Economic news

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, […]

U.S. stocks are on track to open higher after the pharma sector reassured progress for a COVID-19 treatment. Dow Jones futures gained 0.8% (218 points) at 06:30 AM ET (10:30 GMT), while S&P 500 and Nasdaq futures gained 1.1% and 1.4% respectively. However, there has been criticism on biotech firm Gilead Sciences Inc after it […]

The British pound clung to a 1 ½-month low on the dollar on Monday amid fears of a possible no-deal Brexit, while investors in the yen waited for Japan to appoint a new prime minister. The pound traded at 1.2806 after hitting a 1 ½-month low of 1.2767 on the dollar. Against the euro, it […]

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 […]

August had seen China’s new home prices advancing faster than its usual monthly pace. This was mainly from signs of a rebound in consumer demand, supporting the emergence of the country’s economy from the coronavirus drag.   Average new home prices in 70 major cities advanced 0.6% in August from a month earlier. The jump […]

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

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 […]

On Monday, Amazon.com Inc. (AMZN.O) said that it would recruit another 100,000 workers to keep pace with the online shopping demand that jumped amid the coronavirus pandemic. The Seattle-based e-commerce company said that it would be the fourth hiring spree that was announced in the United States this year. According to Amazon, the positions were […]

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 […]