Economic news

Oil prices underperformed in the early trading session on Monday. Weak trading activity was mainly from investors’ dampened sentiment that the oil dispute between the United States and China will hinder economic recuperation as countries gradually lift lockdown restrictions. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped as low as $18.32 a barrel. It […]

The Egyptian government announced on Sunday that it will permit hotels to resume operations for local tourists as long as they operate close to 25% capacity until May 31. The hotels must also have a variety of medical strategies and an open clinic with available resident doctors to prepare should threats of the coronavirus surface anew. […]

The Mopani Copper Mines (MCM), a Glencore’s (GLNCY) Zambian subsidiary, announced on Sunday that it will continue its mining activities for 90 days. However, the company will still proceed with its initial plan to postpone operations. Glencore’s disclosure of its plan to put MCM under “care and maintenance” amid the virus outbreak alongside other issues […]

April results showed South Korea’s factories suffering under the pandemic. Global quarantine restrictions sent manufacturing operations declining the fastest since 2009 and exporters beaten by the historical drop in demand in 16 years.     April figures show that the IHS Markit purchasing managers’ index (PMI) declined to 41.6 from its initial standing of 44.2. This […]

The Australian government will invest A$300 million ($191 million) into hydrogen projects with the support of low-cost financing, according to the country’s energy minister on Monday. The investment comes in a bid to build the hydrogen industry by 2030. The move into hydrogen is seen as one of the few areas where both the conservative […]

The UK government will be implementing a new loan scheme starting on Monday. The loans will allow small businesses such as salons, cafes, and florists to receive emergency funds in a bid to keep them afloat during the COVID-19 lockdown. Finance minister Rishi Sunak had announced about the loans on April 27 despite his stand […]

The dollar bounced on Thursday as the U.S. Federal Reserve said it might reveal more monetary easing, cutting expectations of a quick economic recovery.  The dollar fell as re-opening economies lowered the demand for holding funds in dollars.  The euro steadied ahead of a European Central Bank meeting later on Thursday. The yuan reached a […]

Oil prices rose on Thursday as demand is starting to recover and the U.S. crude glut is not growing as fast as anticipated.  West Texas Intermediate crude futures gained 14.3%, or $2.15, at $17.21 per barrel. Brent crude was up 10.3%, or $2.33, at $24.87 per barrel. Brent crude for July delivery grew 8.7%, or […]

Japan’s Nintendo Co Ltd is posed to rally further, sustaining its decade-high earnings streak. The positive record is expected next week as sales of the recently-released gaming console Switch surged amid quarantine restrictions. Nintendo’s operating profit is forecasted to have an 80% increase on May 7, surging to 54 billion yen ($505 million) for the […]

Russia’s manufacturing activity plunged to a record low in April as factories halted operations in a measure to counter the COVID-19 pandemic, a business survey revealed on Thursday.    The Markit Purchasing Managers’ Index (PMI) showed that factory activity fell from 47.5 in March to 31.3 in April. The 50.0 mark divides expansion from contraction. […]