Economic news

Europe’s largest economy, Germany, on Wednesday lowered its GDP growth forecast to 3% this year from a previous 4.4% estimate as coronavirus lockdowns persisted and stalled economic activities. Chancellor Angela Merkel and state leaders concurred to extend the imposed lockdowns in Germany until mid-February. This is due to the country’s continues to struggle curbing the […]

After reconvening for its first meeting of the year, the Federal Reserve kept its interest rates and bond buying pace steady on Wednesday. The Federal Open Market Committee held on to its current benchmark rate in a range of 0% to 0.25% and also retained its $120 billion monthly pace of bond purchases. The move […]

The dollar was on the defensive against its peers on Wednesday as traders awaited comments from Fed Chair Jerome Powell, who is likely to maintain a dovish policy. The dollar held declines against risk currencies amid hopes for pandemic recovery. The dollar index rose 0.1% to 90.253 in Asian trade after falling 0.2% in the […]

Oil prices rose on Wednesday after U.S. crude inventories slid unexpectedly last week, while China reported its lowest daily new coronavirus cases, boosting hopes for demand recovery. Brent crude futures rose 0.3%, or 19 cents, at $56.10 per barrel. U.S. West Texas Intermediate crude futures was up 0.4%, or 20 cents, at $52.81 per barrel. […]

China’s industrial firms had seen an increase in profits, making another expansion in December to complete an eight-month rally. The jump underscored a brisk recovery as the country’s manufacturing sector emerged from the coronavirus drag. On an annual basis, profits advanced 20.1% in December to 707.11 billion yuan. This came after a 15.5% increase was […]

Asian share markets recorded a weak performance on Wednesday. Investors’ subdued sentiment could be attributed to the Federal Reserve’s plans regarding its monetary policy. Meanwhile, futures for U.S. tech shares advanced on Microsoft’s hefty gains. MSCI’s broadest index of Asia-Pacific shares outside Japan saw a 0.2% gain, with investors withdrawing from resource shares on stretched […]

Britain is now in the process of setting out options to enhance its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit pushed European fund investors were out of the equation. According to the finance ministry, ideas for change include exempting authorised funds from tax and creating an unauthorised tax-exempt fund structure for investment […]

Initial estimates of the chief economist of the International Monetary Fund reported on Tuesday U.S. President Jo Biden’s stimulus package could help U.S. economic output expand by 5% over the next three years. A 1.25% addition to U.S. growth in 2021 is seen by the IMF as it looks into the measures included in Biden’s […]

The dollar steadied on Tuesday as a surge in COVID-19 infections and doubts over more U.S. stimulus hit the market’s upbeat mood. Traders were also cautious ahead of the Fed’s policy review later in the week. Bonds held onto gains as equity markets cooled in Asian trade. The dollar index stood at 90.353, while the […]

Oil prices dropped on Tuesday as fading hopes for a fast approval of new U.S. coronavirus stimulus and a surge in new COVID-19 cases raised doubts about demand recovery. Brent crude lost 0.5%, or 28 cents, at $55.60 per barrel. U.S. crude slid 0.5%, or 25 cents, at $52.52 per barrel. Both contracts gained almost […]