding overnight on bleak economic outlook due to weak U.S. data. The safe-haven yen stabilized after climbing against the dollar and the euro the previous day. The dollar lost gains after the Federal Reserve revised its 2020 GDP forecast. It last stood at 92.866 against […]
Oil prices extended gains on Wednesday as a hurricane suspended U.S. offshore oil and gas refineries in the Gulf of Mexico and crude inventories declined. Brent crude rose 0.4%, or 15 cents, at $40.68 per barrel. U.S. crude climbed 0.5%, or 18 cents, at $38.46 per barrel. Both contracts gained over 2% in the last […]
Oil prices fell on Tuesday as concerns about lagging fuel demand recovery were raised by major oil producers. Still, short-covering ahead of the OPEC+ meeting put a cap on losses. Brent crude slid 0.1%, or 5 cents, at $39.59 per barrel. U.S. West Texas Intermediate crude futures were down 0.1%, or 3 cents, at $37.23 […]
Crude oil prices slumped earlier on Monday as investors remained cautious about ongoing supply and demand worries. U.S. crude futures slipped by 0.8%, exchanging hands at $37.05 per barrel, while Brent futures fell by 0.7% to $37.55 per barrel. Market sentiment was further soured after the publication of BP’s new outlook for the energy industry, […]
Oil prices were mixed on Monday with U.S. crude climbing as a tropical storm in the U.S. Gulf forced operations to close. Still, gains were held steady amid oversupply and weak fuel demand. U.S. West Texas Intermediate crude futures rose 0.2%, or 9 cents, at $37.42 per barrel. Brent crude lost 3 cents to $39.80 […]
On Sunday, ByteDance announced that it would abandon TikTok’s United States sale to pursue a partnership deal with Oracle Corp. (ORCL.N). The Chinese multinational internet technology company had been in discussions last month to divest TikTok’s U.S. business to Oracle. ByteDance also had an alliance with Microsoft Corp. (MSFT.O) after the U.S. President Donald Trump […]
The number of Americans applying for initial unemployment benefits were recorded at a larger number than what was initially forecasted last week, sending off the signal that a recovery in the labor market may be prolonged amid the ongoing COVID-19 pandemic. Economists had forecasted a decline of 846,000 last week. However, numbers were revised up […]
Wall Street saw a sharp decline on Thursday after tech stocks retreated from gains made earlier in the day. In addition, signs of a slowdown in the labor market raised concerns about the strength of an economic recovery. The Dow Jones Industrial Average fell by 1.45% (406 points), while the S&P 500 lost 1.77%. The […]
U.S. shares declined after a turbulent performance on Thursday. This followed after technology stocks reversed from a sharp recovery and resumed their decline. Meanwhile, increased unemployment claims projected a bumpy recovery ahead. Apple Inc, Microsoft Corp, and Amazon.com all recorded a 2.8% loss. Shares of these companies plunged after rallying from March lows. However, Tesla […]
On Friday, ByteDance announced that it plans to invest billions of dollars and recruit hundreds of employees in Singapore. The Chinese multinational internet technology company said that it would base its Southeast Asia regional headquarters in Singapore. ByteDance stated that the three-year plan began in 2019. The company purchased servers in global trade and internet […]
The euro held onto gains against the dollar on Thursday as markets awaited the European Central Bank’s meeting to get clues on the policymakers’ views on the single currency’s rise and its effect on inflation. The pound steadied above a six-week low but could slide deeper due to the escalating possibility that the EU-UK post-Brexit […]
U.S. stocks were on track to open lower, with technology stocks to continue last week’s slump as investors took a step back to reevaluate their position after a string of strong gains recently. S&P500 futures fell by 0.6% (21 points), while Dow futures slipped by 0.1% (20 points). Nasdaq Futures saw its worst hit, falling […]
On Tuesday, ByteDance’s TikTok announced that it would join the European Union’s voluntary code of conduct to combat illegal hate speech on social media websites. “It’s good that TikTok joined the code – a company favored by young users who are particularly vulnerable to online abuse and illegal hate speech. Of course, I expect TikTok […]
Gold prices continued its descent earlier on Tuesday in Asia as the Dollar continued to pick up momentum. However, the yellow metal’s losses remained limited amid economic worries due to the COVID-19. Gold futures lost 0.14%, exchanging hands at $1,931.45 by 12:37 AM ET (0537 GMT) after reaching a high of $1,945.90 on Monday. Gold’s […]
On Friday, Amazon Inc. (AMZN.O) said that it had submitted a plan to Japan’s fair trade regulators on how it would improve its services. According to The Asahi Shimbun newspaper, the move was made to avoid violating anti-trust rules. It added that the improvement plan includes a refund to suppliers who were pressured to pay […]
On Friday, Virgin Atlantic announced that it would slash 1,150 jobs and put another 600 cabin crew on extended furlough due to a slow recovery in the global travel demand. The British airline said that the U.S. court signed off the restructuring deal worth £1.2bn on Thursday night. “Together, we have achieved what many thought […]
Amazon (AMZN.O) said on Thursday that it would create 7,000 permanent jobs in 2020 to boost United Kingdom’s troubled labor market. The multinational technology company added that it plans to have a total of 10,000 new hires this year. The Seattle-based e-commerce company said that the 7,000 new roles would be for warehouse workers, engineers, […]
On Wednesday, Exxon Mobil Corp (XOM.N) said that it would assess possible worldwide job cuts after the company announced that it had started a voluntary redundancy program for its Australian employees. The program was offered to all employees located in Melbourne, Gippsland, Sydney, Adelaide, and Perth. “We have evaluations underway on a country-by-country basis to […]
The dollar recovered from two-year lows on Wednesday as U.S. data showed strong manufacturing activity, while the euro fell from its highest levels since 2018. U.S. manufacturing activity rose to a near two-year high in August amid a surge in new orders. Chinese and European manufacturing indicators also reported upbeat data. The dollar index rose […]
A rally in tech-related stocks and upbeat manufacturing indicators in the United States sent Asian shares up on Wednesday. Meanwhile, additional policy support expected from Washington also supported the jump. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.25% gain. Japan’s benchmark index Nikkei jumped 0.35%. Mainland Chinese shares were seen a shade […]
On Tuesday, Tesla Inc. (TSLA) said that it plans to raise $5 billion through a share sale program. The move came after Tesla announced its 5-for-1 stock split on Monday. “This move may lead to higher retail shareholding. You are providing a good entry point. It is enabling split into smaller fractions, in turn enabling […]
South Korean exports declined for six consecutive months ended August. The drop followed after working days were reduced. Meanwhile, global demand was seen recovering as lockdown measures in key trading partners were lifted. August had seen outbound shipments dropping 9.9% from a year earlier, government data showed. The decline came faster than the 7.1% drop […]
Gold prices rose slightly on Monday, renewing hopes that the yellow metal could return to its $2,000 perch despite a string of losses in August. Gold futures for December delivery on Comex last traded at $1,978.60 per ounce, rising by $3.70 (0.2%) and reaching a session high of $1,985.30 an ounce. However, the gains made […]
On Monday, Danske Bank (DANSKE.CO) reported that it collected outdated or excessive debt from its 106,000 customers due to errors in its computer systems. “Due to data quality issues, Danske Bank has collected more debt from debt collection customers than the bank was entitled to,” Danske Bank’s spokesman said in an interview with Reuters. Denmark’s […]
On Monday, Philips (PHG.AS) announced that the U.S. Department of Health canceled a bulk order of 43,000 hospital ventilators leading the Dutch medical equipment maker to cut its 2020 earnings outlook. The termination was based on the July 2020 report by the U.S. Congress House Subcommittee on Economic and Consumer Policy. The report stipulated that […]
India’s virus-beaten economy is expected to suffer further for the rest of the year and will likely recover in early 2021. The forecast is likely as an upsurge in new virus infections outweighed a nascent recovery in consumption and business activity, a Reuters survey showed. As nationwide lockdown completely dragged business activity in the second […]
On Thursday, Chinese electric vehicle (E.V.) maker Xpeng announced that it would increase the size of its U.S Initial Public Offering (IPO) to about $1.5 billion. It would become the third Chinese electric vehicle startup to go public in New York City after Nio’s $1 billion IPO in 2018 and Li Auto’s $1.1 billion IPO. […]
Financial markets were given a boost on Tuesday after top U.S. and Chinese trade officials have reaffirmed their commitment to the Phase 1 trade deal after months-long disputes. The deal was made through a phone call between U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. The call […]
European shares were slightly higher on Tuesday after market sentiment was boosted by optimism with a potential COVID-19 vaccine. A report by the Financial Times stipulated that the U.S. had fast-tracked a potential COVID-19 treatment developed by the University of Oxford and AstraZeneca to be ready before the November elections. European shares opened higher, with […]
The S&P 500 and the Nasdaq closed sessions with new record highs on Monday. The jump made by Wall Street’s major indexes could be attributed to investors’ upbeat sentiment over medical breakthroughs to combat the coronavirus. The benchmark index S&P 500 reclaimed its February peak last week. This indicated a bullish momentum and the most […]
Australia had monitored a 1% decline in employment over the month ended Aug. 8, data showed on Tuesday. Meanwhile, job prospects were seen slumping the most in the southeastern state of Victoria as it struggles to contain a surge in new coronavirus cases. The recent decline in employment underscored the worsening problems in the labor […]
The dollar fell in early London trading on Monday, while risk currencies rose and European markets opened higher. Analysts said that the pick up in sentiment was caused by the approved treatment for COVID-19 patients by U.S. regulators. The global coronavirus death toll surpassed 800,000, with the United States at 170,000. Asian shares firmed overnight […]
Asian share markets advanced on Friday, tracking Wall Street’s rally. However, they are set to hit a subdued week in about a month as investors grapple with weak economic data and intensive valuations following a prosperous performance that has salvaged virus-led losses. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.6%. While the index […]
The S&P 500 retracted from record highs after tech stocks began to run into some resistance, and after the released U.S. Fed minutes revealed how several sectors of the economy still remained to be affected by the COVID-19 pandemic. The S&P 500 held steady at 3,387, after it had hovered to an intraday high of […]
Asian equities and U.S. futures were seen dropping on Thursday. The decline could be attributed to the U.S. Federal Reserve’s murky economic outlook, emerging tensions between Australia and China, and fresh coronavirus cases. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.24% drop. U.S. stock futures and e-minis for the S&P 500 plunged […]
Gold prices broke above the $2,000 mark, recovering from last week’s 5% plunge amid a slump in U.S. bond yields and a weakening Dollar. Gold futures for December delivery on Comex rose by 0.7% ($14.40) to $2,013.10 per ounce after it had peaked to a session high of $2,023.90. The spot price of gold, which […]
Nasdaq last traded at a record high while the S&P 500 closed just four points shy of an all-time high as tech stocks started the day on a strong note. The S&P 500 index ended the day 0.3% higher, while the NASDAQ Composite was up by 1%. However, the Dow Jones Industrial Average fell by […]
On Monday, U.S. President Donald Trump announced that he had rejected a Pentagon proposal to cut funding for healthcare among U.S. military members by $2.2 billion. “A proposal by Pentagon officials to slash Military Healthcare by $2.2 billion dollars has been firmly and totally rejected by me. We will do nothing to hurt our great […]
Walmart Inc. (WMT.N) reported on Monday that its margins and online sales would improve in the second quarter as the largest U.S. retail company received government stimulus checks from American shoppers. Most customers purchased higher-priced products such as sneakers and toys along with daily essentials. “Unlike other retailers, we believe Walmart took most of the […]
Earlier on Friday, gold prices traded lower earlier in Asia amid emerging signs that the U.S. economy was on track for a recovery. A rebounding U.S. Dollar also put the pressure on the yellow metal, though losses in gold were limited over the suspension of talks for a stimulus deal in U.S. Congress. Gold futures […]
On Friday, Alphabet Inc.’s (GOOGL.O) Google announced that it would stop accommodating Hong Kong’s data request for its new national security law imposed by the Chinese government. The United States technology company stopped providing data since June 2020. “As always, authorities outside the U.S. may seek data needed for criminal investigations through diplomatic procedures,” […]
Asian shares were seen struggling on Friday. This followed after weak Chinese economic data and worries about a delay in U.S. fiscal stimulus dampened investors’ risk appetite. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.24% decline. Japan’s benchmark index Nikkei advanced 0.07%. Meanwhile, South Korean stocks dropped as new coronavirus infections in […]
July had seen Australian employment advancing higher, surpassing analysts’ forecasts. However, the increase was still insufficient to neutralize the bloating numbers of job seekers as the country’s unemployment rate hit a 22-year peak. The land down under monitored its employment to have jumped by 114,700 new jobs, surpassing a 40,000 increase expected as large portions […]
The second quarter had seen Australian wages expanding at the most gradual pace on record, highlighting the damage inflicted by the pandemic on household spending. This followed after recent data showed weak consumer confidence and struggling business conditions. The official wage price index (WPI) recorded a 0.2% increase in the three months ended June, the […]
Britain reported its biggest drop in the number of employed individuals as a sign that the COVID-19 pandemic could take a heavier toll on the labor market after the government eases its job-protection scheme. Figures released on Tuesday showed that the number of people in employment fell by 220,000 people from a three-month period through […]
European shares reached a three-week high on Tuesday after automakers saw a surge in car sales in China, lifting hopes of an economic recovery from the COVID-19 pandemic. The pan-European STOXX index gained 1.6%, with the rally being led by stocks from travel and leisure companies, miners, and energy firms. The U.K.’s FTSE index gained […]
On Monday, the United Kingdom’s privacy watchdog, the Information Commissioner’s Office (ICO), said that it would investigate Barclays Plc. (BARC.L) over allegations that the bank spied on its staff. The bank has been accused of keeping tabs on its staff members during work hours after a system change to track how employees spent their time […]
The Reserve Bank of New Zealand is expected to hold rates steady at its Wednesday policy meeting amid signs of economic improvement. The central bank is also likely to release its plans for future policy action as it arms the country against the impact of the pandemic. Most economists predict New Zealand’s official cash rate […]
The Bank of England said on Thursday that the U.K. economy will take a slower pace to recover as it faces pressing risks including surging unemployment claims and a second wave of coronavirus infections. The longer-than-expected economic recovery of the UK is anchored to the central bank’s projection of a 9.5% shrink in the GDP […]
The sterling, which was on track for its five-month peak on Wednesday, is expected to lose footing this year as Brexit uncertainty and coronavirus-related concerns intensified. A subdued year for the currency is foreseen before recuperating in 2021, a Reuters survey showed. July had seen the pound recording its largest monthly increase in more than […]
German industrial orders surged in June as Europe’s largest economy began to ease from the effects of the months-long lockdown due to the COVID-19 pandemic. However, volumes were still below levels as they were before the pandemic, data from the Statistics Office showed. Orders surged to an adjusted 27.9% compared to May, which was more […]
British banks cut back their outlook for the year further than most of their European peers in the second quarter earnings report as the COVID-19 pandemic, Brexit, and low interest rates led them to prepare for “worst-case” scenarios in their risk models. Banks such as Barclays, Standard Chartered, Lloyds, NatWest Group, and HSBC underperformed despite […]
Oil prices dropped for the first time in four days, retreating from as much as five-month highs as a continued surge in worldwide coronavirus cases undersold investors’ confidence in fuel demand recovery. Brent crude fell 0.1%, or 4 cents, at $44.39 per barrel. U.S. West Texas Intermediate lost 0.2%, or 8 cents, at $41.62 per […]
Thailand’s exports may shrink by 15% for 2020 as the COVID-19 situation continues to worsen and affect global demand, a Thai shipping association said on Tuesday, adding that a stubbornly strong Baht adds further to the pressure. Thailand’s exports fell by 15.2% in the second quarter year-on-year and by 7.1% from January to June. According […]
Oil prices fell on Tuesday amid fears that a fresh recovery in fuel demand could stall due to rising coronavirus cases. This came as major oil producers increased output while many countries in the world tightened lockdowns. U.S. West Texas Intermediate crude futures slid 0.7%, or 30 cents, at $40.71 per barrel. Brent crude futures […]
July had seen euro zone’s manufacturing activity expanding mildly, its first growth since early 2019. Meanwhile, Asia was relieved as export-dependent economies eased from declining, hinting that the sector is recovering from the damages brought by the COVID-19 pandemic. Factories seem to be contributing to euro zone’s potential recovery as IHS Markit’s final Manufacturing Purchasing […]
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost 0.4% at 03:13 AM ET (0713 GMT), weighed down by banking stocks and automakers which fell by […]
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar index bounced 0.4% from a two-year low, while the Aussie fell 8%, breaking its 15-month peak on […]
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, stores, factories, and other businesses to contain the virus’s spread. The U.S. central bank kept interest rates near zero […]
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve to stick to a pacifist stance in its policy review later today. The dollar index sat […]
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 index XX (SXXP) slipped by 0.3% to 366.94 after gaining 0.4% on Tuesday. The German DAX DX (DAX) and FTSE […]
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open to licensing software and supplying powertrains & batteries. We’re just trying to accelerate sustainable energy, not crush competitors!” Musk said in […]
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for bankruptcy protection at the U.S. Bankruptcy Court in Northern District of Alabama. Remington Arms Co. declared its assets […]
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher by 0.3% at 03:19 AM ET (0719 GMT), while the German DAX index rose by 0.5%. In the U.K., the […]
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen and to a 22-month low of $1.1699 on the euro. The dollar index fell to its lowest […]
European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge. The pan-European STOXX index lost 0.5% at 0718 GMT. Meanwhile, travel and leisure shares plummeted by 3.2%, with the descent being led by UK-based airline […]
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest economy. Government data showed that the country’s capital expenditure only advanced 0.1% in the first quarter from a year ago. The figure came […]
The U.S. Federal Reserve eased another $2 million in emergency loans this week to help struggling U.S. businesses amid the recession. The Fed’s overall asset portfolio reported growth for the second week, holding above $7 trillion. The Fed’s loan balance under its Main Street Lending Program increased from $12 million last week to $14 million. […]
The Dollar traded lower earlier on Friday in Asia, continuing its descent from the previous session as the U.S. struggles to curb the rapid increase of COVID-19 cases in the country. In addition, recent data showing an unexpected rise in unemployment claims and the looming expiry for some stimulus measures also dampened hopes for a […]
Asian shares fell on Thursday as the U.S.-China tensions overshadowed hopes for more economic stimulus after Washington ordered the closure of Beijing’s consulate in Houston amid spying allegations. China called the order an “unprecedented escalation,” with sources saying that Beijing is planning to retaliate by shutting down the U.S. consulate in Wuhan. MSCI’s broadest index […]
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes in its annual tax code revision. The decision came after retail investors called out the tax policy […]
Oil prices dropped on Wednesday as the inventory build in U.S. industry data exceeded expectations, while coronavirus cases continue to surge in the United States, the world’s biggest oil consumer. The American Petroleum Institute reported a 7.5-million-barrel increase in crude inventories last week compared with expectations for a 2.1-million-barrel decline. Brent crude was down 0.7%, […]
On Monday, U.S. international banking giant Goldman Sachs (G.S.) said that it would resume negotiations with the Malaysian government this week to hammer out a multi-billion dollar financial settlement lost in a scandal at sovereign fund 1Malaysian Development Bhd (1MDB). Goldman Sachs’s top-level executives and members of its legal team arrived on Saturday (July 18) […]
On Thursday, United Airlines’ (UAL.O) and its pilots’ union said that they had reached an agreement on two different resolutions to reduce involuntary furloughs in August. The company said that it would keep pilots ready once the global travel demand starts to pick up. The Chicago-based airline warned its employees last week that it could […]
On Thursday, Netflix Inc. (NFLX.O) promoted the architect of its programming strategy Ted Sarados to the role of co-chief executive officer. Netflix’s Chairman and Chief Executive Officer Reed Hastings announced that Ted would be his successor. “Ted has been my partner for decades. This change makes formal what was already informal — that Ted and […]
Oil prices fell on Thursday after OPEC+ agreed to lessen output cuts from August, though the decline was dampened by a recovery in demand as U.S. crude stocks had an unprecedented drop. Brent crude slid 0.3%, or 13 cents, at $43.66 per barrel. U.S. West Texas Intermediate crude fell 0.4%, or 18 cents, at $41.02 […]
After a steep decline at the start of the year, China’s economy showed vast recovery in the second quarter despite still getting plagued with major economic debacles in weak domestic consumption and investment amid the unrelenting coronavirus crisis. China’s gross domestic product (GDP) grew 3.2% in the second quarter from a year earlier, the National […]
On Thursday, the European Court of Justice (ECJ) rejected the validity of the data transfer mechanism used by the European Union and the United States which could facilitate the transfer of data from both countries. The data transfer tool permits the U.S. intelligence services to access such data for national security reasons. “In respect of […]
Property data and analytics company CoreLogic Inc on Tuesday rejected another $7 billion buyout offer, seeing it inadequate after meeting with the two bidders, investment firms Cannae Holdings Inc and Senator Investment Group LP. Cannae and Senator, which both hold an economic interest of almost 15% in CoreLogic, had proposed to buy the company for $65 […]
The dollar climbed against its peers on Tuesday as worries about the U.S.-China diplomatic tensions and rising coronavirus cases affected risk appetite. The dollar traded at 107.26 on the yen after a 0.4% gain in the last session. It stood at 0.9418 on the Swiss franc. The euro firmed at $1.1346 and at 90.40 pence […]
Oil prices dropped on Tuesday on fears that reimposed restrictions on businesses to control the surge in U.S. coronavirus cases could offset fuel demand recovery and expectations that OPEC+ might ease production cuts from August. U.S. West Texas Intermediate crude futures fell 1.27%, or 51 cents, at $39.59 per barrel. Brent crude futures lost 1.01%, […]
China saw positive customs data on Tuesday, raising hopes that the world’s second-largest economy is on the way to recovering from the COVID-19 pandemic. Exports for June rose 0.5% year-on-year compared to an analysts’ forecast of a 1.5% drop and a decline of 3.3% in May. Meanwhile, imports for June saw a 2.7% increase year-on-year, […]
Singapore’s economy recorded its sharpest contraction in the second quarter. This placed the trade-dependent city-state into recession as it is also expected to suffer from its worst inactivity this year on virus-beaten businesses. The city-state’s gross domestic product dropped 41.2% in the three months ended March, surpassing the economists’ prediction of a 37.4% decline. This […]
On Monday, world shares edged towards a five-month high and the U.S. dollar decreased in late trading as investors anticipated that the earnings season would see most companies beat revenue forecasts in light of the lifted coronavirus restrictions. The U.S. earnings season would begin this week including major Wall Street banks such as JPMorgan (JPM) […]
The Dollar, as well as other safe-haven currencies, performed well on Friday even as recovery hopes were weighed down by a surge of COVID-19 cases in the U.S. Over 60,000 new cases were reported across the United States on Wednesday, a record hike in numbers in a single day. However, souring market sentiment helped buoy […]
June had seen China’s factory gate prices falling for five consecutive months. This could be attributed to the novel coronavirus crisis dragging industrial demand. However, improvements monitored in some parts of the sector indicate a gradual economic recovery. The producer price index (PPI) recorded a 3.0% decline in June from a year earlier, China’s National […]
Asian equity markets advanced as investors disregarded the implications of renewed virus lockdowns and emerging Sino-U.S. dispute. Instead, they focused on upcoming company earnings, hoping that global stimulus efforts will render positive outlooks. MSCI’s broadest of Asia-Pacific shares outside Japan jumped 0.6%, securing a 20-week high as Chinese stocks advanced further. Japan’s benchmark index Nikkei […]
British multinational investment bank HSBC saw its shares slump as low as 3% on Wednesday as the U.S. contemplates measures to sanction banks in the city, as well as de-pegging the Dollar from the Hong Kong Dollar. HSBC shares fell by 2.72% to HK$37.60 ($4.851) at 12:53 Am ET (05:53 GMT), after it saw a […]
On Wednesday, Bursa Malaysia (KLSE) suspended public trading for low-cost carrier AirAsia Group Berhad (AIRA.KL) after an Ernst & Young external auditor gave an opinion about the airline’s ability to continue as a standing concern. “The slump in air travel and poor financial performance indicate the existence of material uncertainties that may cast significant doubt […]
Oil prices fell in early Wednesday trade as a build in U.S. crude inventories and a forecast for U.S. crude production to fall less than expected added to oversupply concerns. Brent crude futures lost 0.3%, or 13 cents, at $42.95 per barrel. U.S. West Texas Intermediate crude futures slid 0.3%, or 10 cents, at $40.52 […]
Indonesia on Tuesday imposed a 10% VAT on products by technology firms including Amazon, Netflix, Spotify, and Google as lockdowns forced a surge in spending patterns as well as remote working, which has hit state finances. The Southeast Asian country’s tax office stated that it had already assigned tax identification numbers to Amazon Web Services, […]
Oil prices dropped on Tuesday as investors feared that the steady rise in coronavirus cases in the United States will stall demand recovery. U.S West Texas Intermediate crude futures were down 0.4%, or 17 cents, at $40.46 per barrel. Brent crude futures fell 0.4%, or 19 cents, at $42.91 per barrel. As 16 U.S. states […]
Asian shares hit four-month highs on Monday as investors relied on liquidity and market stimulus to support global economic recovery despite the surge of new cases in the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%. Japan’s Nikkei was up 1.3%. Chinese blue chips hiked 3%, adding to its 7% gain […]
The dollar steadied against its peers on Monday as investors awaited data showing a rebound in the U.S. services sector, a sign that the economy is recovering. The dollar climbed to 107.74 on the yen. It slid to 0.9443 on the Swiss franc. The euro traded in a narrow range ahead of the release of […]
Gold prices fell earlier on Monday in Asia as a continuous surge in new COVID-19 cases halted its recent rally and battered hopes of a swift economic recovery. Market sentiment soured as investors digested the number of cases worldwide. The U.S. reported over 2.8 million new COVID-19 cases in the country as of July 6 […]
Oil prices fell on Friday, losing earlier gains, as the surge of new coronavirus cases in the United States raised concerns about fuel demand recovery. Brent crude futures lost 0.7%, or 29 cents, at $42.85 per barrel. U.S. West Texas Intermediate crude futures were down 0.8%, or 31 cents, at $40.34 per barrel. Both benchmarks […]
Swiss pharmaceutical giant Novartis AG (NVS) has agreed to pay more than $729 Million to settle a lawsuit that accused the company of paying illegal kickbacks to doctors and patients to increase drug sales, the U.S. Department of Justice said on Wednesday. The Swiss drugmaker would pay $678 Million to resolve accusations of hosting thousands […]
Asian shares tracked Wall Street higher on Thursday. This followed even though sentiment was dull ahead of U.S. employment data. Meanwhile, copper prices recorded six-month highs on a bright global outlook and supply concerns in top producer Chile. All major indexes were seen upbeat on vaccine hopes, driving MSCI’s broadest index of Asia-Pacific shares up […]
Germany’s second-biggest bank, Commerzbank (CBKG.DE), said on Tuesday that the U.S. activist investor Cerberus Capital Management wants them to slash more than 7,000 jobs as a part of its strategic plan to reduce the company’s revenue costs amid the coronavirus pandemic. Cerberus is one of Commerzbank’s largest shareholders with a stake of more than 5%. […]
China’s factory activity grew stronger in June backed by optimism for a quick economic recovery globally. However, struggling export orders indicated that the virus-driven disruptions will continue to cap economic growth longer than expected. The official manufacturing Purchasing Managers’ Index (PMI) was monitored at 50.9 in June. This came larger than the 50.6 reading in […]
The dollar firmed, while risk currencies fell under pressure as investors doubted the economy would recover soon amid a surge in new coronavirus infections around the world. As the United States posted record levels of fresh cases each day, the dollar held on to last week’s gains. Meanwhile, risk currencies Aussie and kiwi fell to […]
The western Japan prefecture may take two more years to recuperate from the damage of the novel coronavirus crisis. The forecast was rendered by Tetsuya Kan, head of a major regional bank in Osaka, as the pandemic ransacked the city’s once upbeat tourism and retail sectors. “The fate of the region’s economy depends on how […]
European stocks ended the week on a stronger note, with FTSE shares leading the rally, after European Central Bank (ECB) President Christine Lagarde said that the worst of the pandemic was over. However, Lagarde cautioned that there could still be a possibility of a “severe second wave”. Europe may be set to outperform U.S. markets […]
Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more businesses resume operations, a Reuters survey showed. The poll foresees a 17.3% contraction this […]
On Tuesday, Spirit AeroSystems Holdings Inc. (SPR.N) shares fell by 13% after its key supplier Boeing Co. (BA.N) revealed that the planemaker significantly reduced its orders for shipment this year. “Boeing indicates in the June 19 letter that the reduction is due to Covid-19’s impact and accumulated inventory of Spirit’s [Boeing 737] products,” the company […]
Asian shares were in rocky trade on Tuesday after the confusing statements made by the White House over the U.S.-China trade deal. President Trump also clarified that the pact between the two countries was “fully intact.” S&P 500 e-minis were back in positive territory as the market sentiment rose. MSCI’s broadest index of Asia Pacific […]
New Zealand’s central bank is expected to keep rates unmoved at its policy meeting on Wednesday. However, it projects a cautious tone as fears of a second wave of COVID-19 infections dampened outlook and increased economic uncertainty. All economists surveyed by Reuters expected the Reserve Bank of New Zealand to maintain the official cash rate […]
European shares traded higher on Friday with Germany’s airline company Lufthansa leading gains on the back of signs on movement in its stalled government bailout. The gains also came ahead of the European Council’s meeting to negotiate the EU recovery fund. The European Council will have its first meeting to discuss a commission’s proposal to […]
Oil prices gained 1% on Friday after OPEC+ producers assured their commitment to the agreed production cuts and two major oil traders said that demand was recovering. Brent crude futures climbed 0.8%, or 35 cents, at $41.86 per barrel. U.S. West Texas Intermediate crude futures were up 1%, or 38 cents, at $39.22 per barrel. […]
The U.S. Chamber of Commerce on Thursday urged China to increase its purchases of U.S. goods and services as agreed under a Phase 1 trade deal despite delays caused by the COVID-19 pandemic. The Chamber said the pandemic had clearly slowed progress for both governments, but there were reasons to be hopeful. It also welcomed […]
On Wednesday, the Trump administration said that it would push for a broad reset of “outdated tariff determinations” at the World Trade Organization (WTO) to arrange what it sees as years of unfair treatment of the United States. According to the U.S. Trade Representative Robert E. Lighthizer, the Geneva-based body was “a mess” and tariff […]
Asian stocks and Wall Street futures plunged on Thursday as surging coronavirus cases seen in the United States and China dampened market mood. This also underscored a longer recovery period for the global economy. S&P 500 mini futures declined, shedding a total of 1.2% during its early Asian session. MSCI’s broadest index of Asia-Pacific shares […]
Chesapeake Energy Corp. (CHK.N) said on Tuesday that it is preparing to file for bankruptcy as soon as this week after the pioneering shale oil driller missed an interest payment worth $10 Million due on Monday. The company’s stock was halted on Tuesday morning and its shares were down by 40%. Oil prices have doubled […]
Chinese factories sustained their upbeat performance for another month in May. This followed as the country shook off the economic disruptions brought by the novel coronavirus crisis. However, figures indicated that recuperation would not come easy. Data released on Monday revealed consistent fluctuations in retail sales and investment. This underscored that many sectors were still […]
Retails spending in New Zealand showed signs of recuperation as figures rose in May. However, these numbers still remain below the usual levels before the pandemic disrupted major economic activities. Debit and credit card purchases on retail outlets hit 78.9% in April, according to Statistics New Zealand released on Wednesday in Wellington. The upbeat figure […]
The U.S. Dollar traded slightly higher in Europe on Tuesday. However, gains were limited as investors awaited the next U.S. Federal Reserve meeting for hints on their next move. The Dollar Index inched up by 0.2% to 96.823 at 3:05 AM ET (0705 GMT), falling over 3% in May. U.S. employment data for May surprised […]
France is expected to recover in 2022, forecasting that the country’s economy will recuperate from its sharpest post-war recession brought by the novel coronavirus crisis, the central bank said on Tuesday. Europe’s second-largest economy is expected to decline by 10.3% this year. Though it is likely to contract, economic recovery is still possible as the […]
A post-Brexit trade agreement is now brewing between the former European bloc member Britain and Asia’s second-largest economy Japan in which both sides hope to come up with a free trade deal by the end of this year. After launching its formal negotiations sans-Brexit with the United States last month, Britain is looking to secure […]
Forex analysts revised their forecasts for the Australian and New Zealand dollars but were left behind the market that has already exceeded the one-year target. Aussie forecasts were raised to $0.6400 in a month, $0.6450 in three months, and $0.6800 in a year. The Aussie stood at $0.6940 on Friday and gained 4% this week. […]
The euro firmed on Friday after the European Central Bank expanded its stimulus to shore up the economy from recession. The euro’s gains lifted risk appetite for Asian currencies and pushed the dollar index to an almost three-month low. It last stood at 96.808. The ECB raised its emergency bond purchase scheme to 1.35 trillion […]
Asian stocks were mixed earlier on Friday, slowing down its months-long rally since March. Hong Kong’s Hang Seng Index rose by 0.12% at 10:38 PM ET (3:38 AM GMT), taking back some lost ground from the previous session. China’s Shanghai Composite climbed up by 0.05%, while the Shenzhen Component lost 0.12%. Investors are keeping an […]
Oil prices fell earlier on Friday, losing a portion of its gains from the previous session. The decline comes amid uncertainty as to whether OPEC will extend its plan to cut output after the month of June. Brent oil futures slid by 0.50% to $39.76 per barrel at 9:53 PM ET (2:53 AM GMT), while […]
New car sales in the UK rose in May after it had plummeted in the previous month to a record low since 1946. However, it still remained 90% below the number of sales for May in the previous year according to figures shown by the Society of Motor Manufacturers and Traders (SMMT). According to preliminary […]
For the first time since January, the services industry of China recorded its growth in May, signaling the start of economic recuperation from stagnation due to lockdown measures implemented amidst the outbreak of the coronavirus. However, job loss figures continued to grow according to a private study. The Caixin/Markit services Purchasing Managers’ Index hiked to […]
May had seen South Korea’s inflation rate dropping below zero for the first time in eight months, data showed on Tuesday. The decline was mainly from the novel coronavirus crisis dragging domestic demand and crude prices. The consumer price index (CPI) fell 0.3% in May from a year earlier, placing below the 0.2% contraction rate […]
European shares rose on Monday on the back of a global recovery from the COVID-19 outbreak. In addition, investors were relieved after the U.S.’ response to China’s security laws were not as severe as many had predicted. U.S. President Donald Trump had commenced the ending of special treatment for Hong Kong to punish China. However, […]
The Japanese yen climbed against major currencies on Friday as investors rushed to safe havens. This came ahead of U.S. President Donald Trump’s press conference on China’s push for the security law in Hong Kong. The dollar fell on the euro and the pound as it heads to a weekly loss against majors. However, the […]
Gold prices rose on Friday in Asia as tensions escalated between the U.S. and China over Beijing’s national security laws. China had approved to enact the laws in Hong Kong during the National People’s Congress on Thursday. U.S. President Donald Trump said he will reveal Washington’s response on Beijing’s decision later in the day. […]
New Zealand’s employment rate dropped to its lowest level in April. It declined by 1.7% as the impact of the novel coronavirus and the restrictions it brought on social and economic activity continue to press, the statistics agency said on Thursday. Statistics New Zealand had reported 37,500 jobs filed in April. It fell lower than […]
Asian stocks were mixed earlier on Wednesday, weighed down by shares in the Greater China region after a second planned protest broke out in Hong Kong during the week. Hong Kong’s Legislative Council will discuss its controversial national anthem bill, which had provoked a new round of protests in the city. The protests first sparked […]
Oil prices dropped on Wednesday as investors worried about fuel demand’s slow recovery, while U.S.-China tensions weighed in on the negative market mood. Brent crude futures lost 0.6%, or 21 cents, at $35.96 per barrel. U.S. West Texas Intermediate crude futures slid 0.9%, or 31 cents, at $34.04 per barrel. OPEC and its allies including […]
A budget draft showed that Japan will render a total of $1.1 trillion stimulus package. The fiscal stimulus will include large volumes of direct and emergency spending aimed at minimizing the economic disruptions brought by the novel coronavirus crisis. The stimulus package worth 117 trillion yen, which includes 33 trillion yen for direct spending and […]
On Tuesday, American multinational investment bank Morgan Stanley (MS) raised its year-end Brent price forecast to $40 per barrel due to tighter oil markets. The financial services company expects balance in worldwide oil demand and supply as nations ease restrictions amid the coronavirus outbreak and major suppliers cut resources. “We expect demand to rebound to […]
Gold prices fell earlier in Asia on Tuesday even after a drop in the Dollar made the yellow metal slightly cheaper for investors with positions in other currencies. Gold futures slid by 0.06% to $1,734.45 per ounce at 12:38 AM ET (5:38 AM GMT). Investors retreated from gold after U.S.-based biotech firm Novavax revealed a […]
Singapore’s trade ministry announced on Tuesday that the city-state lowered its gross domestic product outlook for 2020. It had cut its GDP forecast for the third time already as the virus-beaten economy prepares for its steepest recession. Singapore’s GDP is likely to record a -7% to -4% contraction rate, way lower than the initial range […]
Japanese car manufacturers Toyota (TM), Nissan (NSANY), and Honda (HMC) announced on Tuesday that they would gradually resume operations in Mexico as the country’s automobile industry reboots are in line with a more extensive economic restart, regardless of high numbers of new coronavirus cases. Mexican officials stated in mid-May that the car manufacturing industry could […]
Tax revenues of Germany and of the 16 federal states sunk by 23.5% in April. It declined by a total of 39 billion euros ($43 billion) as the coronavirus pandemic ravages the country’s economy, the finance ministry’s monthly report showed on Friday. Europe’s biggest economy is receding further. This appeared to be the worst downturn […]
The American department store chain Macy’s Inc (M.N) warned on Thursday that it could lose more than $1.11 billion in the first fiscal quarter and sees sales fall at least 45% after the coronavirus outbreak paralyzed its retail operations worldwide. Macy’s has acknowledged that it might emerge a smaller company from the pandemic as it […]
Oil prices gained on Thursday to their highest since early March as lower U.S. crude inventories and production cuts eased worries about oversupply. Brent crude futures for July contract rose 1.7%, or 62 cents, at $36.37 per barrel. U.S. West Texas Intermediate crude futures climbed 1.8%, or 61 cents, at $34.10 per barrel. Both benchmarks […]
Lenovo sales dropped sharply in the fourth quarter as disruptions brought by the coronavirus pandemic continue to ravage the economy. However, its latest profit reading managed to surpass expectations. The company’s net profit declined 64% to $43 million in the first quarter. The figure came out weak but still ahead of the $7.5 million sales […]
Asian shares surged and oil prices gained on Tuesday after an early-stage trial for the COVID-19 vaccine showed positive results. MSCI’s broadest index of Asia Pacific shares outside Japan climbed 1.5%. Japan’s Nikkei grew 2%, its highest since March. Hong Kong’s Hang Sang and Australia’s benchmark index both gained 2%. Chinese blue-chip index rose 0.8%, […]
Sony Corp. has partnered with Microsoft Corporation with plans to embed artificial intelligence capabilities into its latest imaging chip. The enhanced chip will have its own built-in processor and memory which allows for video analysis with artificial intelligence. This would be similar to Microsoft’s Azure, but with the use of a faster, simpler, and more […]
Bloomberg News reported on Sunday that the Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world’s largest long-haul carrier seeks to reduce costs after the pandemic grounded air travel. Emirates Group announced that it would slash the number of employees by about 30% from more than 105,000 at […]
Canada’s Prime Minister Justin Trudeau announced on Saturday that he was committed to looking at possible ways to help airlines that were severely affected by the pandemic. Yet the Canadian prime minister laid out no new measures and remained mum on details. “This pandemic has hit extremely hard on travel industries and on the airlines […]
Oil prices gained over $1 per barrel on Monday, hitting more than a month-high as production cuts and demand recovery provided a floor for the market. Brent crude rose 3.7%, or $1.19, at $33.69 per barrel. U.S. West Texas Intermediate crude climbed 4.3%, or $1.26, at $30.69 per barrel. The WTI June delivery will expire […]
The Asian Markets saw the safe-haven asset, gold, climbing up thus extending its gains from Friday. This is recorded to be its highest point since October 2012. With the relationship between U.S. and China in dire straits, alongside gloomy investment forecasts, investors turned to the yellow-metal. Peter Navarro, the White House trade advisor, aggravated an […]
European stocks rallied on Friday after investors found comfort in China’s report of an increase in April’s factory activity, exceeding analysts’ forecasts. However, with the simmering trade tensions between the U.S. and China, many speculate that it would lead the shares market to weekly declines. The pan-European STOXX gained 1.4% at 0715 GMT, with travel […]
South Korea’s finance ministry pledged to provide intensive measures to control the recently-monitored hike in unemployment. The agency also emphasized the ever-increasing level of economic risks as local and global demand collapse. Latest records showed that the country’s unemployment rate retained its 3.8% standing in April. However, the employment rate dropped at its most rapid […]
Oil prices rose on Thursday after a sudden fall in U.S. crude stocks. However, further gains were capped amid a gloomy U.S. economic outlook and fears of a second coronavirus wave. Brent crude futures climbed 0.2%, or 6 cents, at $29.25 per barrel. U.S. West Texas Intermediate crude futures gained 0.7%, or 18 cents, at […]
Korean Air Co. Ltd. (003490.KS), South Korea’s largest airline and flag carrier, plans to sell new shares worth 1 trillion Won ($817 Million) in its biggest rights issue in 20 years. The company came up with self-rescue measures on Wednesday to overcome the liquidity crisis due to the pandemic. Korean Air will issue $79 Million […]
Nissan Motor Co. is gearing itself into cutting $2.8 billion of its annual fixed costs as part of a restructuring effort. News titan Bloomberg had reported the matter on Wednesday as the company prepares for a sales drop that further compromises its already poor profitability. The past three years had seen Nissan with floundering profits, […]
Virgin Group’s founder Richard Branson stated on Monday that it would sell $25 Million worth of Virgin Galactic shares to raise funds for the space tourism company as the pandemic threatens to cripple his business empire. “Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have […]
Japan’s household spending declined by 6.0% in March from a year earlier, according to the government data released on Friday, highlighting the deepening impact of the pandemic on the world’s third-biggest economy. The frail reading is expected to prompt policymakers in providing larger volumes of fiscal stimulus to salvage an economy in the brink of […]
Oil prices steadied on Thursday as China’s crude imports bounced, but analysts expect prices to be capped due to oversupply and weak demand. Brent crude climbed 0.1%, or 3 cents, at $29.75 per barrel. U.S. West Texas Intermediate gained 0.2%, or 4 cents, at $24.03 per barrel. Both contracts were in rocky trade early morning […]
The euro zone economy will suffer a record 7.7% contraction due to the coronavirus pandemic. Inflation will likely almost disappear, while budget deficits and public debt will increase, according to the European Commission. Inflation rate will slow to 0.2% in 2020 and will increase 1.1% next year, when the euro zone’s economic growth will rise […]
Airbnb Inc. will lay off a quarter of its workforce or almost 1,900 workers on Tuesday, as the travel industry was severely affected due to the pandemic. According to the memo sent by Airbnb’s Chief Executive Officer Brian Chesky, “Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half […]
The U.S. Securities and Exchange Commission (SEC) pledged to ease crowdfunding requirements on Thursday. The policy will support smaller businesses in pursuit of meeting their “urgent funding needs” as the disruptions brought by the pandemic press further. According to SEC, the policy seeks to temporarily amend the current crowdfunding setup. Businesses are entitled to the […]
General Electric’s (GE.N) aviation unit revealed plans on Monday to slash its workforce by 25% or roughly 13,000 jobs this 2020. It includes voluntary and forced layoffs due to delayed reduction plans for aircraft amid the virus outbreak. “The cuts will be a mix of voluntary departures and layoffs and come after an initial wave […]
New cars sales in the United Kingdom fell by nearly 97% in April to the lowest since February 1946. The slump comes as factories and dealerships close down amid the COVID-19 outbreak, preliminary data from an industry body showed. The lockdown measures that have been implemented across Europe since mid-March had restricted travel and crippled […]
Gold prices fell on Tuesday morning in Asia after some countries eased on quarantine measures and reopened their economies. Gold futures slid by 0.52% at $1,704.40 per ounce at 12:37 AM ET (5:37 AM GMT) after Italy and several U.S. states restarted their economies on Monday. Investors flocked to stocks after an increase in risk […]
European stock markets and oil prices dropped on Monday as trade war fears re-ignited after a spat between U.S.’ and China’s top officials. European shares were down 2.5%, while U.S. stock futures fell 1%. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 2.5%. U.S. Secretary of State Mike Pompeo said that there was enough […]
The Egyptian government announced on Sunday that it will permit hotels to resume operations for local tourists as long as they operate close to 25% capacity until May 31. The hotels must also have a variety of medical strategies and an open clinic with available resident doctors to prepare should threats of the coronavirus surface anew. […]
The first-quarter sales of Carlsberg (CARLb.CO) fell by 7% on Thursday. While the Dutch brewing company anticipates further decline in its second-quarter sales due to beer demand in grocery stores, it failed to consider the closure of pubs and diners amid the virus lock down. Earlier this month, Carlsberg postponed support after sales in pubs […]
According to an Austrian representative, the Chancellor of Austria Sebastian Kurz and the Chief Executive Officer of Lufthansa Carsten Spohr will meet in Vienna on Wednesday to talk about the necessary state aid rescue package for German flagship carrier, Lufthansa (LHAG.DE). The discussion involves approval of Lufthansa’s state aid from Germany worth 9 billion Euros […]
Finance Minister Bruno Le Maire stated on Wednesday that the France administration will tighten controls on foreign direct investments to protect French companies over strategic industries and bio-tech groups. At present, non-European purchases of stakes in large companies do not need approval from the government if it’s 25% or less. Le Maire announced a lowering […]
U.S. oil prices bounced on Wednesday, recovering some of its losses as U.S. reserves filled slower than anticipated. The lockdowns lifted in some European countries and U.S. cities also helped prices recover as the market hoped for a rise in demand. U.S. West Texas Intermediate crude futures rose 15.4%, or $1.90, at $14.24 per barrel, […]
Nissan Motor Co. on Tuesday said it is expecting to post its annual operating loss in 11 years. The automaker has been met with challenges as dwindling demand for cars continued due to the COVID-19 pandemic. With the sharp decline in sales, Nissan will cut its output by 78% in May, according to a Reuters […]
Diamond Offshore Drilling Inc (DO.N), a Houston-based contract drilling company, applied for bankruptcy protection in Texas on Sunday, after it missed an interest payment and disclosed it still enlisted restructuring advisers. In Chapter 11 of the filed document, Diamond stipulated that day rates and demand for its work had “worsened precipitously in recent months,” The […]
The Bank of Japan has been providing stimulus supports for two months already, with additional support filed on Monday to alleviate corporate funding from financial drag. It was also set to aid government spending aimed at nursing the economic downturn brought by the pandemic. “The BOJ will purchase necessary amounts of government bonds without setting […]
The inactivity currently faced by the U.S. economy due to the virus pandemic appears to be the sharpest contraction that will likely boost the national unemployment rate by up to 16% or higher. The steep forecast requires large volumes of stimulus to ensure economic recuperation, a White House economist said on Sunday. “This is the […]
A Reuter’s study reported on Friday that the pandemic-driven global economic downturn will record its sharpest fall this year. Meanwhile, a U-shaped economic recovery is also seen to take place based on the analysis of economists across the globe. A group of over 500 economists who took part in Reuter’s poll said that most of […]
Asian share markets plunged to two-week lows on Wednesday as crude oil prices collapsed. The market decline underscored the deep economic harm caused by the coronavirus crisis. Investors rushed to the security of government debt as Brent oil futures dropped to a record fall. The oil price decline pushed traders to steer clear of stocks. […]
South Korea President Moon Jae-in said on Wednesday said that the government has pledged to roll out a new supplementary budget as well as increase subsidies in a bid to save businesses in Korea. The fourth-largest economy in Asia had released two supplementary budgets amid the COVID-19 outbreak. In a policy meeting, Moon said […]
Australia’s economy may contract significantly, according to the minutes of the meeting released by Australia’s central bank on Tuesday. The sharp economic reversal is expected to occur in the latter part of the second quarter and may continue fluctuating up until September due to damages brought by the virus contagion. The Reserve Bank of […]
Japan’s March exports declined the most in four years as demand from China, Europe, and the U.S. fell at the fastest pace since 2011. Monday’s gloomy data highlighted the pandemic-caused damages on global trade as many prepare for the third-largest economy to reach its biggest drop since the Great Depression. Japan’s Ministry of […]
A safe trading session was monitored in Asian share markets on Monday. Investors’ sentiment level was supported by hopes that strong corporate earnings and economic data will minimize the disruptions brought by the pandemic. However, the U.S. crude sunk down to a 20-year low record. According to figures released by Japan, its exports had shed […]
Global shares declined on Thursday while bonds and the dollar advanced. Stock markets’ underperformance was mainly from weak U.S. retail sales, inactivity in factory production, and a dire outlook for Asian economy. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 2.2%, as a Reuters survey showed that majority of investors are not satisfied with […]
Gold prices fell on Wednesday in Asian markets as its virus-led volatility drove investor risk sentiment towards other assets. The International Monetary Fund (IMF) stated that the pandemic may lead the global economy to decline by 3% this year, marking it as the biggest drop since the Great Depression. Gold Futures previously gained nearly […]
U.S. President Donald Trump on Tuesday reduced the World Health Organization’s funds allocated to the novel coronavirus pandemic. Trump’s decision drew criticism from experts as the global death rate continued to increase. Trump’s emergency measures aimed at minimizing the spread of the virus had been consistently assailed. This has angered the president as he aimed […]
EBay Inc. named Jamie Iannone as its new Chief Executive Officer on Monday. The appointment had been made a month after Starboard Value, owner of more than 1% of eBay’s stock, disclosed plans of designating four directors on eBay’s board of 14 members. Starboard wanted the company to appoint an outsider as its permanent chief […]
Commodity currencies fell against their safe-haven counterparts on Monday after a record output cut settled upon by OPEC+ did not ease investor concerns over a declining global demand. The Australian Dollar and the New Zealand Dollar, widely observed as a benchmark for market risk fell against the Greenback. This signaled concern over demand for commodities. […]
Oil prices climbed above $1 per barrel on Monday after a four-day negotiation ended with major producers agreeing on a record output cut. However, gains were limited after investors feared that the move might not be enough to stave off oversupply as the pandemic severely curtailed global demand. OPEC+, which consists of the Organization of […]
The Bank of Japan said on Wednesday that it would temporarily cease select operations. The decision was made in compliance to the government’s pronouncement of putting the country under state of emergency amid the novel coronavirus pandemic. “The BOJ will scale back some of its operations in line with the government’s request to avoid outings,” […]
Oil prices recovered on Monday as optimism grew that OPEC members and allied oil manufacturers will settle a deal on Thursday. The agreement will mandate oil producers to reduce crude production in order to offset suffering prices due to the novel coronavirus. Brent crude LCoc1 inched up by 75 cents, equivalent to 2.4%, and last […]
Gold prices extended gains in Asia on Tuesday after new reports of declining COVID-19 cases improved investor sentiment. This development also led many to anticipate additional global measures to put a floor under a virus-hit economy. Gold Futures gained 1.43% at $1,717.9 per ounce at 9:24 PM ET (2:24 AM GMT) following a 3% surge […]
Oil prices slid on Monday after talks between Saudi Arabia and Russia were postponed, while stocks rose the spread of the coronavirus began to slow down. Brent crude saw a 3-dollar drop in early Asian trade after the meeting set to discuss production cut between Saudi Arabia and Russia had been postponed. US stock futures […]
Car sales in the United Kingdom saw an annual decline of 40% for March, according to preliminary data released on Monday from the Society for Motor Manufacturers and Traders (SMMT). The drop in sales comes as the COVID-19 pandemic continues to disrupt the economy and force potential buyers to remain indoors. Sales added to only […]
Southwest Airlines Co (LUV.N) will cut 40% of its flights from May 3 to June 5, the carrier said on Monday. The U.S. airline will send 2,000 flights every day, a slash of 1,700 from its usual number, due to the decrease in travel demand amid the coronavirus outbreak. Southwest Airlines recently said that it […]
British consumer confidence declined the sharpest, hitting its largest drop in more than 45 years, the GfK survey showed on Monday. The pessimism was brought by the worldwide economic shutdown aimed at combating the further spread of the deadly respiratory disease. “Our COVID-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the […]
Fed officials said on Thursday that “recession is here” and the economy’s recovery relies on U.S. government aid and its effectiveness in combating the impact of millions of lost jobs. The Fed added that the duration of the recession was dependent on the course of the pandemic, noting that it could still kill a huge […]
Gold prices fell on Asian markets on Friday after the U.S. released a report of rising unemployment claims. Gold Futures fell by 0.31% at $1,632 per ounce at 9:30 PM ET (2:30 AM GMT), losing gains from the previous trading session. The United States said on Thursday that a record 6.648 million people had filed […]
MELBOURNE- Oil prices inched down on Friday, erasing some gains it initially acquired from its last session. Poor market activity was mainly from the output reduction deal that U.S. President Donald Trump signed with Saudi Arabia and Russia. However, the president showed no intention of cutting U.S. oil outputs. Brent crude futures shed 9 cents, […]
In select regions, China had removed limitations placed on buying cars to render sales from the sector stable. Moreover, the country is expediting plans to herd old cars into retirement, China’s Ministry of Commerce had disclosed on Thursday. Major automakers like Toyota, General Motors (GM), and BMW have reopened its factories in the country the […]
SHANGHAI – Apple has sourced and procured 10 Million masks to donate them to the medical community of China amid the coronavirus outbreak. CEO Tim Cook said that Apple resumed its operations and reopened its 42 stores in China. The Apple stores had been closed in the early weeks of February as China restricted travel […]
South Korean screen manufacturer, Samsung Display said on Tuesday that it would be halting all production of LCD panels in South Korea and China by the end of 2020. The company is doing this in order to produce more advanced screen panels, according to its spokesperson. The extension of tech giant Samsung Electronics Co Ltd […]
The Reserve Bank of New Zealand (RBNZ) disclosed its decision of utilizing more instruments to increase the liquidity of business sector and to aid market activities in order to minimize disruptions brought by the novel coronavirus. RBNZ released pronouncement which implements Open Market Operation (OMO). Implementation of such will be every Tuesday and is expected […]
The dollar broke a week of declines as the Japanese yen climbed on Monday, while restrictions around the world intensified and markets remained scrambling. The dollar rose against the euro, pound, Australian dollar, and New Zealand dollar. The euro was down 0.5%, at $1.1082; the pound fell 0.7%, at $1.2371; and the Australian dollar last […]
The dollar plunged against the Japanese yen on Thursday before the release of data expected to increase claims for unemployment benefits in the US. Several American firms lay off employees due to the persisting virus outbreak. The pound fell against the euro and the dollar as the market remained wary of Britain’s ill-preparedness for a […]
Singapore’s economy contracted by 2.2% in the first quarter from a year earlier according to preliminary data released on Thursday. The decline went at the sharpest pace since the 2009 financial crisis which led the city-state to prepare for a recession. The data will likely dull business outlook and pile on fears that a fast-declining […]
SINGAPORE- Oil prices continued its positive performance for third day on Wednesday. Crude rode bullish tide together with other financial markets on optimism that the U.S. Federal Reserve will soon implement large volume of stimulus package to minimize the economic impact of the coronavirus contagion. US West Texas Intermediate CLc1 was at $25.24 per barrel […]
Asian shares continued to rally on Wednesday with Wall Street recovering from major losses as U.S. Congress drew near to rolling out a $2 trillion stimulus package in a response to aid a virus-hit economy. MSCI’s broadest index of Pacific Asia outside of Japan advanced by 1.7%. Meanwhile, Japan’s Nikkei soared by 4.8%. Shares in […]
The dollar traded red on Tuesday on signals that secured funding conditions are easing slightly after the U.S. Federal Reserve decided to give bottomless quantitative easing to offset and ensure greenback liquidity. The dollar index =USD shed 0.5% to 101.64. It strayed farther from Friday’s upbeat performance of 102.99, its strongest session since January 2017. […]
Oil prices gained on Tuesday as investors hope for a fast approval regarding the U.S. lawmakers’ proposed $2 trillion coronavirus aid package. The aid package is expected to ease the pandemic’s impact on the global economy, while underpinning oil demand. Brent crude oil futures was up 2.3%, or 62 cents, at $27.65 per barrel. West […]
The U.S. stock index futures fell on Monday as fears of economic damage grew in the markets due to various national lockdowns in an attempt to contain the pandemic. Goldman Sachs predicted a 24% decline in US real GDP in the second quarter. In early morning trade, the Dow e-minis dropped 3.64%, or 694 points; […]
Singapore Airlines Ltd (SIAL.SI) will decrease capacity by 96% and land almost all of its fleet, the carrier said on Monday, in reaction to the coronavirus travel restrictions it called the “greatest challenge” it had ever faced. The expedient comes as international travel capital Singapore closed borders to tourists and transiting passengers in a bid […]
SYDNEY- Asian shares dropped on Monday as series of national lockdowns endanger authorities’ schemes of nursing economic disruptions and what appears to be a sharp worldwide recession brought by the novel coronavirus. S&P 500 E-mini futures sunk down 5% while the EUROSTOXXX 50 futures plummeted 6.4%. MSCI”s broadest index of Asia-Pacific shares shed 3.8% as […]
The world economy is currently deep in recession as economic disruptions brought by novel coronavirus reached a larger scale, according to economic analysts. The fast-paced contagion of the virus dragged financial markets down even with the implementation of stimulus by central banks across European, American, Asian, and Australian zone. The stimulus was proven to be […]
The dollar neared its biggest gain in a week since the 2008 global financial crisis, even with a weakened rally, as the pandemic drove investors to cash and damaged the world’s financial plumbing. The dollar hiked 3.7% against a basket of currencies as investors sold stocks, commodities, bonds, and gold in exchange for cash. The […]
Airbus (AIR.PA) made its plans on suspending production in France and Spain for 4 days public. This is of course due to the coronavirus crisis that had reached even the financial sector. To date, the pandemic had been the most serious across-the-board disruption in the company’s operations. In 1989, a strike at its British […]
U.S. stocks suffer historic drop as the country shuts its borders and governments worldwide impose drastic measures to contain the virus and the damages it has caused. Financial markets experienced their worst day in 30 years despite the emergency measures by central banks in an attempt to avoid a recession. US stock markets fell 12% […]
The U.S. consumer product companies shifted their production scheme by halting the run of other products and maximizing the production of essential products that are highly demanded amid the virus outbreak. Traditional retailers and stores have warned against hoarding supplies including toilet paper, cleaning items, and sanitizing products that cause scarcity of supply in the […]
Stock markets and the U.S. dollar reeled on Monday as the Federal Reserve cut interest rates as an emergency measure and as other central banks offered cheap dollars in an attempt to avoid a halt in lending markets globally. The sudden policy measures were issued to ease the pandemic’s impact on global economy as more […]
A female diplomat in New York has tested positive for coronavirus on Thursday. She is from the Philippines and the first known case of coronavirus at U.N. New York headquarters. “As of today, the Philippine Mission is in lockdown, and all personnel are instructed to self-quarantine and to seek medical attention should they develop the […]
Japan pledged to take “bold and unprecedented” measures in order to combat the economic impact of the coronavirus, according to its economy minister. The statement has led many to believe the Japanese government would unveil a large-scale stimulus package in the future as a move to fight off a recession. Any fiscal package would gain […]
Bombardier Inc. (BBD.B), Canada’s multinational manufacturer of business jets, announced that Chief Executive Officer Alain M. Bellemare has been ousted and will be replaced by the former Hydro-Quebec CEO Eric Martel. In 2015, Bellemare was appointed as CEO and president. He directed the company through its biggest trials and criticisms. This includes the bankruptcy issue […]
AUSTRALIA – Rio Tinto Ltd agreed to disburse former CEO Sam Walsh’s pay as a part of his deferred bonus after finding a resolution to their dispute on Thursday. Rio Tinto’s board and Walsh settled to delay incentive payments in 2017 while investigations were being made in the United Kingdom. This is because of the […]
U.S. stock index futures slid on Thursday, nearly hitting its daily down limit following gloomy market response to U.S. President Trump’s announcement regarding measures against the coronavirus pandemic. S&P 500 slid down to 4.7%, to 2,610 points, almost reaching its daily down limit at 2,601 points. Chief market strategist Quincy Krosby at Prudential Financial in […]
Despite top U.S. automakers executives assuring an undisrupted factory production, fears of a slowdown in sales growth of the car industry in the United States is a recurring theme among forecasts of economic analysts. The big three automakers in the U.S., General Motors Co, Ford Motor Co, and Fiat Automobiles NV reported a continuous, undisrupted […]
Oil prices fell on Thursday alongside major markets as U.S. President Donald Trump implemented a travel ban on Europe, after the World Health Organization declared the ICOVID-19 outbreak as a pandemic. Investor worries were doubled by an overflow of cheap supply threatening the market after Saudi Arabia assured an increase in oil production to record […]
Taiwanese financial authorities said on Wednesday that it had prepared a plan to reinforce the country’s stock market and was considering banning traders from short-selling of positions under specific circumstances. The plan was revealed a few days after its equities board observed the largest single-day outflow since the financial crisis in 2008. Foreign investors on […]
The Japanese Yen and the Euro climbed after U.S. treasury yields fell and export-sensitive currencies declined to multi-year lows on Monday, as caused by intensifying virus risks. The Yen climbed over 3% to a day high of $101.69. The Euro soared over 1.4%, to a near two-year high of 1.1452 against the Dollar. The Australian […]
Oil prices dropped nearly 25% on Monday, on its way to its steepest loss since 1991 as Saudi Arabia cut prices and planned for a big hike in crude output by April. Prices were down 31% after Saudi started a price war with Russia, which stopped from implementing further supply cuts agreed by OPEC in […]
Japan is set to lessen monetary policy this month, following sudden measures implemented by the Federal Reserve, as the virus outbreak threatens an economic recession. In a survey, 33 out of 38 economists anticipated an expansion on monetary stimulus by the Bank of Japan. Policymakers globally have been pressured to implement fiscal and monetary measures […]
SINGAPORE- Oil fell flat on Friday as crude demand concerns brought by the fast-paced coronavirus contagion were intensified by ambiguity over non-OPEC oil manufacturers still not reaching an agreement for oil cuts to aid prices. Brent crude LCOc1 erased 47 cents, equivalent to 0.9%, and was last quoted at $49.52 a barrel at exactly 0223 […]
The Federal Reserve released a report on Wednesday claiming that the U.S. economy expanded at a moderate rate in the first weeks of the year, with the study conducted during the incipient rollout of the setbacks in the markets brought by the outbreak of the new coronavirus. “There were indications that the coronavirus was negatively […]
Jet fuel refinery margins have come under pressure due to the suspension of flights globally over the coronavirus outbreak. However, it may be even more beaten up in coming months as more passengers cancel their flights. The Asian jet fuel market has endured unexpected losses this year which prompted global airlines to suspend flights and […]
SEOUL- Oil prices soared for a second day on Tuesday as investors grew enthusiastic on expectations that central banks will implement financial stimulus to equalize the impact of coronavirus contagion. In line with this, markets grew upbeat on the hopes that OPEC will impose deeper output reduction. Brent crude LCOc1 increased up to $1.48 a […]
Wall Street shrugs off virus concerns as tech and financial markets surge Wall Street shrugged off virus concerns and started on a bullish Monday with tech and financial markets taking the lead. The S&P 500 index as well as the Dow Jones Industrial Average rose to its highest by 4.6% and 5.1% respectively. The Nasdaq […]
India’s housing market seen to face difficulties in 2020 Market experts have predicted India’s housing market to face difficulties in the year as sluggish demand and a dull market sentiment may overwhelm government measures to bolster the country’s economy. Housing prices rose to its weakest 5.7% on average in 2018 with an underperforming market from […]
Japanese stocks decline as global central bank action accelerates global equities Japanese stocks declined with U.S. futures surrendering gains on Tuesday after a wave of interest on central banks taking action to bolster the economy resulted in an acceleration of global equities. The Australian Dollar rose despite the country’s central bank slashing its benchmark rate […]
Hyundai Motor closed its factory in South Korea on Friday after one of its workers was confirmed to be infected by the novel coronavirus. The factory operations are suspended indefinitely with popular car models including Palisade sport utility vehicle production being disrupted. After the news broke, Hyundai Motor’s shares in the stock markets slid 5%. […]
BEIJING- Optimism that the coronavirus contagion would be contained in China disappeared on Friday as the disease reached wider scope, hitting other nations. To prepare for a worldwide pandemic, countries started hoarding medical equipment and investors sought safety on the possibility that a global recession may occur. Shares fell flat and were heading towards its […]
China’s CATL to raise $2.85 billion to fund battery projects China’s leading vehicle battery manufacturer CATL said that it would be raising over 20 billion Yuan ($2.85 billion) in order to fund its battery production and storage projects. According to a Wednesday filing to the Shenzhen stock exchange, the company will aid in expanding its […]
New Zealand’s business outlook in January had dropped as the coronavirus outbreak in China and abroad piled on concerns over global economic growth, according to an ANZ Bank survey on Thursday. The survey showed that a net 19.4% of participants had expected the economy to stagnate during the current year in contrast to the 13.2% […]
Walt Disney announced on Tuesday that Bob Iger is stepping down as chief executive officer, with Bob Chapek taking the helm of the operations of the giant studio. However, Bob Igers will remain to hold a special leadership role taking on the company’s creative division as its executive chairman. He will be with Disney until […]
Samsung appoints former finance minister Bahk Jae-wan as new board chairman Samsung Electronics said on Friday that former finance minister Bahk Jae-wan had been appointed as the tech giant’s new board chairman after his predecessor was imprisoned for union-busting activities. Bahk had been serving in the company since 2016 and has been deemed by Samsung […]
The Japanese yen dropped to a near nine-month low against the dollar as investors recover gain appetite, hoping that China can reduce the impact of the virus outbreak. The yuan was down in onshore trade against the dollar after China cut benchmark loan prime rate to support its economy. The AUD dropped to its lowest […]
Investors preferred the dollar as safe haven as the yen suffered a sudden drop, causing investors to dodge local assets. Most currencies, from the Australian dollar to the Indian rupee were troubled as the virus’ impact caused investors to seek the dollar. China reported fewer new infections on Thursday. However, scientists warn that the virus […]
Oil clocked in an estimated 1% gains on Thursday, continuing its upward movement from Wednesday as the market was dampened by supply sentiments. In line with this, demand concerns were minimized following a big decline in new novel coronavirus diagnosis at Hubei province in China. Disputes in Libya which led to port and oilfields restrictions […]
Asian markets fell on Tuesday following the news of Hong Kong and Japan’s Apple stocks were declining sharply after the tech giant issued a revenue warning. The Hang Seng Index and South Korea’s KOSPI dropped by 1.3% by 10:45 PM ET (02:45 GMT), while Japan’s Nikkei lost 1.6%. In China, the Shanghai Composite and […]
TOKYO- The euro declined and on track towards three-year low against the dollar. Such inactivity was recorded ahead of the highly anticipated German poll to be released on Tuesday. The said survey is expected to reveal large setback in investor sentiment and trigger pessimism on European economic forecast. Financial markets resorted to tight ranges […]
HSBC Holdings PLC posted its annual profit on Tuesday, showing a 33% decline and falling below analyst forecasts. The decline was caused by a $7.3 billion goodwill impairment linked to its commercial banking and investment banking businesses in Europe. HSBC reported a $13.35 billion profit before tax for 2019, compared to $19.89 billion the previous […]
SINGAPORE- Oil prices sunk down on Tuesday as novel coronavirus concerns weighed on the economy directly dragging oil demand in China, the world’s second-largest crude importer. In line with this, financial markets continue to record series of losses. Brent crude LCOc1 shed 37 cents, equivalent to 0.6%, to $57.30 per barrel by 0126 GMT. […]
SINGAPORE- Oil prices underperformed as investors await for Asian economic records that will state the implications of the 2019 novel coronavirus contagion on oil demand in China, world’s second-largest oil importer. The said data is set to be released this week. Brent crude LCOc1 shed 33 cents, and last stood at $56.99 per barrel by […]
The British government, particularly its financial sector, is hounded by a chain of threats after exiting the European bloc at the end of January. The finance minister’s subtle resignation is the latest addition to the British market’s compounding problems. Exchequer Chancellor Sajid Javid resigned on Thursday, with British Prime Minister Boris Johnson appointing Rishi Sunak […]
Japan’s policymakers prepare for a decline in GDP growth and the virus’ impact on consumption and production, warning of poor economic outlook. Executive Director Eiji Maeda of the Bank of Japan warned that weak export demands and low consumption may have hurt 2019’s final quarter GDP. Economy Minister Yasutoshi Nishimura said that the virus outbreak […]
The U.S. dollar pulls back from a four-month high against the Euro as appetite for risk currencies improved after the weeklong rally when investors feared the virus outbreak. Nasdaq and S&P 500 indexes gained new highs as a top Chinese health adviser said that the outbreak might be peaking. The coronavirus spread in China could […]
Asian shares inch higher as threats of coronavirus recede Asian shares inched higher on Wednesday amid news of the receding threat of the coronavirus in China. However, uncertainty about the economic impact of the outbreak still kept investors cautious. MSCI’s broadest index of Asia-Pacific shares outside Japan moved up by 0.31%. Chinese shares fell 0.12%, […]
The dollar and Yen, as well as US and Japanese bonds, gained as investors seek for safe havens amid coronavirus concerns. The World Health Organization said that cases of infected people who haven’t been to China might be the start of something bigger. Coronavirus death toll is already at 1,016 in mainland China. Meanwhile, the […]
Apple’s iPhone maker Foxconn reopens China plants amid virus outbreak Apple Inc’s main iPhone maker Foxconn was given the signal to reopen two of its major plants in China despite the severe situation of the coronavirus outbreak in the country. According to sources, Apple Inc aims to resume production even though only 10% of its […]
Three days after posting dismaying profit figures and earnings outlook, Ford replaces Joe Hinrichs, appointing Jim Farley as the new chief operating officer. Joe Hinrichs, who came from General Motors, served Ford for 19 years. He was the president of new businesses, technology, and strategy department before getting appointed as the COO. “Jim Farley is […]
SINGAPORE- The dollar clocked in gains on Monday after positive jobs statistics indicated that US economy is strengthening. In line with this, weeks-long concerns of coronavirus contagion kept trade-exposed currencies neutral. Figures released on Friday disclosed that US jobs growth increased last month, completely surpassing previous forecasts, with laudable progress and growth in construction sector- […]
Toyota suspends production at China plants amid virus outbreak Toyota Motor Corp on Friday said that it would be suspending its production plants located in China as the spread of the coronavirus throughout the country continues to pick up pace. The automaker said that it may resume production after Sunday, February 16. However, it said […]
The 2019 coronavirus outbreak has interrupted economic activities and production on a global scale after infecting thousands of people in China. A continued interruption of supply chains even might cost a lot of problems to the economy of Canada and the rest of the world, according to an official of A Canadian bank on Wednesday. […]
Dollar holds against the Yen amid growing virus risks The U.S. Dollar held its ground against the Japanese Yen on Wednesday amid the ever-growing risks of the coronavirus heavily impacting the global growth of the economy. The Yen had seen its worst session in a near six months while the Dow Jones stock index ended […]
The Reserve Bank of Australia (RBA) kept its cash rate unchanged after holding its first meeting of 2020 on Tuesday. It also remained optimistic despite the ongoing plagues experienced locally and worldwide in bushfires and virus outbreak, seeing great possibilities of monetary easing. The central bank of Australia was seen cutting its rate thrice in […]
Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting Oil prices fell at nearly $50 a barrel as concerns on the coronavirus drove it into a bearish market. On Tuesday, OPEC called for an urgent meeting with its allies in order to measure the impact of the virus on global demand. […]
Yuan and Aussie Dollar readies itself for vulnerability ahead of China market re-opening The China’s Yuan and its proxy, the Australian Dollar had readied itself for a vulnerable trading day on Monday as global authorities employed drastic steps to contain the spread of the coronavirus. Many had focused on how China’s financial markets would manage […]
Oil prices continued losses due to lower demand in China in the face of the virus outbreak. China is the world’s largest oil importer. US West Texas Intermediate (WTI) and Brent crude slid for the fourth straight week after international airlines canceled flights to China. Supply chains in China have also been disrupted, causing its […]
Amid the outbreak of the new Coronavirus in China, a Chinese international trade promotion agency offered help to companies who are struggling to cope with their business partners abroad by issuing them force majeure certificates. The China Council for the Promotion of International Trade (CCPIT) announced its offer on Thursday along with the updated death […]
Asian stocks fall to 7-week low as China virus fears dampen demand Asian stocks and currencies performed poorly on Thursday as the death toll from the China virus rose. Confirmed cases across the around the world also dampened demands. Federal Reserve Chairman Jerome Powell on Wednesday acknowledged on Wednesday the risks of the virus’ impact […]
The California Institute of Technology (CalTech) won $1.1 billion jury verdict patent case against Apple and Broadcom. The case was filed in 2016 in the federal court of Los Angeles. CalTech alleged Broadcom from infringing patents linked to data transmission technology and used it in their wi-fi chips that were sold to Apple. “While we […]
TOKYO- Oil prices sunk down on Thursday as the growing statistics of coronavirus victim reached 170 and more airlines canceled operations to China’s major cities. Market inactivity was dragged down further due to advancing US crude inventories. Brent crude LCOc1 lost 35 cents, or equivalent to 0.6%, at $59.46 per barrel by 0225 GMT. Such […]
The Japanese yen soared and the Chinese yuan slipped in offshore trade as death toll on the new coronavirus outbreak in China rose to 80. Global worries echo on containing the virus while governments prioritize risk aversion. The yen peaked at its highest in three weeks against the dollar, as investors seek the “safe haven” […]
Singapore’s economy will be badly hit by the spreading new Coronavirus which started in China at the end of 2019 and has spread to the city-state, said the trade minister on Monday. Considered as of the Southeast Asian go-to destination of travelers worldwide, Singapore tallied its lowest growth rate in 10 years last year at […]
Oil prices were stable on Friday but are expected to sink lower with an estimated 5% loss for the week. Such was brought by emerging concern that fuel demand may weaken as the coronavirus that originated from Wuhan City of China that has resulted to death of 25, may impact travel and drag the economy. […]
Malaysia’s leading sugar producer disclosed its plan of purchasing higher volume of sugar from India, with sources saying that the scheme is an attempt to resolve its ongoing feud with New Delhi over palm oil exports. MSM Malaysia Holdings Berhad (MSMH.KL) is set to purchase 130,000 tonnes of raw sugar from New Delhi worth […]
The Japanese Yen advanced and Chinese Yuan plummeted on Thursday, as traders remained cautious on China’s Coronavirus. The Australian Dollar recuperated from previous inactivity over strong employment statistics. The Safe-haven Yen increased by 0.2%, closing its session with two-week high record of 105.56 per dollar. Yuan underperformed as dollar recorded its strongest activity in two […]
Oil prices decline on Wednesday as the International Energy Agency (IEA) predict surplus in the first half, easing concerns on the decreased Libya crude output. Brent crude declined 0.4%, or 24 cents, at $64.35 a barrel at 0309 GMT. US oil CLcl dropped 0.5%, or 29 cents, at $58.09 a barrel. Fatih Birol, head of […]
China stocks slip as virus outbreak raises trader concerns Asian stock markets rebounded on Wednesday as China’s response to a virus outbreak fanned fears of a global pandemic. Shanghai shares dipped amid worries that impact would dampen domestic demand and tourism. Fears of contagion, especially as millions of people travel abroad for the Lunar New […]
TOKYO- The yuan sunk down and Australian dollar recorded a six consecutive weeks of decline on Wednesday as investors grew wary that the new strain of virus in China would lead to a slower economy. The coronavirus has already reached Beijing and Shanghai as the number of patients diagnosed with such continues to bloat. The […]
Dollar softens as Beijing and Washington sign Phase 1 trade deal The U.S. Dollar stood its ground to the riskier Asian currencies on Thursday as a signed Phase 1 trade deal between Beijing and Washington showed optimism for investors. The centerpiece of the deal was a pledge by China to purchase at least an additional […]
Rare earth exports from China recovered from a four-and-a-half-year low in December, as buyers increased purchases more than a week before the Chinese Lunar New Year holiday. But yearly shipments declined to the lowest in four years as rare earth exports were hit by weakened global manufacturing demand. Rare earths, or the group of 17 […]
Uniqlo’s operator trims earnings outlook by 11% Japan’s fashion retail giant, Fast Retailing Co., otherwise known as Uniqlo’s operator said that it would lower its full-year outlook on earnings by 11%. The company’s shares dropped 3.12% in Tokyo on Friday morning following the news. Fast Retailing Co.’s overseas sales were hurt by the ongoing civil […]
Facebook announced on Thursday minor changes to its ad policy to address political ads that will be popping up on users’ news feeds as soon as the campaign period goes full blast for the US Presidential elections in November this year. The social media giant made minor adjustments to its existing ad policies to address […]
Tesla’s stock climbed by almost 5% on Wednesday, with a closing price of a record high $492.14 per share, raising its market capitalization to nearly $89 billion, which is $2 billion bigger than General Motors’ and Ford’s market caps combined. General Motors’ market capitalization is currently at $50 billion, while Ford’s is at $37 billion. […]
Safe haven currencies retreat following easing U.S.-Iran tensions The Japanese Yen and Swiss Franc retreated on Thursday as the United States and Iran backed away from further conflict. U.S. President Donald Trump responded overnight to an Iranian attack on U.S. forces with sanctions, not violence. Iran showed no imminent signals that it would retaliate further […]
Facebook’s Libra has failed in its current form; Swiss president Facebook’s cryptocurrency project, the Libra has failed in its current form and would need revisions in order for it to be approved, according to Switzerland’s president and finance minister Ueli Maurer. Switzerland is currently where Libra is seeking regulatory consent. “I don’t think (Libra, in […]
Reuter’s poll on Friday revealed Thailand’s swift escalation of its annual headline inflation rate for the month of December. However, the rate is still below the central bank’s target for the seventh consecutive month. The headline consumer price index (CPI) is predict5ed to go up by 0.9% in December from the previous year after a […]
SYDNEY-The dollar inched closer to its six-month high against the Japanese yen as the Australian dollar hit its strongest session since July last Friday, brought heavily by upbeat signals about Sino-US trade deal. Positive headlines about the possibility of trade signing decreased demand for safe-haven currencies such as yen. However, with holiday season still […]
SEOUL- South Korean exports recorded weak data in the first 20 days of December but strong demands from China and firm chip prices indicated that year-long loss may come to conclusion soon. Exports of Asia’s fourth biggest economy declined 2.0% from December 1 to 20, according to customs records disclosed on Monday. Such was […]
Thailand’s November exports fall 7.39% year-on-year Thailand’s duty-free exports in November fell 7.39% from a year earlier after it had fell 4.54% in the previous month, according to the commerce ministry on Monday. Shipments to China roose 2.3% in November from a year earlier while shipments to the United States dropped 2.6%. November imports contracted […]
Nike Inc.’s quarterly revenue and profit figures went beyond Wall Street expectations on Thursday capped by surging sales in China. However, the leading footwear’s sales in North America are a letdown as it hit lower-than-expected figures to overshadow the beat. Nike continues to struggle in North America as it faces tough competition from other brands […]
Amazon is set to deliver its customer packages of up to 3.5 billion through its own in-house delivery network this year. Amazon has long been regarded as a long-term threat to United Parcel Service Inc (UPS) and FedEx Corp due to its growing network of delivery trucks, vans, and planes. FedEx has ended its relationship […]
Daimler AG’s Mercedes-Benz USA has agreed to settle the $20 million civil penalty for vehicle recalls in the US. The government investigation on the 1.4 million recalled vehicles lasted for almost a year. The German automaker will pay $13 million and another $7 million if the company does not abide by the agreement, as stated […]
BUENOS AIRES-Argentina’s government is set to impose higher taxes on agricultural goods and on abroad-based foreign assets, the economy minister disclosed on Tuesday. The government is set to implement higher export taxes on corn and wheat from 12% to 15%, Economy Minister Martin Guzman said. The “social Solidarity and Production Reactivation” plan will also hike […]
After winning a majority vote in the election on Thursday, Britain’s Prime Minister Boris Johnson will use his control of parliament to overpower extension schemes of the Brexit transition period beyond 2020. “Our manifesto made clear that we will not extend the implementation period and the new Withdrawal Agreement Bill will legally prohibit government agreeing […]
BEIJING- China’s industrial output and retail sales growth for November recorded a far better results than what was initially forecasted, indicating that the economy is stronger as Beijing seeks to support domestic demand despite the months-long trade truce with the United States. Industrial production advanced 6.2% year-on-year in November as disclosed by records from National […]
SHANGHAI-Asian shares recorded a well-ended performance on Monday over fresh news on Sino-U.S. trade agreement. However, investors remain cautious on lurking skepticism about the deal and diplomatic relations of China and the United States. Though there are some necessary revisions, U.S. Trade Representative Robert Lightizer said that the pact was “totally done” and was expected […]
Argentina hikes export taxes in attempts to finance new government’s spending Argentina raised export taxes over processed soybean meal and oil on Saturday as its government attempted to fund spending under new President Alberto Fernandez. After this year’s 37% slump in the Peso, his administration has replaced a levy of 4 Pesos per Dollar for […]
Ping An Insurance’s OneConnect downsizes planned IPO by 28% OneConnect Financial Technology, a unit of China’s biggest insurer Ping An Insurance, downsized its upcoming IPO in the U.S. by 28%. The firm set a price range of $9 to $10 per share, down from the previous $12 to $14 per share range. It also downsized […]
U.S. reportedly planning to delay China tariffs The Wall Street Journal reported on Tuesday that the U.S. was planning to delay its imposing of 15% tariffs (about $160 billion) in Chinese goods that would take effect on December 15. However, following the reort, White House economic advisor Larry Kudlow said that the December 15 tariffs […]
In the charts of late, Gold is seen trading in a sideways manner. The precious metal’s value is around $1,461 per Oz in Asia. The trendlines connecting Nov. 12 and Nov. 26 lows and Nov. 20 and Dec. 4 highs attest to the reading. Should there be a confirmation of a channel breakdown, a resumption […]
Around 1.3150, the GBP/USD stands mildly bid. This is ahead of the London open. April saw its surge, but with the Conservatives in the lead for the upcoming December elections, the upside was capped. This had led analysts to look hard into U.K. growth and industrial figures. In the figures, it is apparent that the […]
Westpac Banking Corp refunded A$68 million ($46.14 million) to shareholders who wanted to withdraw their shares on a purchase plan after the bank faced a lawsuit accusing it of laundering millions. Westpac, Australia’s second biggest lender, offered refunds to people who bought new shares under the plan even before the lawsuit was filed. Investors have […]
Indonesia’s October retail sales accelerates at fastest pace in five months Growth in Indonesia’s retail sales accelerated to 3.6% in October from a year earlier, the fastest pace in five months which picked up strength from its September growth of 0.7% according to a central bank survey on Tuesday. Growth was mainly driven by increased […]
SINGAPORE-Oil prices underperformed on Tuesday for two consecutive sessions as global demand outlook pressed against OPEC’s arrangement with producers aimed at increasing crude output cuts in 2020. At 0204 GMT, brent futures dropped 11 cents, equivalent to 0.2% loss at $64.14 per barrel while West Texas Intermediate oil futures dropped 7 cents, or 0.1% to […]
LONDON-Britain’s biggest retailer, Tesco (TSCO.L) has signaled serious withdrawal from its large global objective by initiating assessment on remaining Asian businesses which could bring Thai and Malaysian operations up for sale. In line with the firm’s 100th anniversary, Tesco is also five years deep in UK-focused action plan initiated by Chief Executive Dave Lewis designed […]
SYDNEY-Majority of Asian stocks hiked up on Monday from Wall Street’s well-ended performance after strong US jobs data. However, regional shares were restricted due to pressing issues of China’s economic slowdown brought by months-long Sino-US trade truce. Japan’s benchmark Nikkei .N225 acquired 0.4% while MSCI’s largest Asia Pacific index shares .MIAPJ0000PUS earned 0.3%, with Australian […]
Oil prices lower as crude inventories build higher than expected Oil prices traded lower on Thursday in Asia after data showed a higher-than-expected build in crude inventories. U.S. Crude Oil WTI Futures fell 0.3% to $58.23 by 11:54 PM ET (03:54 GMT). International Brent Oil Futures slipped 0.1% to $62.94. The Energy Information Administration (EIA) […]
Dec 4- Australian shares continued its negative performance on Wednesday as reemergence of previous concerns about global trade inflict Wall Street stocks and dragged mining and financial sectors down. Market sentiment on Sino-US trade pact dimmed as US President Donald Trump suggested that the deal was far from getting signed as Commerce Secretary Wilbur Ross […]
Asian stocks fall as Trump’s new tariffs rekindle trade tensions Asian shares fell on Tuesday after U.S. President Donald Trump stunned markets by imposing new tariffs on products imported from Brazil and Argentina, rekindling fears over global trade tensions. China’s blue-chip CSI300 index fell as much as 0.62% before clawing back to register small gains. […]
Hong Kong expects unrest to cost 2 percentage points for GDP growth Hong Kong is expected to record its first budget deficit since 2004 due to unrest within the city. The economy is expected to cost up to 2 percentage points of output growth according to Financial Secretary Paul Chan. The expected deficit for the […]
TOKYO-Japanese shares made minimum gains on Friday and were posed to approach its third month of earnings. In line, investors hoped that the recent US legislation supporting Hong Kong protesters would not prevent US-China trade deal from getting signed. Benchmark Nikkei moved minimally at 23,408. 04 in latter part of the morning trade but set […]
MUMBAI- SBI Cards and Payment Services, credit card subsidiary of State Bank of India and India’s top lender, submitted draft on Wednesday complete with proposed initial public offering (IPO) with market regulator and stock exchanges. The company is set to release 5 billion worth of new shares as it also plans to offer up to […]
Oil falls after record production swells U.S. inventory Oil prices fell on Thursday after official U.S. crude and gasoline stocks rose against expectations as production hit a record thus extending losses from previous sessions. Brent crude futures were down 0.3% or 18 cents to $63.88 a barrel by 0517 GMT, dropping down 0.3% on Wednesday. […]
HSBC Holdings PLC’s private banking business is actively pursuing a double-digit growth in revenue and client assets, as it riffs off a sudden rise in Asian wealth, according to the unit’s chief executive. Chief Executive Antonio Simoes said that HSBC aims to increase its physical presence in China. The world’s second-largest economy is known to […]
Asian stocks bolstered by fresh trade talk momentum Asian stocks rose on Tuesday, bolstered by Wall Street’s record closing highs and signs of new momentum in Beijing’s and Washington’s efforts to end their long and acrimonious trade dispute. MSCI’s broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 0.5% to a one-week high. Australian shares […]
Philadelphia Energy Solutions Inc. oil refiner is seeking at least $2.5 million to give as bonus payments to its top executives as part of plan in reorganizing or selling the company after filing for bankruptcy earlier this year. US bankruptcy court filings show that PES executives were already paid almost $4.5 million in retention awards […]
BEIJING- China will start issuing overseas dollar sovereign bonds on Tuesday and the expected size will surpass the $3 billion record last 2018, Chinese finance ministry official stated. “The size of issuance will surpass that of previous years,” according to the official. Chinese Finance ministry is yet to disclose further details about the implementation which […]
France’s 5G spectrum is set to be sold at a floor price of 2.17 billion euros ($2.4 billion), which is significantly bigger than the amount formerly suggested by Arcep, France’s telecoms regulator. Arcep’s president Sébastien Soriano, who has been leery of large investments to fund the deployment of the new mobile technology, said that the […]
SHANGHAI- Hong Kong stocks recovered from weeks of underperformance following elections. Rekindled hopes over the possibility of US and China signing the deal soon heavily contributed to the said hike. The Hang Seng index acquired 1.8% gains to 27,062.53 points while Hong Kong China Enterprises Index rose with 1.5% to 10,661.04. US President Donald Trump […]
U.S. to resume Chinese chicken exports following approval for processing plants The U.S. moved closer to resuming lucrativce chicken exports to China after more than a hundred American processing plants were given approval to ship to the Asian nation. China authorized poultry imports from 172 facilities in the U.S. effective Friday, according to a notice […]
Global private equity group KKR & Co has raised almost $1.5 billion, 50% of its $3 billion target on its first Asia-focused infrastructure fund, according to a source knowledgeable with the matter. KKR launched its fundraising this year but began targeting Asia’s infrastructure sector one year ago. The source asked not to be identified as […]
TOKYO, Nov 22- Japanese shares inched higher on Friday as the possibility of United States and China sealing a trade deal reduced risk appetite. Nikkei index gained 0.61% to 23, 178.77 at exactly 0150 GMT. The rise was heavily brought by earnings of IT and industrial equipment sectors. China and the United States were still […]
The factory production of Japan in November remained below the 50.0 level and marked its 7th consecutive decline on a monthly basis. Policymakers are now faced with a challenge to stir economic activity which continues to be at a slow pace this year. The Jibun Bank Flash Japan Manufacturing Purchasing Manager’s Index (PMI) posted 48.6 […]
A former forex (foreign exchange) trader of JPMorgan Chase & Co was found guilty of conspiracy and rigging trades for personal benefit. Court records showed that ex-trader Akshay Aiyer was convicted of one count of conspiracy and is scheduled to be sentenced on April 3 in Manhattan. “This conviction serves as a reminder of our […]
Nov. 20- European shares hit low point on Wednesday as trade-sensitive sectors suffered from US President Donald Trump’s latest statement of imposing higher tariffs on Chinese good if trade pact signing ambiguity continued. Trade-dependent shares of Germany and France sunk down with 0.7% loss by 0819 GMT topping the decliner board among major regional indexes. […]
The Union of U.S. diplomat representatives has raised money amounting to tens of thousands of dollars to pay for the legal costs of the testimonies of foreign service officers in the impeachment inquiry of President Donald Trump. The American Foreign Service Association (AFSA) issued a statement in defense of the U.S. diplomats against Trump’s criticism […]
TOKYO-Japanese stock benchmark Nikkei underperformed on Tuesday brought heavily by ambiguity in US-China trade negotiations and exporters’ anxiety from yen’s performance against dollar. The Nikkei share plunged down with 0.2% to 23,361.35 as broader Topix dropped with 0.1% to 1,698.44. Wall Street’s primary indexes started flat-lined from lack of trade direction. However, it managed […]
Prime Minister of Britain Boris Johnson bared on Monday he was putting on hold corporate tax cuts and told voters he would spend for health plans. This move is in light of the Dec. 12 election to woo voters by saying that he would reverse cuts to many public services in the last ten years […]
Japan’s SoftBank Corp is set to merge its internet unit Yahoo Japan with messaging app operator Line Corp in a plan to create a $30 billion tech giant. SoftBank is currently merging with struggling companies to stick up to other tech rivals, such as Rakuten Inc. A statement was issued saying that Yahoo Japan (recently […]
Boris Johnson and the rest of the Conservative Party of the British government are poised to get Brexit done to finally end its uncertainty that compromised the economy. This shall be made possible once they get re-elected in December. The election in Dec. 12 was called in a bid to halt three years of disagreement […]
European shares recorded a weak ended session as warnings from German carmaker Daimler and frail economic data from major economies contributed tension to a global slowdown concern. The pan-European STOXX 600 index inched lower with 0.3% with most sectors contributing to the inactivity and automakers .SXAP leading the decline with 1.4%. Daimler (Daign.DE) plummeted with […]
The Chinese central bank supplied 200 Billion Yuan ($28.60 bBillion) through its medium-term lending facility on Friday. It is the central bank’s move to (second time this year) beef up economic activity while keeping interest rates at its current levels. The markets were surprised to the bank’s move to add long-term funds as it had […]
LONDON-Britain warned that European citizens who fail to apply for Brexit’s new immigration status before deadline will be deported. In line with this, citizens who met listed exemptions will qualify for leniency. The government was reported to have already drafted a closed list of exemptions including physical and mental disability and children whose parents did […]
Hong Kong prepared for more tumults on Wednesday as the mass protests continue to spread violence around the city-state, paralyzing some transport links, schools, and businesses. Demonstrators scuffled with the police through the night at university campuses and other locations hours after a senior police officer said Hong Kong had been at the edge of […]
Toshiba Corp reported its second quarter profit, the company’s highest profit in over two years. The company is set to buy out three of its subsidiaries as it moves forward from a management crisis and accounting scandals. Toshiba reported an operating profit of 44.23 billion yen ($405.41 million) for the second quarter that ended in […]
LONDON-European bonds plummeted on Tuesday on expectations that US President Donald Trump will yet again hold his decision on whether to implement tariffs on European autos. This dampened investors’ appetite regarding government debt. Trump is expected to give key note discussion regarding US trade policy at the Economic Club of New York on Tuesday. In […]
China’s auto industry shifts focus to rural car sales China’s auto industry executives met with government officials over the weekend in order to seek ways to promote higher car sales in rural areas, according to sources familiar with the matter. The country’s car manufacturing has been facing pressures of falling sales in the world’s largest […]
European shares began its session with weak footing last Friday compromising its performance throughout the week. This followed after US-China trade pact uncertainty left investors doubtful over the possibility of the said trade pact signing. The pan-European STOXX 600 index suffered with 0.4% at 0807 GMT but is expected to finish its fifth straight […]
Vietnam to inspect Chinese smartphones for disputed maps Vietnam will inspect all smartphones imported from China which includes Huawei and Xiaomi models according to the Tuoi Tre newspaper reports that cite Ngyuen Hung Anh, head of Vietnam Customs’ anti-smuggling and investigation department. Vietnam will check the phones to see whether its pre-installed navigation apps are […]
NOV. 7- European shares hit four-year high last Thursday following China’s statement that Beijing and Washington will pull out tariff implementation in different phases. Both countries must pull out the implementation of tariffs on each other’s goods in order to come up with the possibility of “phase one” trade pact, said Gao Feng, spokesman of […]
SoftBank reports $8.9 billion loss in second quarter due to Vision Fund Softbank Group Corp reported its second quarter profits, detailing a loss of 970 Billion Yen ($8.9 billion) on Vision Fund due to falling valuations of top tech bets like Uber and WeWork. The accounted loss is reported to be Softbank’s first quarterly loss […]
Chinese official says breakthroughs made in Asia trade talks A Chinese official on Monday said that breakthroughs had been made in negotiations for an Asian-wide pact that is said to be the world’s biggest trade deal. However, consultations with India are still under way, he said. The details of the deal will be announced later […]
An independent review posted on Monday is backing up Britain’s plan to raise the minimum wage to two-thirds of median earnings. The raise moves the wage to 10.50 pounds or $13.58 per hour. Finance Minister Sajid Javid said in September he would raise the National Living Wage (NLW) to the new target by 2024 and […]
As a Tory leadership may well be in the cards after the Brexit elections on December 12, the GBP/USD is seen to hold on to recovery gains as it takes the bids to 1.2940 before this week’s London open. Opinion polls agree that Tory Leader Boris Johnson is on the lead over the Opposition Party […]
Amazon shares fall 7%, forecasts below expectation Amazon.com Inc’s forecast revenue and profit for the holiday quarter was below expectations as it faced fierce competition and rising costs from plans to speed up global delivery times. Shares fell 7% as revenue growth for the company’s lucrative cloud computing business slowed down in the third quarter. […]
German car parts supplier Brose to cut 2,000 jobs as auto sector struggles German autos supplier Brose Group said on Thursday that it was cutting over 2,000 jobs in Germany in the coming years due to a slump in earnings. The car parts supplier blamed it on a declining Chinese market, changes in the car […]
Money markets slash rate cut expectations after EU and Britain seal Brexit deal Money markets further scaled back expectations for interest rate cuts from European Central Bank of England after Brussels and London announced that they had agreed a new Brexit deal. Eurozone money markets have now priced out a 10 bps rate cut at […]
Analysts see Trump’s hailing of $50 billion in Chinese farm purchases as “meaningless” China is still distant from buying $50 billion worth of agricultural goods from the United States according to analysts from the industry. They cautioned that this could only pull through if substantial technical and political hurdles have been removed. As part of […]
China’s September exports expected to drop by 3% China’s exports fell at a slightly faster pace in September as reducing global demands and U.S. tariffs intensified. Meanwhile, imports shrank for a fifth month straight, suggesting that pressure on the economy has been increasing. As more U.S. tariff measures against China are set to take effect […]
Bank of England sets out rules of engagement for Facebook’s Libra The Bank of England (BoE) had set out rules of engagement that Facebook’s cryptocurrency, Libra and other digital payment providers would meet before they can operate in Britain. The BoE’s Financial Policy Committee added that Britain’s banks along with its financial system were fully […]
The U.S. to apply 25% tariffs on Scotch whiskey, Italian cheese, and French wine The Trump administration had slapped 25% tariffs on French wine, Italian cheese, and single-malt Scotch whiskey exports in retaliation for EU subsidies on large aircraft. However, they spared Italian wine, pasta, and olive oil. The U.S. Trade Representative’s Office released a […]
Metro Bank founder quits amid fallout from an accounting error Metro Bank shares jumped more than a quarter on Wednesday after its founder and chairman, Vernon Hill, quit following the wake of a significant accounting error that misclassified almost £900 million worth of loans. According to Metro, Hill would quit the group by December 31 […]
Chip stocks propel gains in Europe European shares gained on Tuesday as Apple suppliers held the lead following reports of strong iPhone sales. Semiconductor makers jumped into the spotlight with AMS, Dialog, and STMicro posting gains in early trading, pushing the technology sector higher by 1%. Apple Inc’s Chief Executive Officer Tim Cook told a […]
Visa and Mastercard Inc to reconsider backing Facebook’s Libra Visa (V.N), Mastercard Inc (MA.N), and other key financial partners may reconsider their involvement in Facebook Inc’s (FB.O) Libra. Initially, the financial backers to the cryptocurrency did not want to attract regulatory scrutiny and declined Facebook’s request to publicly support the project. Policy executives from the […]
WeWork to withdraw ill-fated IPO WeWork’s parent company, The We Company, filed to withdraw its initial public offering a week after the SoftBank-backed startup ousted its founder Adam Neumann as its chief executive officer. The withdrawal of its IPO marks the end of the New York-based company’s pursuit of a near-term listing. It allows Neumann’s […]
Asian Shares slips as U.S.-China Trade Talks continue Asian share markets slipped on Monday as investors waited for more clarity on U.S.-China trade talks. Market sentiment remained fragile with civil unrest in Hong Kong, tensions in the Middle East and worries that a trade deal between the United States and China could take a long […]
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