Economic news

The agreement to cut production between the world’s oil producers may support stocks to recover losses. However, lockdowns and other restrictions remain pressing to the global economy. OPEC and its allies including Russia agreed to slash oil production by 10% of global supply to sustain oil prices amid the crisis. However, sources close to the […]

The recovery of the U.S. economy from the impact of the coronavirus outbreak may be a “long, hard road,” according to Minneapolis Federal Bank Reserve President Neel Kashkari on Sunday. Some sectors of the economy may have to shut down and restart, he added. Kashkari said that a quick economic recovery was overly optimistic unless […]

Canada formally welcomed a deal finalized by OPEC on Sunday. Canada and other oil producing nations will cut production by nearly 10 Million barrels per day for the month of May to June. “This is good. We welcome any news that brings stability to global oil markets,” Canada’s Minister of Natural Resources Seamus O’Regan said […]

Saudi Arabia’s King Salman, U.S. President Donald Trump, and Russia’s President Vladimir Putin expressed their “great satisfaction” on the outcome of the OPEC+ meeting during a conference call, Saudi Press Agency (SPA) reported on Sunday. “The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the […]

Several analysts expect that Indonesia’s central bank is likely to retain its policy rates on Tuesday, as its currency and capital markets strive to gain momentum amid disruptions brought by the coronavirus pandemic. Fifteen out of 28 analysts who participated in the poll predicted that the bank would retain its 4.50% repurchase rate IDCBRR=ECI. Eleven […]

Commodity currencies fell against their safe-haven counterparts on Monday after a record output cut settled upon by OPEC+ did not ease investor concerns over a declining global demand. The Australian Dollar and the New Zealand Dollar, widely observed as a benchmark for market risk fell against the Greenback. This signaled concern over demand for commodities. […]

Oil prices climbed above $1 per barrel on Monday after a four-day negotiation ended with major producers agreeing on a record output cut. However, gains were limited after investors feared that the move might not be enough to stave off oversupply as the pandemic severely curtailed global demand. OPEC+, which consists of the Organization of […]

Britain’s gross domestic product (GDP) is expected to contract by up to 30%, according to Finance Minister Rishi Sunak. The forecast was disclosed to his colleagues as members of the cabinet demanded to ease lockdown restrictions amid the coronavirus pandemic. According to reports that the Times newspaper released, Sunak told his colleagues that a 25% […]

Gold prices fell marginally on Wednesday morning in Asia as the COVID-19 pandemic continued to cause economic turbulence. Gold futures fell by 0.22% at $1,680 per ounce by 9:33 PM ET (2:33 AM GMT), extending losses from the previous session.   Asian stocks also started off with losses on the same day. Prices for the […]

European shares lost its two-day gain streak after Spain reported a rising number of COVID-19 deaths and France became the fourth country to have a death toll above 10,000. Britain’s leading retailer Tesco plunged by 7% to the bottom of the STOXX 600 Index. The drop comes after the retailer said that it is expecting […]