Economic news

Oil prices dropped on Friday as a decline in bond prices resulted in gains for the dollar and hopes that with oil back to pre-pandemic levels, higher supply is likely to return to the market.  U.S. West Texas Intermediate crude futures fell 0.6%, or 36 cents, at $63.17 per barrel. It lost all gains made […]

Germany bounced back better than expected in the fourth quarter of 2020, as the Federal Statistics Office on Wednesday showed a 0.3% economic growth amid the coronavirus pandemic. After the country surpassed the 0.1% growth estimate, the Federal Statistics Office moved up its 2020 full-year GDP estimate to -4.9% from -5.0%. Europe’s biggest economy contracted […]

European stock markets were mixed on Wednesday as Germany posted stronger-than-expected economic data. Corporate earnings also weighed on markets. Germany’s DAX was up 0.4%, while France’s CAC 40 dropped 0.1% and the U.K.’s FTSE index lost 0.7%. Germany posted stronger-than-expected economic output in the fourth quarter of 2020 as it grew 0.3%. It was bigger […]

The dollar fell to three-year lows against the pound as the prospect of extended easy monetary conditions worldwide lifted risk sentiment. The dollar index sat at 90.11, hovering near a six-week low of 89.941 hit overnight. The Aussie surged to a three-year high of $0.7945 before falling slightly to $0.7914. The kiwi climbed as high […]

Oil prices dropped on Wednesday as industry data showed a sudden build in U.S. crude stocks last week after a deep freeze in Texas hit output. Crude inventories climbed by 1 million barrels in the week ended Feb. 19, contrary to analysts’ estimates for a 5.2 million-barrel drawdown. U.S. West Texas Intermediate crude futures dropped […]

The benchmark 10-year U.S. Treasury yield was seen subdued on Tuesday. This came after Federal Reserve Chairman Jerome Powell said that the economy of the United States still needed support from the central bank. The 10-year note dropped 1.4 basis point, hitting a 1.3551% record during its afternoon trading. Prior to that, it touched a […]

Asian share markets started their Wednesday session turbulently. The series of declines, which came after a wild fluctuation in U.S. and European overnight trading, could be attributed to surging interest rates and rich equity valuations.  Asia’s early performance sent Australia’s S&P/ASX 200 0.5% lower. South Korea’s KOSPI declined 0.4%, while Japan’s Nikkei recorded a 0.9% […]

HSBC Holding PLC reported on Tuesday it scrapped its long-term probability target and introduced a revised strategy focusing on wealth management in Asia, following a whopping 34% decline in the bank’s annual profits due to the pandemic crisis. HSBC’s long-term probability target of having 10 to 12% returns on tangible equity is replaced with a […]

Despite the weakening dollar, Bitcoin fell below $50,000 on Tuesday as investors started to fear the rising valuation of the cryptocurrency. Bitcoin declined more than 10% on Tuesday trade, suffering from its biggest daily drop in a month after closing at $48,575.The cryptocurrency’s losses mounted to 16% from its highest level reached on Sunday. However, […]

The dollar fell near a six-week low on Tuesday, while commodity currencies hovered near multi-year highs as traders focused on how Fed Chair Jerome Powell will respond to hopes for resurgent inflation. The dollar index traded at 90.019 on Tuesday, just above the lowest level hit in mid-January. The Aussie bought $0.7913 and the kiwi […]