Economic news

Oil prices dropped for a sixth straight day on Friday, down almost 9% for the week. This came as a fresh wave of coronavirus cases across Europe prompted lockdowns and dampened hopes for fuel demand recovery.  U.S. West Texas Intermediate crude dropped 0.07%, or 4 cents, at $59.96 per barrel. Brent crude fell 0.16%, or […]

Japan’s annual consumer price drop eased for two consecutive months ended February. This followed after an increase in fuel prices minimized some contraction pressures brought about by the coronavirus-driven decline in household spending. The country’s core consumer prices recorded an annualized 0.4% contraction in February, government data showed on Thursday. The figure came parallel with […]

Asian share markets performed weakly on Friday as an increase in U.S. bond yields dampened investors’ enthusiasm toward technology stocks. Moreover, a selloff in crude heavily dragged oil prices to their lowest levels in months. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% drop. This came after Wall Street’s choppy trade sent […]

Files of new claims for unemployment benefits in the United States unexpectedly rose in the previous week. The labor market, however, is starting to move forward as more businesses reopen due to faster coronavirus vaccination rollouts. The Labor Department reported a seasonally adjusted 770,000 initial claims for unemployment benefits recorded in the week that ended […]

Bank of New York Mellon Corp is rolling the dice as it invested in Fireblocks, a cryptocurrency storage entity that enables financial institutes, including banks, to store, transfer, and use cryptocurrencies. The move sees the largest custodian bank in the world venturing deeper into the cryptocurrency world. Along with BNY Mellon, other firms reported to […]

The United Nations Conference on Trade and Development (UNCTD) report released on Thursday noted an improved global economic growth forecast to 4.7% from the previous 4.35%. The report also highlighted a stronger-than-expected economic growth in the United States. According to the UNCTD report, U.S. consumer spending was anticipated to be bolstered by developing COVID-19 inoculation […]

The German DAX propelled to a record high on Thursday trade and blue-chip stocks of the euro zone reached pre-pandemic levels. These as the Federal Reserve of the United States pledged to keep rates at their current levels despite projections for economic growth. Germany’s DAX increased 0.7%. France’s CAC 40 inched up 0.2%. Meanwhile, the […]

The dollar eased on Thursday as the U.S. Federal Reserve said it was unlikely to raise interest rates through all of 2023 despite a swift economic recovery. The dollar index traded at 91.488 after hitting a two-week low of 91.340 as Fed Chair Jerome Powell dampened speculations on stimulus policy.  The euro fell to $1.19655 […]

Oil prices fell for a fifth consecutive day on Thursday after U.S. crude and fuel stockpiles rose, while the coronavirus pandemic clouded demand outlook. Brent fell 0.5%, or 37 cents, at $67.63 per barrel following a 0.6% drop in the last session. U.S. oil lost 0.5%, or 32 cents, at $64.28 per barrel after sliding […]

South Korean firm SK Bioscience Co Ltd made an impressive trading debut, with its shares recording a 30% increase on Thursday. This was mainly from investors’ optimism that the biopharmaceutical company would provide interesting breakthroughs, turning its value to more than $12 billion. The jump, which was the biggest in nearly four years, came to […]