Economic news

Gold prices rose earlier on Thursday in Asia, continuing gains from the previous sessions after the U.S. Federal Reserve decided on Wednesday to keep the benchmark rate near zero. Gold futures gained 1.19% at $1,741.25 per ounce at 12:24 AM ET (05:24 GMT). However, investor sentiment were left sour after the Fed’s quarterly forecast saw […]

Oil prices fell more than 2% on Thursday on concerns over record stockpile growth among dwindling demand. Investor sentiment soured after the Federal Reserve estimated that recovery from the pandemic could take years. Meanwhile, U.S. crude stockpiles grew unexpectedly by 5.7 million barrels, seeing a record 538.1 million barrels in a week towards June 5. […]

The novel coronavirus crisis and China-U.S. trade tensions awakened concerns that the Port of Los Angeles would grow inactive during the peak holiday shipping season. This came after the seaport was seen at its weakest in May in more than a decade, Executive Director Gene Seroka said on Wednesday. May had seen the busiest seaport […]

The United States reported that business layoffs are subsiding. However, millions who lost their jobs due to the novel coronavirus pandemic still resort to unemployment benefits. This indicated that the labor market would take time to recuperate from the virus crisis even as firms resume accepting job applications. The weekly jobless claims report from the […]

Oil prices dropped on Wednesday after U.S. crude and fuel stocks rose, raising concerns about oversupply and declining demand amid the pandemic. Brent crude futures lost 1.4%, or 59 cents, at $40.59 per barrel. U.S. West Texas Intermediate futures fell 1.9%, or 72 cents, at $38.22 per barrel. Both benchmarks rose to their highest levels […]

The dollar bounced on Wednesday amid speculation that the U.S. Federal Reserve will take steps to control the rise in bond yields at its policy meeting. The dollar stood at 107.72 against the yen in Asian trade. It traded at 0.9512 on the Swiss franc. Investors are focused on the Fed policy meeting next week […]

China’s producer prices recorded a historic drop in more than four years. This indicated that the country’s manufacturing sector is struggling as the novel coronavirus crisis curbed trade flows and dragged global demand. The producer price index (PPI) dropped 3.7% in May from a year earlier, the National Bureau of Statistics (NBS) said in a […]

May had seen Japan’s wholesale prices dropping at their most rapid annual pace in nearly four years, data showed on Wednesday. This could be attributed to the disruptions brought by the coronavirus pandemic, halting business activity and dragging global demand for commodities. The corporate goods price index (CGPI) had plunged 2.7% in May from a […]

Hongkong’s flag carrier Cathay Pacific Airways Ltd. (0293.HK) stated on Wednesday that it would repay the Hong Kong government the almost $2.52 billion worth of preference shares over a three to five-year period. On Tuesday, the Hong Kong government has agreed to grant Cathay Pacific Airways a $5 billion recapitalization package to help the airline […]

On Tuesday, the International Air Transport Association (IATA) announced that international airlines are in line to make a combined net loss of more than $84 billion this year due to the coronavirus crisis which has decimated air travel demand. According to IATA, airline revenues would likely fall from $838 billion to $419 billion this year. […]