Economic news

The dollar firmed against the Japanese yen on Wednesday ahead of the release of U.S. manufacturing data expected to show a recovery from the pandemic. The euro traded in a narrow range as traders waited for data on Germany’s manufacturing sector, unemployment rate, and retail sales. The dollar stood at 107.83 on the yen, nearing […]

Oil prices rose on Wednesday after U.S. crude inventories fell more than expected, hinting at an improving demand amid the resurgence of coronavirus. Brent crude gained 0.8%, or 33 cents, at $41.60 per barrel. U.S. crude added 1.1%, or 42 cents, at $39.69 per barrel. Both U.S. crude and gasoline stocks fell more than expected […]

Japanese industrial output in May dropped to its lowest level since the global financial crisis, underlining the deep impact of the coronavirus pandemic on factory productivity. Japan’s Ministry of Economy, Trade and Industry data reported an 8.4% fall to 79.1 in factory output in May. The country is headed for its worst postwar recession. May’s […]

Asian shares gained on Tuesday after China’s manufacturing sector grew more than anticipated in June. The gain was a positive sign despite the global economic struggle amid the coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%. Meanwhile, U.S. stock futures, the S&P 500 e-mini futures, were up 0.23%. Hong Kong stocks […]

Germany’s second-biggest bank, Commerzbank (CBKG.DE), said on Tuesday that the U.S. activist investor Cerberus Capital Management wants them to slash more than 7,000 jobs as a part of its strategic plan to reduce the company’s revenue costs amid the coronavirus pandemic. Cerberus is one of Commerzbank’s largest shareholders with a stake of more than 5%. […]

On Tuesday, European aviation company, Airbus (AIR.PA) said that it would delay its $10 billion worth of services business amid the coronavirus pandemic. However, the company would continue its strategic support for airline operations. “It is postponing the ambition a little in terms of timing, but the strategy is still relevant. We still think developing […]

Safe-haven currencies were on the defensive on Tuesday as hopes of an economic recovery strengthened stock prices. The Pound Sterling was under pressure after British Prime Minister Boris Johnson pledged a “Rooseveltian” boost to public spending. Fresh optimism was spurred by pending home sales data from the U.S., signaling a recovery of the U.S. economy […]

Oil prices fell on Tuesday amid fading hopes for an increase in demand, while a buildup of stockpiles weighed the market. U.S. West Texas Intermediate crude futures slipped by 44 cents, but recovered a portion of its losses after China posted better-than-expected factory data. As of 0201 GMT, it traded 0.7% (26 cents) lower at […]

Wall Street shares jumped on Monday and the S&P 500 was on track for its largest quarterly gain since 1998. This was mainly from upbeat investors’ mood for a stimulus-driven economic recovery. Moreover, an increase in Boeing shares backed the Dow’s performance. The Dow Jones Industrial Average.DJI advanced 2.32% as the S&P 500.SPX and the […]

China’s factory activity grew stronger in June backed by optimism for a quick economic recovery globally. However, struggling export orders indicated that the virus-driven disruptions will continue to cap economic growth longer than expected. The official manufacturing Purchasing Managers’ Index (PMI) was monitored at 50.9 in June. This came larger than the 50.6 reading in […]