Economic news

The U.S. unemployment rate is expected to soar by about 20% in May, surpassing the historic record monitored during World War Two.  The prediction is likely as millions of people suffer from joblessness, revealing the colossal damage of the novel coronavirus pandemic. Two separate records were released and according to Reuters, the unemployment rate soared […]

April had seen Japan’s household spending dropping at its most rapid pace. The index fell as the novel coronavirus crisis halted travel and dining demand in the world’s third-biggest economy. More so, consumer sentiment dropped as unemployment surge looms. Household spending recorded an 11.1% drop in April from a year earlier, government data showed on […]

On Thursday, the semiconductor manufacturing company Broadcom Inc. (AVGO.O) posted its second-quarter revenue estimates worth $5.742 billion and suggests a delay on the Apple Inc.’s (AAPL.O) iPhone 12 launch on the first week of September 2020. According to IBES data from Refinitiv, the chipmaker company was expected to report $5.79 billion in sales and earnings […]

On Thursday, Gap Inc. (GPS.N) recorded its first-quarter loss of nearly $1 billion as the retail clothing company was forced to shut its stores due to the coronavirus pandemic. Gap’s shares were down by 8% after the extended session. According to IBES data from Refinitiv, analysts had forecast a loss of 67 cents per share […]

Asian stocks were mixed earlier on Friday, slowing down its months-long rally since March. Hong Kong’s Hang Seng Index rose by 0.12% at 10:38 PM ET (3:38 AM GMT), taking back some lost ground from the previous session. China’s Shanghai Composite climbed up by 0.05%, while the Shenzhen Component lost 0.12%. Investors are keeping an […]

Oil prices fell earlier on Friday, losing a portion of its gains from the previous session. The decline comes amid uncertainty as to whether OPEC will extend its plan to cut output after the month of June. Brent oil futures slid by 0.50% to $39.76 per barrel at 9:53 PM ET (2:53 AM GMT), while […]

The euro hit multi-month highs against other currencies on Thursday as investors expected the European Central Bank to expand its bond-buying programme later in the day. The euro’s rally helped push the dollar’s index to 97.450, its lowest level in almost three months. This was on top of easing lockdowns worldwide that weakened the appetite […]

Oil prices fell on Thursday after U.S. distillate inventories rose, creating doubt on major oil producers’ commitment to further output cuts. Brent crude futures lost 1.46%, or 58 cents, at $39.21 per barrel. U.S. West Texas Intermediate dropped 1.98%, or 74 cents, at $36.55 per barrel. OPEC+ members Saudi Arabia and Russia planned to support […]

Gold fell earlier on Thursday in Asia, losing a portion of its earlier gains amid escalating tensions between China and the United States. Investors flocked to the yellow metal on Wednesday after the U.S. suspended flights by Chinese airlines into the country with effect from June 16. Washington’s decision came after China had barred American […]

New car sales in the UK rose in May after it had plummeted in the previous month to a record low since 1946. However, it still remained 90% below the number of sales for May in the previous year according to figures shown by the Society of Motor Manufacturers and Traders (SMMT). According to preliminary […]