Economic news

Alphabet Inc.’s Google (GOOGL) said on Monday that it would not use Fitbit Inc.’s (FIT) health data to target advertisements in an attempt to address the European Union’s antitrust concerns about its proposed acquisition deal worth $2.1 billion. “This deal is about devices, not data. We appreciate the opportunity to work with the European Commission […]

On Monday, world shares edged towards a five-month high and the U.S. dollar decreased in late trading as investors anticipated that the earnings season would see most companies beat revenue forecasts in light of the lifted coronavirus restrictions. The U.S. earnings season would begin this week including major Wall Street banks such as JPMorgan (JPM) […]

Alibaba Group Holding Ltd’s (BABA) co-founder Jack Ma sold $8.2 billion worth of shares, reducing his stake in the company over the past year from 6.2% to 4.8%. The Chinese e-commerce company released its annual report on Friday. The divestment came in September 2019 when Jack Ma stepped down as Alibaba’s executive chairman to focus […]

Asian shares advanced on Monday backed by investors’ confidence over U.S. earnings. Investors heavily anticipate a prosperous earnings season, with most companies expected to surpass forecasts now that outlooks had been lowered by COVID-19 lockdowns. MSCI’s broadest index of Asia-Pacific shares outside Japan rallied with a 0.15% gain. This followed after a five-month high record […]

Singapore said on Monday it is ready to release its developed blockchain-based payments network that would pave the way for faster and cheaper international settlements. The Monetary Authority of Singapore joined forces with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network, being the final phase of the city-state’s Project Ubin. […]

The inactivity in Chinese exports likely eased in June as several countries resumed their economic operations. Meanwhile, imports declined milder on higher crude oil and commodities purchases, a Reuters survey showed on Monday. Economists expect June exports from the world’s second-biggest economy to have declined 1.5% from a year earlier, dropping milder than the 3.3% […]

Oil prices traded lower in Asia earlier on Monday, a few days before OPEC’s technical meeting scheduled on Wednesday. Investors are expecting that OPEC would further recommend the easing of its current supply cuts in a bid to reverse oil gains. Brent futures dipped by 0.74%, selling at $42.92 per barrel at 11:58 PM ET […]

Gold prices rose earlier on Monday in Asia, remaining above the $1,800 as the COVID-19 pandemic continues to worsen around the world. Gold futures slipped by 0.29%, trading at $1,807.15 per ounce by 12:47 AM ET (05:47 AM GMT). Investors flocked to the safe-haven after a surge of COVID-19 cases across the globe dampened hopes […]

The U.S. Federal Reserve’s holdings of bonds and other securities fell on its fourth consecutive week, dropping below $7 trillion, while one key emergency liquidity measure slid to zero. The market took this as a sign that financial damages caused by the coronavirus pandemic have eased. The Fed’s total balance sheet size fell $88 billion […]

Britain’s retail industry encouraged UK and EU negotiators to arrive at a post-Brexit trade deal. This came after the retail industry stated that consumers will endure higher prices from next year if a tariff-free trade is not guaranteed. Thousands of jobs have been lost in the retail industry as shoppers avoided the high street due […]