Economic news

With the coronavirus crises magnifying economic losses, Ford Motor Co reported on Monday it will shut down its three plants in Brazil this year. Ford will also take whopping $4.1 billion pretax charges. Ford’s Brazil plants were described as an underused facility of the automaker. Ford’s manufacturing activities in Camaçari and Taubaté will be immediately […]

Following week-long gains capped by reaching 10-month highs, European shares dropped on Monday. This is after surging COVID-19 infections and commodity stocks downturn weighed on Europe’s stocks. The pan-European STOXX 600 index lost 0.1%; Germany’s DAX index was down 0.4% and France’s CAC 40 dropped 0.2%. The latter’s loss was slightly due to a technical […]

Wall Street’s major indexes closed weakly on Monday. This came after investors withdrew some profits following a series of highs last week. In addition to this, the fast-approaching earnings season and developments in Washington contributed to the subdued performance. The Dow Jones Industrial Average recorded a 0.29% drop, while the S&P 500 traded 0.66% lower. […]

Global share markets retreated from high grounds on Tuesday, easing from their milestone peaks as political riot in Washington and surging COVID-19 infections restricted gains. However, a selloff in U.S. Treasuries rallied further as investors’ sentiment was fuelled by the government’s massive spending. After hitting an all-time high on Monday, MSCI’s broadest index of Asia-Pacific […]

The dollar extended its rebound on Monday as U.S. yields rose and hopes for more stimulus to support the economy boosted bearish bets, pulling the greenback from recent multi-year lows. President-elect Joe Biden, together with Democrats who gained control of both houses in Congress, has promised “trillions” in additional COVID-19-relief spending. The Aussie and the […]

Oil prices dropped on Monday on rising worries about global fuel demand amid strict lockdowns in Europe and China. Brent crude oil futures was down 0.8%, or 42 cents, at $55.67 per barrel after rising to $56.39 earlier, its highest level since the end-February 2020. Brent gained in the last four sessions. U.S. West Texas […]

Globe Telecom Inc., the largest mobile network operator in the Philippines, said its fintech (financial technology) arm Gcash has successfully acquired more than $175 million in capital from Bow Wave Capital Management, a New York-based private equity fund. With this additional capital acquisition, Gcash’s valuation has also increased, nearing $1 billion, as disclosed by its […]

Eric Scheidegger, chief of Economic Policy Directorate at The State Secretariat for Economic Affairs (SECO), affirmably concludes a 4% growth in the Swiss economy in the years 2021 and 2022, based on his statement released by newspaper NZZ am Sonntag.   Citing a “positive scenario”, Switzerland’s chief economist predicted the global economy to bounce bank […]

December had seen China’s factory gate prices drop at their slowest pace since February, official data showed on Monday. This highly indicates that the country’s manufacturing sector is consistent in staging a brisk rebound from the coronavirus drag. The producer price index (PPI) recorded a 0.4% plunge from a year ago, the National Bureau of […]

Asian shares eased from high grounds on Monday, while Treasury yields were seen at 10-month highs. Investors’ mixed sentiment could be attributed to a global reflation trade as the United States plans on unveiling a trillion-worth of stimulus package this week. After touching a record peak last week, MSCI’s broadest index of Asia-Pacific shares outside […]