Economic news

July had seen Australia’s consumer sentiment declining. This was mainly from the reimplementation of coronavirus-related lockdowns in the country’s second-largest city, completely dragging consumers’ confidence after two months of gain.   The Westpac-Melbourne Institute index of consumer sentiment dropped a total of 6.1% in July. This followed after the index recorded a 6.3% increase in […]

The euro hit a four-month peak against the dollar on Wednesday on hopes that the European Union would implement economic stimulus and deeper fiscal integration to support the economy amid the pandemic. The euro rose to $1.1423, its highest since early March. It hit a one-month high of 122.47 on the Japanese yen and was […]

Oil prices gained on Wednesday after a steep decline in U.S. crude stockpiles, while markets await OPEC’s next steps on supply cuts to be announced after a meeting later today. Brent crude futures rose 0.2%, or 10 cents, at $43 per barrel. U.S. West Texas Intermediate crude futures were up 0.4%, or 14 cents, at […]

The dollar climbed against its peers on Tuesday as worries about the U.S.-China diplomatic tensions and rising coronavirus cases affected risk appetite. The dollar traded at 107.26 on the yen after a 0.4% gain in the last session. It stood at 0.9418 on the Swiss franc. The euro firmed at $1.1346 and at 90.40 pence […]

Oil prices dropped on Tuesday on fears that reimposed restrictions on businesses to control the surge in U.S. coronavirus cases could offset fuel demand recovery and expectations that OPEC+ might ease production cuts from August. U.S. West Texas Intermediate crude futures fell 1.27%, or 51 cents, at $39.59 per barrel. Brent crude futures lost 1.01%, […]

China saw positive customs data on Tuesday, raising hopes that the world’s second-largest economy is on the way to recovering from the COVID-19 pandemic. Exports for June rose 0.5% year-on-year compared to an analysts’ forecast of a 1.5% drop and a decline of 3.3% in May. Meanwhile, imports for June saw a 2.7% increase year-on-year, […]

Gold prices fell earlier on Tuesday in Asia as the Dollar strengthened, pulling traction away from the yellow metal. Gold futures fell by 0.85% to $1,798.65 per ounce at 1:12 AM ET (6:12 AM GMT), still remaining above the $1,800 level. Losses were limited as new outbreaks continued to be reported across the world. As […]

Singapore’s economy recorded its sharpest contraction in the second quarter. This placed the trade-dependent city-state into recession as it is also expected to suffer from its worst inactivity this year on virus-beaten businesses. The city-state’s gross domestic product dropped 41.2% in the three months ended March, surpassing the economists’ prediction of a 37.4% decline. This […]

Asian stock markets plummeted on Tuesday, while oil dropped and a safety bid boosted the dollar’s performance. This followed after emerging Sino-U.S. tensions and new novel coronavirus restrictions in California dampened optimism as earnings season approaches. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.2%. Japan’s benchmark index Nikkei declined 0.8%, easing from its […]

On Monday, California’s Governor Gavin Newsom ordered restrictions on bars, dine-in restaurants, gyms, and even ordinary offices across the state to shut down as coronavirus cases continue to climb which dims the economic growth of the United States as a whole. The affected businesses include all operations at bars and indoor activities at restaurants, wineries […]