Economic news

Earlier on Tuesday, the Dollar saw slight gains in Europe as traders kept a wary eye on the ongoing political discussions over a potential new U.S. stimulus package. The Dollar Index, which tracks the Greenback against a basket of six other currencies, inched up by 0.1% to 93.445 at 2:55 AM ET (0655 GMT). Against […]

European stock markets opened slightly lower on Tuesday, weighed down by fading hopes that U.S. lawmakers would reach meet the Tuesday deadline for a U.S. stimulus package, and the tightening of lockdown measures in Europe. DAX futures in Germany slipped by 0.1% at 2:05 AM ET (0605 GMT). Meanwhile, CAC futures in France lost 0.7%, while […]

Asian stocks fell on Tuesday as investors cut down their risk exposure ahead of the U.S. election and as a deadline for the U.S. stimulus package neared.  Caution among investors grew as global coronavirus cases rose, with Europe posting record daily new infections. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.11% after U.S. […]

Oil prices fell for a fourth straight day on Tuesday on fears about a surge in new global coronavirus cases impacting fuel demand. Rising output from Libya also added to supply worries in the market.  Brent crude futures dropped 0.7%, or 30 cents, to $42.32 per barrel after sliding 31 cents on Monday. U.S. West […]

On Monday, UBS Group AG (UBSG.S) reported a 99% increase in its third-quarter revenue in light of a strong investment banking performance and an unexpected rise in wealth management profit. “Our third-quarter results continue to demonstrate that our strategy is differentiating us,” UBS’ Chief Executive Officer Sergio Ermotti stated in an interview. Ermotti’s net profit […]

On Tuesday, South China Morning Post reported that Cathay Pacific Airways Ltd. (0293.HK) would furlough 18% of its workforce or almost 6,000 jobs and axed its regional brand Cathay Dragon. Hong Kong’s flag carrier said that the job cuts were made to help weather the coronavirus outbreak. In June 2020, the airline stated that it […]

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

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

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

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 […]