Economic news

The sterling, which was on track for its five-month peak on Wednesday, is expected to lose footing this year as Brexit uncertainty and coronavirus-related concerns intensified. A subdued year for the currency is foreseen before recuperating in 2021, a Reuters survey showed. July had seen the pound recording its largest monthly increase in more than […]

The second quarter had seen the Philippine economy dropping more than what was predicted. This came to be the first recession of the country in almost three decades as the struggling economy continues to suffer from one of the world’s longest virus-driven lockdowns. The nation’s economy monitored a 16.5% contraction in the second quarter from […]

German industrial orders surged in June as Europe’s largest economy began to ease from the effects of the months-long lockdown due to the COVID-19 pandemic. However, volumes were still below levels as they were before the pandemic, data from the Statistics Office showed. Orders surged to an adjusted 27.9% compared to May, which was more […]

Ministers from a trans-Pacific trade bloc in a joint statement have pledged to roll out food and medicine supplies amid the COVID-19 pandemic in an attempt to cushion its further blow on Wednesday. In the virtual meeting, which was hosted by Mexico, the 11 members expressed to counter protectionism and support for modernizing the World […]

British banks cut back their outlook for the year further than most of their European peers in the second quarter earnings report as the COVID-19 pandemic, Brexit, and low interest rates led them to prepare for “worst-case” scenarios in their risk models.    Banks such as Barclays, Standard Chartered, Lloyds, NatWest Group, and HSBC underperformed despite […]

Indonesia’s economy saw a record contraction since 1999 in the second quarter as the COVID-19 situation continued to affect consumer demand and economic activity in Southeast Asia’s largest economy. Data from Statistics Indonesia reported the country’s GDP to have shrunk by 5.32% from April to June year-on-year in contrast to a forecast of a 2.97% […]

The dollar stayed weak on Wednesday as the U.S. coronavirus stimulus package stalled in Congress and U.S. bond yields dropped, while investors awaited possible monetary easing to support the economy. The Democrats in Congress and White House negotiators are still trying to reach a deal on the coronavirus package, but Treasury Secretary Mnuchin said that […]

Oil prices dropped for the first time in four days, retreating from as much as five-month highs as a continued surge in worldwide coronavirus cases undersold investors’ confidence in fuel demand recovery. Brent crude fell 0.1%, or 4 cents, at $44.39 per barrel. U.S. West Texas Intermediate lost 0.2%, or 8 cents, at $41.62 per […]

The United States President Donald Trump said on Monday that he was ready to approve the purchase deal between Microsoft (MSFT) and ByteDance’s short-video app TikTok. However, Trump demanded that the U.S. Treasury should get a cut of the proceeds while the U.S. government should receive a handsome amount of money in exchange. “A very […]

On Tuesday, Walt Disney Co (DIS.N) reported a quarterly loss worth $5 billion due to the coronavirus outbreak that has paralyzed its theme parks, live productions, cruise line, movie theaters, and sporting events worldwide. Disney’s shares initially dropped by 2% in after-hours trading but ended the extended session by 4.3% after the announcement of the […]