Economic news

Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from a fresh wave of virus cases. According to the Australian Bureau of Statistics (ABS), total payroll jobs declined […]

Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of Samsung Electronics recorded a 5.8% jump, soaring to the highest level in about five months. More so, the technology provider’s shares […]

The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen and to a 22-month low of $1.1699 on the euro. The dollar index fell to its lowest […]

Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, at $41.22 per barrel. The decline in oil was also seen in other financial […]

European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge. The pan-European STOXX index lost 0.5% at 0718 GMT. Meanwhile, travel and leisure shares plummeted by 3.2%, with the descent being led by UK-based airline […]

On Monday, Deutsche Bundesbank’s President Jens Weidmann said in a newspaper interview that Germany would toughen its auditing and accounting regulations to prevent another scam like the Wirecard scandal. Wirecard AG (WDI), a financial services company, filed for insolvency on June after admitting that the 1.9 billion Euros that were supposedly held in trustee accounts […]

On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal data for a targeted advertising program. ACCC said that Google did not seek consumers’ explicit consent. The company failed to […]

China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic is gaining momentum. The country’s industrial profits recorded an 11.5% year-on-year increase in June, the statistics bureau said on […]

Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest economy. Government data showed that the country’s capital expenditure only advanced 0.1% in the first quarter from a year ago. The figure came […]

The U.S. Federal Reserve eased another $2 million in emergency loans this week to help struggling U.S. businesses amid the recession. The Fed’s overall asset portfolio reported growth for the second week, holding above $7 trillion. The Fed’s loan balance under its Main Street Lending Program increased from $12 million last week to $14 million. […]