Economic news

Oil prices steadied on Thursday as a hurricane hit the United States’ key oil production facilities in the Gulf of Mexico, forcing oil rigs and refineries to close down production in the region. Brent crude futures for October delivery climbed 0.3%, or 13 cents, at $45.77 per barrel, while the November contract rose 10 cents […]

TikTok’s Chief Executive Officer Kevin Mayer announced that he would leave the company after three months amid ongoing disputes with the Trump administration. According to the Chinese-owned video app, U.S. General Manager Vanessa Pappas would replace Mayer on an interim basis. “In recent weeks, as the political environment has sharply changed, I have done significant […]

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. […]

The Bank of Korea kept its key interest rate steady on Thursday. The central bank’s predicted move came nothing as a surprise as policymakers are more pressured to take more actions to prevent the resurging coronavirus infections from deterring the recovery of the country’s virus-beaten economy. The BOK held its 0.5% seven-day repurchase rate as […]

Gold prices saw its fourth consecutive slump in five days before trimming losses later on Tuesday amid a strengthening Dollar as expectations rose for U.S. Fed Chair Jerome Powell’s speech on Thursday. Gold futures for the December delivery on Comex slipped by 0.8% ($16.10), trading at $1,923.10 per ounce. Comex was up on last week’s […]

European stocks were up slightly earlier on Wednesday after Germany and France agreed to roll out additional stimulus, lifting hopes of an economic recovery from the COVID-19 pandemic. Germany’s coalition parties have pledged to roll out a stimulus package amounting up to €10 billion, while Prime Minister Jean Castex said that France is set to […]

The dollar steadied against its peers on Wednesday ahead of a key speech from Fed Chairman Jerome Powell and U.S. data that are expected to report a slowdown in durable goods orders. The yuan hit a seven-month high after U.S. and Chinese officials reaffirmed their commitment to a Phase 1 trade deal, easing concerns about […]

Brent crude oil prices gained on Wednesday after U.S. producers shut most of the offshore production in the Gulf of Mexico and U.S.-China trade talks reported progress. Still, gains were capped due to coronavirus worries after Europe and Asia reported COVID-19 reinfections.  Brent crude oil futures rose 0.3%, or 12 cents, at $45.98 per barrel. […]

The S&P 500 and the Nasdaq reached record highs on Tuesday. However, gains fuelled by encouraging developments in Sino-U.S. trade and medical breakthroughs to combat the coronavirus were heavily dragged by a decline in Apple shares. Apple Inc’s subdued performance greatly affected all three indexes as its stocks declined 0.8%. This came before the company’s […]

Asian stock markets declined from a two-year peak on Wednesday. The drop could be attributed to investors’ dampened sentiment over a mixed bag of economic data. Meanwhile, oil reached a five-month high as a hurricane ravaged production in the Gulf of Mexico. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% drop. This […]