Economic news

Gold prices fell earlier in Asia on Tuesday even after a drop in the Dollar made the yellow metal slightly cheaper for investors with positions in other currencies. Gold futures slid by 0.06% to $1,734.45 per ounce at 12:38 AM ET (5:38 AM GMT). Investors retreated from gold after U.S.-based biotech firm Novavax revealed a […]

Oil prices gained on Tuesday, lifted by major oil producers’ commitment to the production cuts and recovering fuel demand. Brent crude futures rose 1.4%, or 50 cents, at $36.03 per barrel. U.S. West Texas Intermediate crude futures were up 2.6%, or 86 cents, at $34.11 per barrel.  The market mood turned positive after Russia said […]

The dollar fell on Tuesday as signs of recovery from the pandemic lifted risk appetite, but the U.S.-China tensions weighed in. Commodity currencies Australian and New Zealand dollars both gained 0.5%, standing at $0.6571 and $0.6129, respectively. The Chinese yuan stood at $7.1326 in onshore trade. The Japanese yen traded at 107.80 on the dollar. […]

Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Tuesday that the central bank is ready to roll out additional measures to soften the economic impact of the COVID-19 pandemic. The announcement still maintained a bleak outlook even after the state of emergency was lifted in Tokyo. The BOJ had recently pledged its own version […]

India’s economy seemed to have expanded at its slowest pace in at least eight years in the first quarter. Weak growth was partly from the government’s efforts aimed at containing the further spread of the novel coronavirus. Asia’s third-biggest economy ran slower than its recorded pacing in 2019 as the implementation of a countrywide lockdown […]

Singapore’s trade ministry announced on Tuesday that the city-state lowered its gross domestic product outlook for 2020. It had cut its GDP forecast for the third time already as the virus-beaten economy prepares for its steepest recession. Singapore’s GDP is likely to record a -7% to -4% contraction rate, way lower than the initial range […]

Japanese car manufacturers Toyota (TM), Nissan (NSANY), and Honda (HMC) announced on Tuesday that they would gradually resume operations in Mexico as the country’s automobile industry reboots are in line with a more extensive economic restart, regardless of high numbers of new coronavirus cases. Mexican officials stated in mid-May that the car manufacturing industry could […]

Germany’s Economy Minister Peter Altmaier announced on Monday that the government is still negotiating with the European Commission over its rescue deal for German airline Lufthansa (LHAG.DE). He added that Berlin expects Brussels to approve the bailout. The €9 billion ($9.81 billion) bailout deal was one of the biggest aid packages by a single country […]

The dollar gained on Friday as the U.S.-China conflict boosted market appetite for safe-haven currencies. The dollar index rose 0.3% to 99.7. U.S. President Donald Trump warned of a strong reaction if Beijing pursues its planned security legislation in Hong Kong. U.S.-China tensions intensified during the pandemic after Trump criticized China’s handling of the virus […]

Oil prices dropped on Friday as U.S.-China tensions intensified and Beijing failed to set a targeted economic growth for 2020. These raised concerns on the possibility that the coronavirus crisis will dwarf fuel demand in China. Brent crude fell 4%, or $1.43, at $34.63 per barrel. U.S. West Texas Intermediate plunged 5.3%, or $1.81, at $32.11 […]