Economic news

On Thursday, Lyft Inc. announced that it would halt its ride-hailing services in California at the end of the day. The move came after the U.S. court granted a preliminary injunction last week requiring the carpooling company to reclassify drivers as employees rather than independent contractors. “This is not something we wanted to do, as […]

On Friday, Sky News reported that JPMorgan Chase & Co (JPM.N) would launch its online British retail bank under its Chase brand in the first quarter of 2021. The planned venture would rival Goldman Sachs’ (GS.N) Marcus brand and other start-up companies including Monzo and Starling. According to a reliable source, JPMorgan had signed up […]

The euro gained on Friday as the dollar was weighed down by doubts over U.S. economic recovery. This came after U.S. jobs data were reported to be weaker than expected, while the yuan rose to a seven-month peak as investors focused on China’s growth. Euro investors are awaiting the euro zone’s purchasing managers index due […]

Oil prices gained in early trade on Friday, nearing its third week of gains as it was supported by key producers’ compliance with the agreed output cuts amid concerns about fuel demand recovery during the pandemic. Brent crude futures climbed 0.4%, or 16 cents, at $44.07 per barrel. U.S. West Texas Intermediate crude futures were […]

Asian share markets advanced on Friday, tracking Wall Street’s rally. However, they are set to hit a subdued week in about a month as investors grapple with weak economic data and intensive valuations following a prosperous performance that has salvaged virus-led losses. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.6%. While the index […]

Japan’s core consumer prices were seen stagnant in July. This dampened hopes for a modest increase as the coronavirus crisis ravaged household demand and heightened the possibility of the economy plunging into deflation again. Japan’s core consumer price index maintained its level in July from a year earlier, data from the Ministry of Internal Affairs […]

The dollar gained on Thursday, breaking away from a two-year low after minutes from last month’s Fed meeting prompted bears to buy the greenback in its biggest one-day gain since June.  The dollar index rose 1% to 92.90 in London trading. The jump following the release of the Fed minutes prompted for the dollar’s biggest […]

Oil prices dropped on Thursday as major producers warned of fuel demand risks if the coronavirus pandemic prolonged, while U.S. crude stocks fell less than expected.  Brent crude fell 0.8%, or 36 cents, at $45.01 per barrel. U.S. oil slid 0.9%, or 38 cents, at $42.55 per barrel. U.S. crude inventories fell on its fourth […]

Gold prices fell earlier on Thursday in Asia, retreating below the $2,000 mark once more as the U.S. Dollar slowly recovered from its record slump. Gold futures fell by 0.54%, trading at $1,959.70 per ounce at 12:30 AM ET (05:30 AM GMT). Investors retreated from the safe-haven asset after the Greenback gained slightly on Thursday’s […]

The S&P 500 retracted from record highs after tech stocks began to run into some resistance, and after the released U.S. Fed minutes revealed how several sectors of the economy still remained to be affected by the COVID-19 pandemic. The S&P 500 held steady at 3,387, after it had hovered to an intraday high of […]