Economic news

European shares gained on Thursday, caused by a bounce in energy stocks as investors pin hope on a deal between Saudi Arabia and Russia regarding their oil price war. The pan-European STOXX 600 gained 0.3%. The energy sector .SXEP hiked 4.4%, with Royal Dutch Shell, BP, and Total SA contributing to the gain. However, the […]

The U.S. Treasury Department hired lawyers and Wall Street bankers to serve as consultants regarding billions of dollars’ worth of aid to the defense, cargo, and airline sectors, sources said. The aid advice followed the approval of a $2.2 trillion stimulus bill last week to ease the economic fallout amid the pandemic. The virus has […]

Crude oil futures gained almost 5% on Thursday after U.S. President Donald Trump stated that he anticipated an agreement will be reached by Saudi Arabia and Russia regarding their price war. Brent crude futures climbed 4%, or $1, at $25.74. US West Texas Intermediate crude futures rose 3.7%, or 75 cents, at $21.06. Trump said […]

Asian stock market underperformed on Thursday as piling economic turbulence led by the coronavirus pandemic continued to batter economies and governments around the world. Australia’s ASX 200 fell by 2.29% while Japan’s Nikkei slid by 0.74% at 10:14 PM ET (3:14 AM GMT). South Korea’s KOSPI inched up by a moderate 0.74%. Hong Kong’s Hang […]

Gold prices rose in Asian markets on Thursday as investors prepared for prolonged economic turbulence caused by the coronavirus pandemic. Gold Futures gained by 0.41% at $1,598 per ounce at $1,598 by 10:21 PM ET (3:21 AM GT), taking back lost ground from yesterday’s session and reclaiming its safe-haven status. The news of the yellow […]

The Orbit Showtime Network has announced the launch of Walt Disney Co’s (DIS.N) Disney+ in the Middle East and North Africa. It will be accessible on pay television and streaming service provider starting on Thursday. OSN has revamped its range of services and now has shows like Disney’s recent hit “The Mandalorian.” Disney+ is available […]

Japan’s SoftBank Group Corp pulled out of a deal to buy an additional $3 billion worth of shares from the shared workspace provider WeWork, according to a statement from the U.S.-based company’s special committee of the board on Wednesday.  The deal had been agreed upon by SoftBank since October 2019, the special committee of WeWork’s […]

In select regions, China had removed limitations placed on buying cars to render sales from the sector stable. Moreover, the country is expediting plans to herd old cars into retirement, China’s Ministry of Commerce had disclosed on Thursday.  Major automakers like Toyota, General Motors (GM), and BMW have reopened its factories in the country the […]

Global crude oil prices fell on Wednesday, following their biggest successive quarterly and monthly losses, due to a largely expected rise in U.S. supply and a heightened conflict within OPEC. Oil prices have dropped close to their lowest since 2002 as the coronavirus crisis brought the global economy to a slowdown and weakened oil demand. […]

The dollar steadied on Wednesday, supported by its safe-haven status, as the world braced one of the biggest economic contractions for decades. It gained against the yen, pound, euro, Swiss franc, New Zealand and Australian dollars as the market lost appetite for cash due to the liquidity measures imposed by the U.S. Federal Reserve. The […]