Economic news

Oil prices rose on Friday as the dollar dropped to a near two-year low, but demand worries amid rising coronavirus cases and the worsening U.S.-China tensions capped gains. Brent crude gained 0.4%, or 15 cents, at $43.46 per barrel. U.S. West Texas Intermediate crude was up 0.3%, or 12 cents, at $41.19 per barrel. U.S. […]

Wall Street recorded a sharp decline on Thursday.  This followed after investors fled market-leading technology shares due to mixed earnings reports and pieces of evidence of a worsening virus crisis, increasing the possibility of a sharp economic downturn.  All three major U.S. stock indexes lost footing. The S&P 500 declined 1.23%, while the Dow Jones […]

The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of the year. On an annualized basis, the U.S. economy recorded a 33.8% decline last quarter. Though […]

On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, details are still unclear on how Texas’s Attorney General Ken Paxton and some multi-state investigators found out that Apple had […]

Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors about raising $1 billion at $270 per share. SpaceX said that it aims to make […]

The Dollar traded lower earlier on Friday in Asia, continuing its descent from the previous session as the U.S. struggles to curb the rapid increase of COVID-19 cases in the country. In addition, recent data showing an unexpected rise in unemployment claims and the looming expiry for some stimulus measures also dampened hopes for a […]

Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the week after European leaders announced a massive stimulus plan to soften the economic blow of […]

China’s diesel exports for June fell by 50% year-on-year, a record low since September 2018 as lockdown measures around the world continued to curb fuel demand. China exported has 1.04 million tons of diesel, compared to the 1.45 million and 2.07 million tons in May and June last year respectively, data from the General Administration […]

The Dollar traded lower earlier on Thursday in European markets after new hope of an economic recovery in Europe bolstered sentiment. The Dollar index fell by 0.1% to 954.808 at 3:10 AM ET (0710 GMT), gaining only slightly from the four-month low of 94.773. Against the Japanese Yen, the Greenback traded mostly flat at ¥107.09, […]

Asian shares fell on Thursday as the U.S.-China tensions overshadowed hopes for more economic stimulus after Washington ordered the closure of Beijing’s consulate in Houston amid spying allegations. China called the order an “unprecedented escalation,” with sources saying that Beijing is planning to retaliate by shutting down the U.S. consulate in Wuhan. MSCI’s broadest index […]