Economic news

Oil prices dropped on Friday, dragged by prospects that the Organization of Oil Exporting Countries and allies (OPEC+) might augment a planned increase in output to alleviate supply concerns. The expectation came after increasing gas prices prompt producers to shift from gas to oil. U.S. West Texas Intermediate (WTI) crude futures shed 5 cents to […]

Former Japanese Olympics minister Shunichi Suzuki is likely to be appointed as the finance minister in the cabinet of the presumed new Prime Minister Fumio Kishida, the Yomiuri daily reported. Suzuki’s position would play a key role as the country seeks to bounce back from the effect of the coronavirus pandemic. Suzuki, 68, is the […]

Brazilian President Jair Bolsonaro stated on Thursday that the profits from state-run oil firm Petrobras could be used to soothe the country’s rising fuel prices, among other options for confronting higher prices. Fuel prices have become a heated issue in Brazil as the country’s inflation grew, with Petrobras’ recent CEOs being forced out over the […]

Britain’s economy expanded more than expected in the second quarter, official data showed on Thursday.  The Office for National Statistics showed a 5.5% gain in gross domestic product (GDP), better than a 4.8% expansion in the preliminary estimate. The development showed Britain’s fast economic recovery from the coronavirus lockdown earlier this year. However, indicators of […]

Industrial output in Japan declined for two consecutive months in August. A surge in COVID-19 cases in Asia and persisting chip shortage continue to disrupt supply chain in car production. Factory output dropped 3.2% in August from the previous month, official data showed on Thursday. It was attributed to weaker car production and electronic machines. […]

The dollar performed poorly on Thursday morning in Asia but hovered near a one-year high. This came as the United States’ Federal Reserve prepares for its asset tapering in November 2021. The U.S. Dollar Index that measures the greenback against other major currencies declined 0.07% to 94.287 by 11:38 PM ET (3:38 AM GMT). The USD/JPY pair […]

Asian shares found respite on Thursday following this week’s sharp losses due to the economic situation in China. Meanwhile, the U.S. dollar hit an over one-year high against major peers, boosted by demand for the currency’s safe haven and expectations for tighter U.S. monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.06%. […]

Oil prices dropped on Thursday, extending losses following a surprise build in U.S. inventories. Prices now appear to have stabilized after the recent run of gains. Brent crude lost 11 cents at $78.53 a barrel by 0137 GMT after shedding 0.6% on Wednesday.  U.S. oil also declined by 5 cents at $74.78 a barrel, having […]

Taiwan may stand to make gains from orders being shifted to the country if the power curbs in China lead to exports being impacted, Taiwan Central Bank Governor Yang Chin-long stated on Thursday. The world’s engine of economic growth is struggling with power cuts and electricity rationing after the combination of tight coal supplies, stricter […]

Consumer confidence in the United States plummeted to a seven-month low in September. This was attributed to increasing concerns on the economy’s near-term prospects as COVID-19 cases continue to rise. Economic growth was, in turn, expected to slow down this quarter. The consumer confidence index fell to 109.3 this month from 115.2 in August. It […]