Economic news

On Thursday, American multinational warehouse club operator Costco Wholesale Corp. (COST.O) reported a 7.5% decline in its third-quarter revenue. The retail company spent $300 Million on incremental wages and extra sanitation costs amid the coronavirus pandemic. The company’s shares fell by 2% in extended trading. Costco said that its quarterly profit was severely affected by […]

ViacomCBS Inc. (VIACA.O) announced on Thursday that it would slash 400 employees across CBS as the broadcasting giant plans to save $750 Million from its merger with CBS last year. The mass media company continues to search for cost savings as it struggles to shore up losses from the coronavirus pandemic. According to the Pew […]

April records showed that Japan’s factory output dropped at a pace faster than what was initially predicted. More so, the country’s retail sales plunged the sharpest in more than two decades as the COVID-19 pandemic introduced more economic disruptions. The country’s factory output declined by 9.1% in April as frail global demand brought heavy production […]

India’s gross domestic product data due today is expected to reveal weak results, indicating that the economy is at its slowest pacing in at least two years in March. Dampened expectations were mainly from struggling consumer demand and private investment due to the COVID-19 pandemic. The economy is expected to advance by 2.1% in the […]

Thursday saw gold’s climb in Asia in light of escalating tensions between U.S. and China, leading investors to subscribe to the yellow metal. Gold Futures went up by 0.04% at $1,711.35 by 11:55 PM ET (4:55 AM GMT). With the relationship between gold and stocks inversely proportional, the latter were mostly up on said trading […]

Germany is anticipating an inflation rate drop as the national preliminary inflation data is set to be released 1200 GMT. This reading surfaced after regional inflation figures showed inflation plunging in the month of May. Some German states including North Rhine-Westphalia yielded a tamed consumer price inflation, with a 0.5% year-on-year compared to 0.8% in […]

The dollar firmed on Thursday as the U.S.-China tensions continue to grow, building pressure on the yuan and dampening optimism about economic recovery. The growing tensions between the U.S. and China affected both the Australian and New Zealand dollars. Both currencies retreated from two-month highs with the Aussie at $0.6621 and the kiwi at $0.6188. […]

Oil prices fell for the second day on Thursday as U.S. industry data reported a rise in crude inventories. This dampened hopes of a faster recovery in demand as countries worldwide emerge from lockdowns. The successive declines came after the uncertainty in Russia’s commitment to further production cuts as the June 9 meeting of OPEC+ […]

Australia’s economic contraction may come milder than previously thought, completely disregarding the possibility of negative interest rates or quantitative easing measures, the Reserve Bank of Australia said on Thursday. Though the country has started lifting lockdowns, the overall economic outlook is still dim. The land down under had seen dire inflation rate and unemployment surge, […]

New Zealand’s employment rate dropped to its lowest level in April. It declined by 1.7% as the impact of the novel coronavirus and the restrictions it brought on social and economic activity continue to press, the statistics agency said on Thursday. Statistics New Zealand had reported 37,500 jobs filed in April. It fell lower than […]