Economic news

The dollar hit a two-week high against major currencies on Tuesday amid rising U.S. bond yields and a higher demand for safe haven. This came after reports of new infections threatened a possible second coronavirus wave. The Australian dollar lost 0.8%, at $0.6432, nearing a one-week low. The New Zealand dollar slipped 0.4%, at $0.6047. […]

Oil futures gained on Tuesday, lifted by Saudi Arabia’s deeper production cuts to buoy prices amid the supply glut and weak demand. Brent crude futures rose 0.8%, or 24 cents, at $29.87 per barrel. U.S. West Texas Intermediate crude futures climbed 1.6%, or 38 cents, at $24.52 per barrel. Saudi Arabia announced an additional 1 […]

Japan is planning to approve its first COVID-19 antigen testing kits on Wednesday, according to an official from the Health Ministry. The decision comes in a bid to increase the number of diagnostic tests available to combat the pandemic. Fujirebio Inc. had applied for government approval for its antigen kit in April. Fujirebio is a […]

Gold prices rose on Tuesday morning in Asia, continuing two consecutive losses from the previous sessions amid piling concerns of a second wave of COVID-19 cases. Gold futures gained 0.42% at $1,705.05 per ounce at 12:05 AM ET (5:05 AM GMT) after investors flocked to the yellow metal as a safe haven. South Korea had […]

China’s factory prices dropped at its worst level in four years. April records indicated frail industrial demand in the world’s second-biggest economy as the COVID-19 pandemic restricts economic growth. The producer price index (PPI) lost 3.1% from a year earlier, worse than the 1.5% decline in March and larger than the 2.6% forecast rendered by […]

Logitech International (LOGN.S) recorded a 13.6% increase in sales on Tuesday. The technology provider’s fourth-quarter profit advanced after people working from home purchased necessary products amid the coronavirus pandemic. Logitech, one of the leading providers of computer hardware and software, reported a total of $709.2 million sales. Its profit advanced higher than last year’s $624.3 […]

Virgin Group’s founder Richard Branson stated on Monday that it would sell $25 Million worth of Virgin Galactic shares to raise funds for the space tourism company as the pandemic threatens to cripple his business empire. “Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have […]

The largest coffee house chain in the world, Starbucks Corp. (SBUX.O), announced on Monday that it would begin the “phased reopening” of 150 branches in the United Kingdom. With the easing of restrictions allowing more travel on roads, Starbucks will start reopening drive-thru locations and a handful of takeaway-only stores on May 14. The company […]

Asian shares gained on Monday as investors await more countries to re-open their economies despite a pick up in coronavirus cases. South Korea warned of a second wave of infections as cases grew to a one-month high, while new infections were reported in Germany. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.1%. Japan’s […]

Oil prices dropped on Monday due to oversupply and a gloomy economic outlook caused by the coronavirus pandemic. This prompted some of the world’s top producers to cancel their supply cuts. Brent crude futures lost 0.9%, or 29 cents, at $30.68 per barrel. U.S. West Texas Intermediate crude futures dropped 0.7%, or 17 cents, at […]