Economic news

On Tuesday, Tesla’s (TSLA) principal stockholders and investors cut $50 billion from its market value despite CEO Elon Musk’s promise to reduce electric vehicle costs. According to Tesla’s Senior Vice-President of Powertrain and Energy Engineering Drew Baglino, the automaker plans to produce its new cells via a highly automated and continuous-motion assembly process at its […]

On Wednesday, KKR & Co Inc (KKR.N) announced that it would invest 5,550 Million Crore ($755 Million) in Reliance Industries Ltd (RELI.NS) and Reliance Retail Ventures Limited (RRVL). The American global investment company said that the investment would provide funds for Reliance worth $1.78 billion within a month. Reuters reported that the Mumbai based multinational […]

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

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

The dollar held on to sharp gains on Tuesday after coronavirus fears and worries about delays in U.S. stimulus prompted a sell-off in almost all the financial markets. The dollar stood at 93.519 against a basket of currencies, just below a six-week peak hit on Monday. The safe-haven yen rose to 104.57 on the dollar […]

Oil prices gained in early Tuesday trade, recovering from overnight losses as the latest tropical storm in the Gulf of Mexico weakened. Still, worries about fuel demand remained as global coronavirus cases surged. Brent crude futures climbed 0.3%, or 14 cents, at $41.58 per barrel. U.S. West Texas Intermediate crude futures for October delivery rose […]

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 […]

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

On Tuesday, Intel Corp. (INTC) announced that it obtained licenses from the United States government to continue supplying products for Huawei Technologies (SHE: 002502). The American multinational corporation and technology company said that it had sought approval from the U.S. authorities to supply Huawei to continue its new notebook project. The U.S. Department of Commerce […]

On Tuesday, Whitbread (WTB.L) announced plans to cut 6,000 jobs at its hotels and restaurants due to the weak global travel demand amid the coronavirus outbreak. Whitbread reported that its sales during the first half of its financial year were down by almost 80% due to the lockdown that forced the closure of its hotels […]