Economic news

Americans, by the millions, have yet again filed for unemployment last week. This telegraphs further layoffs not only from the consumer industry, but with other branches of the economy as well. And despite the country’s apparent reopening, it is forecasted that the number will remain afloat. The lockdown compelled by the COVID-19 outbreak had placed […]

American auto firm Ford Motor Co reported sales growth in its two China ventures in April. The sales cap signals the incipient recovery of the world’s largest car market after suffering from pandemic-driven lows. Chongqing Changan Automobile Co Ltd, Ford’s major joint venture in China, marked a 38.3% sales increase from the same period in […]

China’s exports and imports for April are expected to plummet after a tentative recovery in the previous month. TThe decline is forecasted at a record double-digit level as the COVID-19 pandemic continues to batter global demand and disrupt supply chains, according to a Reuters’ poll on Wednesday. The gloomy projection solidifies the worries that a […]

The Dollar edged higher on Wednesday morning in Europe, with investors remaining cautious ahead of event risks for the week. This includes a U.K. central bank meeting and the release of key U.S. unemployment data scheduled for Thursday. The U.S. Dollar Index rose by 0.2% to 99.925 at 2:40 AM ET (0640 GMT). The British […]

The euro zone economy will suffer a record 7.7% contraction due to the coronavirus pandemic. Inflation will likely almost disappear, while budget deficits and public debt will increase, according to the European Commission. Inflation rate will slow to 0.2% in 2020 and will increase 1.1% next year, when the euro zone’s economic growth will rise […]

The Japanese yen climbed to a three-year peak against the euro and a seven-week high against the dollar on Wednesday amid a rocky global economic recovery. The euro stood at 1.0826 against the dollar and at 115.09 against the yen.  The yen climbed to 106.22 against the dollar. Other major currencies steadied amid the U.S.-China […]

Global shares floundered while the yen rose on Wednesday as markets in China struggled in regaining momentum after a long holiday. Dampened market mood could be attributed to the Sino-U.S. dispute while oil failed to extend high records due to weak demand. Wall Street futures reversed after recording a positive start, with S&P E-mini futures […]

Oil underperformed on Wednesday, with a frail trading session ending oil prices’ high-streak records. Underperformance was brought by an unprecedented boost In U.S. inventories, bringing oversupply concerns amid a virus-driven slump in oil demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 27 cents to $24.29 a barrel by 0436 GMT. It ended a […]

According to a reliable source, the United Airlines Holdings Inc. (UAL.O) revealed plans on Tuesday to slash its workforce by 30% or roughly 3,400 managerial and administrative jobs in October to survive a collapse in travel demand amid the virus outbreak. It has also told pilots to prepare for changes. This Chicago-based carrier was among […]

Airbnb Inc. will lay off a quarter of its workforce or almost 1,900 workers on Tuesday, as the travel industry was severely affected due to the pandemic. According to the memo sent by Airbnb’s Chief Executive Officer Brian Chesky, “Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half […]