Economic news

Gold prices fell on Thursday in Asian markets after stocks rose on the back of recovering oil prices and hopes for additional fiscal stimuli. Gold futures lost 0.30% to $1,733 per ounce by 11:02 PM ET (4:02 AM GMT). Gold prices fell to a near 2-week low of $1,659.68 on Tuesday after oil futures plunged […]

A poll released on Thursday showed that the virus outbreaks heavily damaged Asian economies in April. The weak economic activity was brought by the implemented social-distancing measures and business shutdowns which damaged the region’s services sector. The pandemic, which has resulted in 180,000 deaths and 2.5 million cases worldwide, has also brought disruptions to the […]

The dollar rose against the currencies of oil producers on Thursday as a bounce in oil prices partly calmed investors amid a collapse in global demand. The euro steadied against the dollar and the pound ahead of an EU meeting on economic response to the crisis. It traded at 1.0810 against the dollar and 87.72 […]

Oil gained on Thursday as producers slashed production to compensate for weak demand. Brent crude rose 1.6%, or 33 cents, at $20.70 per barrel. U.S. West Texas Intermediate futures climbed 2%, or 28 cents, at $14.06 per barrel. U.S. crude futures plunged to below minus $40 as storage space ran out. In the United States, […]

Oil prices collapsed on its second day, with Brent dropping to a record low since 1999 as the market suffered from oversupply and persisting weaker demand. Brent crude plunged 14%, or $2.70, at $16.63 per barrel, while West Texas Intermediate lost 6%, or 68 cents, at $10.89 per barrel. The U.S. June contract fell for […]

Asian share markets plunged to two-week lows on Wednesday as crude oil prices collapsed. The market decline underscored the deep economic harm caused by the coronavirus crisis. Investors rushed to the security of government debt as Brent oil futures dropped to a record fall. The oil price decline pushed traders to steer clear of stocks. […]

In an internal memo seen by Reuters, American multinational investment bank, JPMorgan Chase & Co (JPM),  informed its employees on Tuesday that it is creating a plan to gradually return to on-site work. Discussions about the reopening of the U.S. economy are still ongoing amid the virus outbreak that had thrown 22 Million American citizens […]

Singapore might see a deeper recession for 2020 after the city-state extended its partial lockdown, investment banking company Citigroup Inc warned on Tuesday. The nation’s GDP could shrink by 8.5% in contrast to its previous forecast of a 6% contraction, according to a note by economists Wei Zheng Kit and Kai Wei. The change in […]

South Korea President Moon Jae-in said on Wednesday said that the government has pledged to roll out a new supplementary budget as well as increase subsidies in a bid to save businesses in Korea. The fourth-largest economy in Asia had released two supplementary budgets amid the COVID-19 outbreak.      In a policy meeting, Moon said […]

After finalizing a deal with the U.S. government for a stimulus package, United Airlines Holdings Inc (UAL.O) will raise $1 billion by selling new shares to increase capital in order to survive a collapse in travel demand amid the virus outbreak. This Chicago-based carrier was the first major airline to sell 39.25 Million shares to […]