Economic news

The dollar firmed on Wednesday as a surge in new U.S. coronavirus cases and the reinstatement of lockdowns in several countries prompted a safe-haven bid. Risk sentiment also weakened after Federal Reserve officials stated that the rising coronavirus cases could impact economic growth. The yuan slid to 7.0228 against the dollar as most Asian currencies […]

Oil prices fell in early Wednesday trade as a build in U.S. crude inventories and a forecast for U.S. crude production to fall less than expected added to oversupply concerns. Brent crude futures lost 0.3%, or 13 cents, at $42.95 per barrel. U.S. West Texas Intermediate crude futures slid 0.3%, or 10 cents, at $40.52 […]

Indonesia on Tuesday imposed a 10% VAT on products by technology firms including Amazon, Netflix, Spotify, and Google as lockdowns forced a surge in spending patterns as well as remote working, which has hit state finances. The Southeast Asian country’s tax office stated that it had already assigned tax identification numbers to Amazon Web Services, […]

The economy in the European Union will plunge deeper into recession for 2020 and may recover only slightly in 2021 than previously thought, the European Commission predicted on Tuesday. The downbeat assessment of Europe’s economy comes as concerns piled over the U.S. recovery the surge of new coronavirus infections. The EU executive said the 19-nation […]

The dollar firmed on Tuesday as risks from rising coronavirus infections compensated for strong economic data and capped confidence on economic recovery. The dollar steadied on most majors, while the dollar index held on a near two-week low.  The Aussie fell from a one-month high as Melbourne imposed six-week stay-at-home restrictions due to rising cases. […]

Oil prices dropped on Tuesday as investors feared that the steady rise in coronavirus cases in the United States will stall demand recovery. U.S West Texas Intermediate crude futures were down 0.4%, or 17 cents, at $40.46 per barrel. Brent crude futures fell 0.4%, or 19 cents, at $42.91 per barrel. As 16 U.S. states […]

On Monday, United Airlines (UAL.O) announced that it would continue adding more flights for international routes in September. The airline company plans to reintroduce flights that were canceled due to coronavirus pandemic. United Airlines would have flight services between Chicago and Hong Kong, Los Angeles and Sydney, and new non-stop flights between Chicago and Tel […]

On Monday, Tesla Inc.’s shares (TSLA.O) rose by 13% to an all-time intraday high of $1,342 per share. Some analysts said that the electric car maker’s shares could surge another 24% this year. JMP Securities (JMP) boosted its price target to a Wall Street high of $1,500 from $1,050 after Tesla reported its second-quarter deliveries […]

May had seen Japan’s household spending declining at its most rapid pace. This drove the world’s third-biggest economy further into decline as consumers heeded authorities’ mandate of staying at home to contain the novel coronavirus pandemic. The country’s household spending extended its 11.1% drop in April as it fell 16.2% in May from a year […]

June had seen Philippine inflation advancing faster than what was initially thought. This followed after one of the world’s longest coronavirus lockdowns was lifted. Moreover, food, fuel prices, and the transport index were seen at higher levels as the country resumed its economic activity. The consumer price index soared 2.5% in June from a year […]