Economic news

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

Global shares were seen at lows, while the dollar jumped on Thursday. This followed after the Federal Reserve pledged to maintain ultra-low interest rates for a long time. However, it opted out from providing stimulus to salvage the virus-beaten U.S. economy. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.82% decline. The index […]

On Wednesday, Spotify Technology’s (SPOT) shares fell by 7% after Apple Inc. (AAPL) launched a new bundle plan for all its services that lowered the price of Apple Music subscriptions. The Swedish music streaming and media services provider said that the Apple One bundle favored its own Apple Music service. “Once again, Apple is using […]

On Wednesday, U.S. President Donald Trump announced that he was not ready to approve a proposed deal from ByteDance that would make Oracle (ORCL.N) a technology provider for its popular video-sharing app TikTok. Trump said that he was waiting to receive a report from the U.S. Treasury Department about the proposed deal on September 17. […]

Industria de Diseno Textil SA, the owner of Zara known as Inditex, reported on Wednesday that it regained its quarterly profit after the company’s sales plunged by 31% from May to July 2020.Inditex posted its second-quarter net profit worth 214 Million Euros ($253 Million), beating Refinitiv’s Smart Estimate Model (SME) forecast worth 96 Million Euros. The Spanish […]

European stock markets opened slightly lower on Wednesday, as investors cautiously await the Federal Reserve policy decision. Germany’s DAX futures fell by 0.1% at 02:05 AM ET (06:05 AM GMT), while France’s CAC futures lost 0.3%. Meanwhile, FTSE futures in the UK lost 1.1%, reversing gains from Tuesday’s session. The U.S. Federal Reserve’s two-day policy […]

Gold prices rose earlier on Wednesday in Asia as investors awaited the results of the U.S. Federal Reserve policy meeting that would be announced later in the day. The meeting discussed whether the U.S. central bank would continue to keep interest rates low while easing inflation. Gold futures inched up by 0.11%, trading at $1,968 […]

On Wednesday, Alibaba Group Holding Ltd. (BABA.N) announced its plan to establish a pilot factory in the eastern Chinese city of Hangzhou. The e-commerce company said that the move was a part of its “smart manufacturing” business initiative. Alibaba said in a statement that the factory would primarily work with apparel companies. Its internal division […]

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

Majority of Asian shares recorded a well-ended session on Wednesday. This came after upbeat Chinese and U.S. economic data prompted a rally the previous day. However, the dollar, U.S. yields, and gold remained stagnant ahead of the Federal Reserve’s policy meeting. MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.5% gain. Australian shares […]