Economic news

European shares firmed and oil prices rose on Friday as markets turned positive despite a record rise in coronavirus cases in the United States. European shares opened higher, with the FTSE 100 up 1% and the Stoxx 600 up 0.8%. The MSCI world equity index was up 0.3%.  The 10-year Treasuries yield steadied at 0.6725%, […]

The dollar firmed on Friday as investors cautioned against a surge in new coronavirus cases amid re-opening economies, strengthening the demand for safe-haven currencies.  The dollar index traded at 97.360. The dollar rose 0.5% overnight to 107.09 on the yen. The euro slid to $1.1223, while the pound fell to $1.2422. Also supporting the dollar […]

The Federal Reserve’s balance sheet shrank for the second time in two weeks as central banks reduced their use of currency swaps while US banks continued to cut their use of Fed repurchase agreements. From $7.14 trillion a week earlier, Fed’s balance sheet deflated to $7.13 trillion on June 24 as reflected by the data […]

On Friday, the market saw oil prices climb, an extension of its gains from the day before. Despite a resurgence in COVID-19 cases in some regions of the United States over the past days, the gains have been accumulated in light of the industry’s optimism for fuel demand across the globe. U.S. West Texas Intermediate […]

On Thursday, airline group Lufthansa and unions representing German cabin crew reached an agreement that is set to reap more than 500 million Euros worth of savings. The German airline group stated in an interview that the measures, assented with UFO, had included procedures that aimed to stop pay rises, working hour cuts, and pension […]

Asian stocks saw its biggest sell off in eight sessions on Thursday as the rise in COVID-19 cases and the lowering of economic forecasts by the International Monetary Fund dented confidence in a recovery. However, bonds saw some gains, while the U.S. Dollar held steady. MSCI’s broadest index of Asia-Pacific shares lost 0.7%, while Japan’s […]

Chinese tech giant Tencent said on Thursday that it had purchased Malaysian video streaming platform Iflix’s “content, technology, and resources” in order to further grow its presence in Southeast Asia. Tencent said in a statement that it had hoped to use Iflix’s catalogue of “international, local, and original content” to expand to Thailand’s video streaming […]

Italy’s Treasury announced on Wednesday the state’s approval to a 6.3 billion euro ($7.1 billion) loan to Fiat Chrysler, directed to its unit in Italy. This is the largest crisis loan granted to any auto firm to date. The announcement followed an endorsement by the Italian audit court, ending the long approval procedure for the […]

Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more businesses resume operations, a Reuters survey showed.   The poll foresees a 17.3% contraction this […]

The outlook for major global housing markets was monitored at a weak level. This could be attributed to pressing factors including unemployment surge, lockdown restrictions, and low immigration over the coming year, a Reuters survey showed. Fears of sustained housing inactivity increased in the June 9-24 global poll of more than 100 property market experts. […]