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Australia’s Westpac to pay $5.5 Million for 8,000 workers because of staff underpayment
03.07.2020

Australia’s second-largest lender, Westpac Banking Corp. (WBC.AX), announced on Friday that it would pay AUD 8 Million ($5.5 Million) including interest to around 8,000 employees who have underpaid their long service leave entitlements due to calculation errors. The company blamed the methodology used which failed to determine long service leave entitlements in situations where staff […]

Dollar steadies as U.S. coronavirus cases surge ahead of holiday
03.07.2020

The dollar traded in a narrow range on Friday, lifted by safe-haven bid as the surge of new cases in the United States quelled risk appetite. The yuan steadied after China’s services sector rebounded and investors avoided bigger positions due to the diplomatic conflict between the U.S. and China over the Hong Kong security law. […]

Tesla to help CureVac in molecule printer production to develop a potential COVID-19 vaccine
02.07.2020

Tesla Inc will be manufacturing mobile molecule printers in an attempt to aid Germany’s biotech firm CureVac in developing a potential COVID-19 vaccine, according to a tweet by the electric-car maker’s CEO Elon Musk on Wednesday. CureVac has been developing automated, portable mRNA production units called printers. The printers are designed to be easily deployed […]

U.S. employment surge expected in June, masks fragile labor market
02.07.2020

The U.S. economy likely boosted employment at record levels in June as more bars and restaurants resumed operations. Though this would indicate that the virus-driven recession was probably over, an upsurge in new coronavirus cases threatens any economic pick-up. Despite recording two consecutive months of gains, the country’s employment would still be about 16.6 million […]

Ryanair’s CEO warns to cut 3,500 jobs if pay cuts cannot be agreed
01.07.2020

On Wednesday, Ryanair’s (RYA.I) Chief Executive Officer Michael Kevin O’Leary announced that around 3,500 jobs would be slashed at the airline unless it could agree on a series of pay cuts with staff. The warning came after the company resumed flights on almost 90% of its route network with just 40% of its usual July […]

Japan business confidence at lowest since 2009 due to virus crisis
01.07.2020

Japanese manufacturers’ confidence dropped in the second quarter to levels not monitored since the global financial crisis of 2009. This highlighted the damage that the novel coronavirus crisis inflicted on the export-dependent economy. The headline index for big manufacturers’ sentiment was seen at -34 in June. This came to be the sharpest level the index […]

Asia stocks gain as China PMI lifts market mood
30.06.2020

Asian shares gained on Tuesday after China’s manufacturing sector grew more than anticipated in June. The gain was a positive sign despite the global economic struggle amid the coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%. Meanwhile, U.S. stock futures, the S&P 500 e-mini futures, were up 0.23%. Hong Kong stocks […]

Global housing markets suffer from virus-driven unemployment surge
25.06.2020

The outlook for major global housing markets was monitored at a weak level. This could be attributed to pressing factors including unemployment surge, lockdown restrictions, and low immigration over the coming year, a Reuters survey showed. Fears of sustained housing inactivity increased in the June 9-24 global poll of more than 100 property market experts. […]

Oil falls due to U.S. crude stock build, virus fears
25.06.2020

Oil prices fell again on Thursday, following the 5% drop from the last session, as a record build in U.S. crude stocks and a surge in new coronavirus cases are feared to weigh on fuel demand. Brent crude futures slid 0.7%, or 30 cents, to $40.01 per barrel. U.S. West Texas Intermediate crude futures were […]

Gold prices dip after White House clarifies trade deal mixup
23.06.2020

Gold prices fell earlier on Tuesday in Asian trade, retreating from an earlier rally on the back of Washington’s comments on the U.S.-China trade deal. White House trade advisor Peter Navarro temporarily spurred worries from investors on Monday after he said that the trade deal with China was “over”. However, Navarro later added that his […]

SoftBank to sell $21 billion worth of T-Mobile stock
23.06.2020

SoftBank Group Corp. (9984.T) announced on Monday that it would sell up to 198 Million shares of the U.S. wireless carrier T-Mobile U.S. Inc. (TMUS.O) worth $21 billion. The telecom company revealed a series of transactions to seek funds for a $41 billion share buyback and debt reduction plan. T-Mobile shares were down by 1.5% […]

Wirecard says missing funds most likely do not exist
23.06.2020

On Monday, German payment service provider Wirecard (WDI) said that the 1.9 billion Euros ($2.1 billion), which were supposed to be held in two accounts, probably do not exist. “The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the […]

American Airlines to raise $3.5 billion in new financing
22.06.2020

On Sunday, American Airlines Group Inc. (AAL) said that it is planning to raise as much as $3.5 billion from stock and notes offerings, as the ailing U.S. carrier grapples with the financial fallout of the travel restrictions caused by the coronavirus outbreak. According to the airline company, its revitalized funding would help boost its […]

The largest German airline Lufthansa gears up for bailout showdown with investors
22.06.2020

Lufthansa’s Chief Executive Officer Carsten Spohr announced on Sunday that the company would seek to avoid grounding and insolvency before a showdown between the airline’s biggest shareholder and the German government over the terms of a 9 billion Euro bailout. Lufthansa’s (LHAG.DE) shares were down by 5.7% on Monday morning. The 79-year-old billionaire Heinz Hermann […]

U.S. President Donald Trump renews threat to cut ties with China

 
19.06.2020

On Thursday, President Donald Trump renewed his threat to cut ties with China a day after the U.S. Trade Representative Robert E. Lighthizer told Congress that Trump did not see decoupling the U.S. and Chinese economies as a viable option. “It was not Ambassador Lighthizer’s fault (yesterday in Committee) in that perhaps I didn’t make […]

Bank Indonesia decides on third rate cut for 2020
18.06.2020

Bank Indonesia on Thursday has decided to cut its benchmark rate for the third time this year with signals that it may ease further. The central bank of SouthEast Asia’s largest economy will cut the 7-day reverse repurchase rate by 25 basis points to 4.25%, marking it as the lowest since 2018. Governor Perry Warjiyo […]

S&P500 closes lower as investors eye new coronavirus cases
18.06.2020

On Wednesday, S&P 500 closed lower due to the news about increasing coronavirus data and the prospect of a new round of economic lockdowns. Investors were divided on whether to take heart from signs of an economic recovery or fear the impact of the rising coronavirus outbreak. The S&P 500 and the Dow reversed earlier […]

Oil drops on fears of a second wave of coronavirus infections
15.06.2020

Oil prices dropped on Monday as several countries reported new cases of infections, raising concerns of a second wave amid a recovery in fuel demand. Brent crude fell 2.4%, or 93 cents, at $37.80 per barrel. U.S. West Texas Intermediate crude lost 3.7%, or $1.33, at $34.93 per barrel.  After almost two months without fresh […]

Asian stocks slip over mounting second-wave COVID-19 fears
15.06.2020

Asian stocks mostly traded low earlier on Monday after a surge of COVID-19 cases in several countries during the weekend brought about fears of a second wave. China’s Shanghai Composite increase by 0.01% at 10:33 PM ET (3:33 AM GMT), recovering gains lost in the previous session. Meanwhile, the Shenzhen Component was up by 0.35%, […]

Fed’s gloomy outlook prompts rush for dollar
11.06.2020

The dollar steadied against risk currencies, while the yen hit a one-month peak on Thursday as the U.S. Federal Reserve reported a gloomy economic outlook. The Australian dollar fell from an 11-month high to $0.6966. The New Zealand dollar also broke its near-five-month high after falling 0.3% to $0.6516. The safe-haven yen rose to 106.90, […]

Gold rises amid lower interest rates and gloomy U.S. recovery predictions
11.06.2020

Gold prices rose earlier on Thursday in Asia, continuing gains from the previous sessions after the U.S. Federal Reserve decided on Wednesday to keep the benchmark rate near zero. Gold futures gained 1.19% at $1,741.25 per ounce at 12:24 AM ET (05:24 GMT). However, investor sentiment were left sour after the Fed’s quarterly forecast saw […]

U.S. weekly unemployment claims subside, millions still jobless
11.06.2020

The United States reported that business layoffs are subsiding. However, millions who lost their jobs due to the novel coronavirus pandemic still resort to unemployment benefits. This indicated that the labor market would take time to recuperate from the virus crisis even as firms resume accepting job applications. The weekly jobless claims report from the […]

Asian shares inch higher on growing economic optimism
09.06.2020

Asian shares kept their momentum, extending their winning streak for nine consecutive sessions on Tuesday. Moreover, oil prices advanced as lockdown easing in many countries made investors enthusiastic over a relatively fast economic recuperation. MSCI’s broadest index of Asia-Pacific shares outside Japan has retained its performance, adding another strong session to its longest winning streak […]

Dollar falls, kiwi gains on price rally
08.06.2020

The dollar rose against a basket of currencies in overnight trading but slid in London trading. This came after Friday’s data on U.S. employment prompted a rally. A recovery in U.S. employment data showed signs of a faster economic revival. However, the price rally paused in European trade as soon as the cautious sentiment kicked […]

German industrial production logs lowest record in April amid pandemic crisis
08.06.2020

Germany took another step back to its road to economic recovery after it posted its lowest industrial production output in April amid the crisis of the coronavirus pandemic. Europe’s largest economy is up to another downhill trajectory after major companies in Germany were forced to scale back production, resulting in a 17.9% industrial output plunge […]

U.S. unemployment rate to advance by nearly 20% on virus-beaten jobs market
05.06.2020

The U.S. unemployment rate is expected to soar by about 20% in May, surpassing the historic record monitored during World War Two.  The prediction is likely as millions of people suffer from joblessness, revealing the colossal damage of the novel coronavirus pandemic. Two separate records were released and according to Reuters, the unemployment rate soared […]

Gap reports nearly $1 billion first-quarter loss amid the virus outbreak
05.06.2020

On Thursday, Gap Inc. (GPS.N) recorded its first-quarter loss of nearly $1 billion as the retail clothing company was forced to shut its stores due to the coronavirus pandemic. Gap’s shares were down by 8% after the extended session. According to IBES data from Refinitiv, analysts had forecast a loss of 67 cents per share […]

Euro firms as investors expect a boost in ECB stimulus
04.06.2020

The euro hit multi-month highs against other currencies on Thursday as investors expected the European Central Bank to expand its bond-buying programme later in the day. The euro’s rally helped push the dollar’s index to 97.450, its lowest level in almost three months. This was on top of easing lockdowns worldwide that weakened the appetite […]

Mexico mining output to decline 17% in 2020: industry group
04.06.2020

Mexican mining output has a high chance of dropping by about 17% in 2020 due to the disruptions brought by the novel coronavirus crisis. However, it is likely to recover in the first quarter of 2021, the head of the country’s mining chamber said on Wednesday. “Last year, the total value of mining production was […]

Australia renders stimulus package as pandemic drags construction sector
04.06.2020

 Australia is set to launch its fourth economic stimulus package aimed at providing eligible residents the opportunity to renovate their homes. The scheme was announced by Prime Minister Scott Morrison on Thursday as the country attempts to salvage the virus-beaten construction sector. Eligible residents will receive a total amount of A$25,000 ($17,323) from the package […]

Global smartphone shipments projected to fall by 12% this year amid the coronavirus pandemic
04.06.2020

The International Data Corporation (IDC) announced on Wednesday that worldwide smartphone shipments are expected to fall by 12% to 1.2 billion units this year because of low consumer spending due to economic crisis amid the coronavirus outbreak. “What started as a supply-side crisis has evolved into a global demand-side problem. Nationwide lockdowns and rising unemployment […]

Dollar plunges as investors turn to Asia currencies amid recovery hopes
03.06.2020

The dollar dropped on most Asian currencies on Wednesday as investors gained appetite for risky assets amid government stimulus and economic recovery. The Australian dollar hit a five-month high of 0.6982 on the dollar. The commodity currency rose as investors favored the bullish sentiment amid easing lockdowns and rising commodity prices. The New Zealand dollar […]

TUI agrees for a compensation deal with Boeing, delays 737 MAX orders
03.06.2020

Europe’s biggest travel company TUI Group (TUIT.L) stated on Wednesday that it has agreed for a compensation package with aircraft maker Boeing Co. (BA.N) to shield its finances from the impact of the coronavirus pandemic. The deal includes a slower delivery of Boeing’s grounded 737 MAX planes. The Germany-based company said in a statement that […]

Volkswagen AG will resume operations in Mexico on June 15
02.06.2020

German automotive manufacturing company Volkswagen Group (VOWG) announced on Monday that it would gradually resume operations in the states of Puebla and Guanajuato on June 15. The company decided to pause its activities last March due to the coronavirus outbreak. Volkswagen would only allow 30% of its workforce in staggered shifts. According to United Auto […]

UK factories see sharp decline for May, but less than in April
01.06.2020

British factory activity saw a sharp decline for the month of May, according to a survey conducted on Monday. However, the pace of the decline was much slower than that of April, when the COIVD-19 lockdown brought most of the economy to a near halt. The final IHS Markit/CIPS Manufacturing PMI for May was at […]

Australian economy likely to contract due to pandemic, dim outlook looms
01.06.2020

Australia’s economy is likely to have contracted in the first quarter as the novel coronavirus crisis drags the land down under to its first recession in three decades. Fifteen economic analysts foresee that the A$ 2 trillion economy will decline by 0.3% in the three months ended March. This will come as the country’s first […]

Oil prices slip on weak U.S. fuel demand
29.05.2020

Oil prices fell on Friday after U.S. inventory data reported weak fuel demand, while the U.S.-China tensions continued to weigh on the markets. Brent crude slid 0.7%, or 25 cents, at $35.04 per barrel. U.S. West Texas Intermediate crude dropped 1.6%, or 53 cents, at $33.18 per barrel. Both benchmarks are nearing their fifth-week gains. […]

Asian stocks fall as mounting U.S.-China tensions dampen risk sentiment
29.05.2020

Asian stocks fell on Friday, closing at a sour note for May as escalating tensions between the U.S. and China dampened investor risk sentiment. U.S. President Donald Trump is set to reveal his response to Beijing’s national security laws at a press conference later in the day. China had approved the enactment of the laws […]

Costco’s revenue falls amid coronavirus pandemic
29.05.2020

On Thursday, American multinational warehouse club operator Costco Wholesale Corp. (COST.O) reported a 7.5% decline in its third-quarter revenue. The retail company spent $300 Million on incremental wages and extra sanitation costs amid the coronavirus pandemic. The company’s shares fell by 2% in extended trading. Costco said that its quarterly profit was severely affected by […]

German inflation to recede in May, regional data shows
28.05.2020

Germany is anticipating an inflation rate drop as the national preliminary inflation data is set to be released 1200 GMT. This reading surfaced after regional inflation figures showed inflation plunging in the month of May. Some German states including North Rhine-Westphalia yielded a tamed consumer price inflation, with a 0.5% year-on-year compared to 0.8% in […]

Dollar gains amid mounting U.S.-China tensions
27.05.2020

The U.S. Dollar rose earlier on Wednesday in Asia as tensions grew between the U.S. and China over Beijing’s decision to implement national security laws in Hong Kong and Macau. The U.S. Dollar Index gained 0.26% to 99.168 by 12:06 AM ET (5:06 AM GMT). U.S. President Donald Trump promised a strong Washington reaction by […]

National Bank of Canada, Scotiabank surpass forecast despite profit decline
27.05.2020

The National Bank of Canada and Scotiabank reported acceptable second-quarter results on Tuesday. Both banks surpassed analysts’ estimates even though their respective profits suffered from loan-loss provisions due to the novel coronavirus crisis. The National Bank of Canada reported a 32% drop in profit in the three months ended April 30. The decline followed as […]

Germany’s Lufthansa still in talks with the government over $9.81 billion bailout offer
26.05.2020

Germany’s Economy Minister Peter Altmaier announced on Monday that the government is still negotiating with the European Commission over its rescue deal for German airline Lufthansa (LHAG.DE). He added that Berlin expects Brussels to approve the bailout. The €9 billion ($9.81 billion) bailout deal was one of the biggest aid packages by a single country […]

Dollar rises 0.3% on majors, lifted by U.S.-China conflict
22.05.2020

The dollar gained on Friday as the U.S.-China conflict boosted market appetite for safe-haven currencies. The dollar index rose 0.3% to 99.7. U.S. President Donald Trump warned of a strong reaction if Beijing pursues its planned security legislation in Hong Kong. U.S.-China tensions intensified during the pandemic after Trump criticized China’s handling of the virus […]

SoftBank Group to sell 5% telco unit stake to raise $2.9 billion
22.05.2020

SoftBank Group Corp. (SFTBY) announced on Thursday morning that it plans to sell 5% of its stake in SoftBank Corp., a separately listed Japanese wireless mobile company. The move would raise 310.2 billion Yen ($2.9 billion) through securities companies as a part of the $41 billion asset sale program. After the announcement, SoftBank Corp.’s share […]

Hong Kong pulls Asian shares down amid China’s new national security laws
22.05.2020

Hong Kong shares fell on Friday as Beijing readies to impose a new security law after the pro-democracy protests in 2019. The decision could bring about more civil unrest, further building tensions between the U.S. and China. Hong Kong’s Hang Seng index slid 3.7% to a 7-week low, lowering the MSCI’s broadest index of Asia-Pacific […]

UK government is ready to support workers after Rolls-Royce job cuts announcement
21.05.2020

A spokesman for Prime Minister Boris Johnson stated on Wednesday that the UK government would be ready to support Rolls-Royce’s (RR.L) employees after the British multinational engineering company announced that it would slash at least 9,000 jobs from its global workforce of 52,000. Rolls-Royce said that it plans to reorganize the company to cope with […]

Japan exports hit sharpest drop since 2009 as pandemic drags global demand
21.05.2020

April records showed that Japan’s exports dropped the sharpest since the 2009 financial crisis. Exports declined as the coronavirus pandemic ravaged worldwide demand for cars, industrial materials, and other products, pushing the world’s third-biggest economy further into recession. Year-on-year records from the Ministry of Finance showed that the country’s exports declined 21.9% in April. The […]

Australian retail sales record a historic drop in April
20.05.2020

Australian retail sales reversed sharply in April after a record hike the month before. The record-breaking drop followed as lockdown restrictions aimed at containing the spread of the coronavirus dragged demand for apparel, travel, and dining. The Australian Bureau of Statistics released on Wednesday its initial forecast, showing that the retail sector dropped a total […]

Dollar eases as vaccine trials lift risk appetite
19.05.2020

The dollar bounced on Tuesday after the COVID-19 vaccine trial reported encouraging data, lifting market appetite for risky currencies. The euro surged against the dollar and the Swiss franc after Germany and France proposed for a 500 billion euro recovery fund for European regions hardest hit by the pandemic. Commodity currencies and risky assets also […]

Gold prices gain amid simmering U.S.-China trade tensions
19.05.2020

Gold prices rose early Tuesday in Asia, taking back lost ground from the previous session. Gold futures gained 0.27% to $1,739.35 per ounce at 12:43 AM ET (5:43 AM GMT). Stocks, which often move in the opposite direction, also rallied on the same day. Investors flocked to the yellow metal amid rising trade tensions between […]

Thai economy contracts the sharpest, struggling months lurk
18.05.2020

Thailand’s economy hit its sharpest downturn in eight years in the first quarter. Though it contracted by less than speculated, struggling months impend as the coronavirus crisis ravages tourism and domestic activity. Southeast Asia’s second-largest economy declined by 1.8% in the first quarter from a year earlier. This came to be the sharpest economic reversal […]

China’s factory deflation worsens on virus-beaten demand
12.05.2020

China’s factory prices dropped at its worst level in four years. April records indicated frail industrial demand in the world’s second-biggest economy as the COVID-19 pandemic restricts economic growth. The producer price index (PPI) lost 3.1% from a year earlier, worse than the 1.5% decline in March and larger than the 2.6% forecast rendered by […]

Starbucks to reopen 150 branches across the UK to serve drive-thru coffees
12.05.2020

The largest coffee house chain in the world, Starbucks Corp. (SBUX.O), announced on Monday that it would begin the “phased reopening” of 150 branches in the United Kingdom. With the easing of restrictions allowing more travel on roads, Starbucks will start reopening drive-thru locations and a handful of takeaway-only stores on May 14. The company […]

Asia shares climb as more countries ease restrictions
11.05.2020

Asian shares gained on Monday as investors await more countries to re-open their economies despite a pick up in coronavirus cases. South Korea warned of a second wave of infections as cases grew to a one-month high, while new infections were reported in Germany. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.1%. Japan’s […]

Oil falls due to oversupply, fears of second coronavirus wave
11.05.2020

Oil prices dropped on Monday due to oversupply and a gloomy economic outlook caused by the coronavirus pandemic. This prompted some of the world’s top producers to cancel their supply cuts. Brent crude futures lost 0.9%, or 29 cents, at $30.68 per barrel. U.S. West Texas Intermediate crude futures dropped 0.7%, or 17 cents, at […]

Emirates to increase debt as worst months loom
11.05.2020

Emirates, one of the world’s largest long-haul airlines, announced on Sunday its plan of increasing debtEmirates, one of the world’s largest long-haul airlines, announced on Sunday its plan of increasing debt to alleviate the damage caused by the COVID-19 pandemic. More so, it is likely to implement more intensive measures as struggling months impend. The […]

China slashes interest rates for SLF loans in April
11.05.2020

China’s central bank reduced interest rates on its standing lending facility (SLF) in April. The scheme was to implement similar reductions made in other liquidity instruments aimed at salvaging the virus-beaten economy. The People’s Bank of China had slashed its SLF rates by 30 basis points, with overnight loans now at 3.05%, seven-day loans at […]

Asian stocks rally after NASDAQ enters positive territory
08.05.2020

Asian shares ended on a week high during the previous session after NASDAQ entered positive territory for the first in the year. Japan’s Nikkei led the rally, gaining 2.07% at 10:53 PM ET (3:53 AM GMT) after the nation had granted “exceptional approval” to Gilead Sciences’ experimental drug Remdesivir. The potential treatment for COVID-19 patients […]

Nintendo surpasses Switch forecast; Animal Crossing tops demand
08.05.2020

Japan’s Nintendo Co Ltd (7974.T) advanced with a 200% increase brought by surging demand in Switch games console. More so, Animal Crossing: New Horizons sold a record of 13.4 million units in its first six weeks, on track as the company’s fastest-selling game.   The Kyoto-based gaming company showed its operating profit soaring to 89.4 […]

Liberty and Telefonica agrees for a $38 billion deal to take on BT
07.05.2020

Liberty Global Plc (LBTYA.O) and Telefonica SA (TEF.MC) made a deal on Thursday to combine their British businesses at $38 billion including debt. The joint venture will heighten the challenge for British Telecom pioneers in mobile and broadband. According to Telefonica’s Chief Executive Officer Jose Maria Alvarez-Pallete, the deal is an opportunity to signal investors […]

Dollar to dominate majors through pandemic: analysts
07.05.2020

The safe-haven dollar will remain to dominate currency markets for three more months amid economic risks brought by the coronavirus pandemic. As the global economy nears a standstill, traders refrained from investing in risky currencies. While most majors suffered losses, the dollar has risen 3.5% this year.  However, the dollar could lose its dominant position […]

U.S. unemployment claims perpetually filed as COVID-19 hits economy
07.05.2020

Americans, by the millions, have yet again filed for unemployment last week. This telegraphs further layoffs not only from the consumer industry, but with other branches of the economy as well. And despite the country’s apparent reopening, it is forecasted that the number will remain afloat. The lockdown compelled by the COVID-19 outbreak had placed […]

Ford projects in China cap sales growth in April as market recovers
07.05.2020

American auto firm Ford Motor Co reported sales growth in its two China ventures in April. The sales cap signals the incipient recovery of the world’s largest car market after suffering from pandemic-driven lows. Chongqing Changan Automobile Co Ltd, Ford’s major joint venture in China, marked a 38.3% sales increase from the same period in […]

Dollar edges higher ahead of week’s event risk
06.05.2020

The Dollar edged higher on Wednesday morning in Europe, with investors remaining cautious ahead of event risks for the week. This includes a U.K. central bank meeting and the release of key U.S. unemployment data scheduled for Thursday. The U.S. Dollar Index rose by 0.2% to 99.925 at 2:40 AM ET (0640 GMT). The British […]

Oil suffers as supply concerns emerge from increasing U.S. stocks
06.05.2020

Oil underperformed on Wednesday, with a frail trading session ending oil prices’ high-streak records. Underperformance was brought by an unprecedented boost In U.S. inventories, bringing oversupply concerns amid a virus-driven slump in oil demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 27 cents to $24.29 a barrel by 0436 GMT. It ended a […]

Oil prices decline on U.S.-China trade dispute
04.05.2020

Oil prices underperformed in the early trading session on Monday. Weak trading activity was mainly from investors’ dampened sentiment that the oil dispute between the United States and China will hinder economic recuperation as countries gradually lift lockdown restrictions. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped as low as $18.32 a barrel. It […]

Australia to push for hydrogen projects with $190 million
04.05.2020

The Australian government will invest A$300 million ($191 million) into hydrogen projects with the support of low-cost financing, according to the country’s energy minister on Monday. The investment comes in a bid to build the hydrogen industry by 2030. The move into hydrogen is seen as one of the few areas where both the conservative […]

UK to implement state-backed loans for small businesses
04.05.2020

The UK government will be implementing a new loan scheme starting on Monday. The loans will allow small businesses such as salons, cafes, and florists to receive emergency funds in a bid to keep them afloat during the COVID-19 lockdown. Finance minister Rishi Sunak had announced about the loans on April 27 despite his stand […]

Daimler says profit s from Mercedes-Benz division to rise in 2020
29.04.2020

Stuttgart-based car and trucks maker Daimler said that it expects the operating profit from its Mercedes-Benz unit to exceed that of the previous year. The announcement came even after the company had abandoned its outlook earlier in April. The company’s earnings for the first quarter before interest and taxes (EBIT) was €617 million ($669.45 million). […]

Gold prices rise as investors await U.S. Fed decision
29.04.2020

Gold prices rose in Asia earlier on Wednesday, continuing its gains from the previous session. Gold futures gained 0.22% to $1,726 per ounce at 12:16 OM ET (5:16 AM GMT). The yellow metal previously rose by 0.10% in the previous session. The gains come as an anticipated Federal Reserve policy meeting bolstered investors’ risk appetite. […]

Australia’s first-quarter inflation worsens, prices may suffer in second quarter
29.04.2020

Australian inflation surged to its most rapid pace in over five years, hitting a 5-1/2 year-high record, according to figures released on Wednesday. However, economic recovery seems fleeting as virus disruptions continue to press and energy prices fluctuate. The headline consumer price index (CPI) increased 0.3% in the first quarter, recording a 2.2% inflation rate […]

European stocks up amid positive earnings; Wirecard shares plunge
28.04.2020

European stocks maintained two-week highs on Tuesday as strong earnings reports from companies inspired optimism. The positive news outshone that of the rout in oil prices and the plummeting shares of Germany’s Wirecard. The pan-European STOXX index gained 0.1% at 0722 GMT as several countries prepare to ease the pandemic-led lockdown measures. The index closed […]

L Brands sues Sycamore for cancelling Victoria’s Secret deal
24.04.2020

L Brands Inc. (BRBY.L) sued Sycamore Partners on Thursday after cancelling the purchase of a $525 Million deal of controlling stake in lingerie retailer Victoria’s Secret.  It is the first major U.S. legal fight over an agreement termination because of the virus outbreak. Sycamore said in the filing that L Brands violated the agreement when […]

Asian shares rally on U.S. stimulus, oil recovery
23.04.2020

Asian stock markets advanced on Thursday. The upbeat performance followed after crude prices recovered from underperformance and as the U.S. government pledged to provide more stimulus to nurse the virus-beaten economy. MSCI’s broadest index of Asia Pacific shares outside Japan soared by 0.5% at 460.43 points, regaining momentum after a two-week low. Australian S&P/ASX increased […]

Detroit automakers and UAW to discuss reopening of U.S. plants
23.04.2020

The United Auto Works (UAW) said on Wednesday night that discussions with Detroit’s major automakers are still inching towards safely reopening U.S. production plants. Collectively known as Detroit’s Big Three, Ford Motors Co, General Motors Co, and Fiat Chrysler Automobiles NV had previously halted operations in March due to the COVID-19 outbreak reaching the United […]

Dollar rises against commodity currencies as investors rush to safety
23.04.2020

The dollar rose against the currencies of oil producers on Thursday as a bounce in oil prices partly calmed investors amid a collapse in global demand. The euro steadied against the dollar and the pound ahead of an EU meeting on economic response to the crisis. It traded at 1.0810 against the dollar and 87.72 […]

Oil gains on second day as weak demand urges output cut
23.04.2020

Oil gained on Thursday as producers slashed production to compensate for weak demand. Brent crude rose 1.6%, or 33 cents, at $20.70 per barrel. U.S. West Texas Intermediate futures climbed 2%, or 28 cents, at $14.06 per barrel. U.S. crude futures plunged to below minus $40 as storage space ran out. In the United States, […]

Australian retail sales advance, might prevent GDP decline
22.04.2020

Australian retail sales soared to its highest level in March as the pandemic prompted people to purchase large volumes of food and other essentials. The increase might pull the economy from slipping to a sharp contraction in the first quarter. The Australian Bureau of Statistics on Wednesday showed its initial estimate of retail sales and […]

Trump to “look at” stopping Saudi oil imports, help domestic oil industry
21.04.2020

U.S. President Donald Trump announced that his administration was considering halting crude oil shipments from Saudi Arabia to help the local drilling industry. At a daily news conference, Trump said that his administration will “look at” the suggestion raised by Republican lawmakers. U.S. crude oil futures slumped for the first time in history on Monday, […]

Jobs down at 6% in Australia amid virus outbreak
21.04.2020

Millions of people have lost their jobs between mid-March and early April as Australia faces economic contraction on Tuesday amid the virus outbreak. A lot of businesses cease their operations, which indicate an increase in the natural rate of unemployment for the next few months. The Australian Bureau of Statistics (ABS) released figures that show […]

Dollar rises as oil plummets to record levels
21.04.2020

The Dollar rose on Monday as investors saw the greenback as a safe haven after oil prices plummeted to record levels the day before. Crude WTI Futures slid into negative territory for the first time to -$37.63 during an earlier trading session. The U.S. Dollar Index that tracks the dollar against a basket of other […]

Dollar firms, investors cautious on economic re-opening
20.04.2020

The dollar firmed on Monday while risky currencies fell, as governments worldwide prepare for an economic re-start. Major currencies were range-bound but the New Zealand, Canadian, and Australian dollars all fell 0.3%. Asian equities and U.S. stock futures also eased. The Australian dollar traded at $0.6344, while the New Zealand dollar stood at $0.6013. As […]

U.S. oil drops to lowest level since 1999
20.04.2020

Crude oil futures declined on Monday while U.S. futures fell to its lowest level since 1999. This was on top of concerns about global oil demand and the filling of strategic reserves in the United States. The oil volume held in U.S. storage rose as refiners slowed down production due to weak demand. The May […]

Dollar falls as virus treatment hopes bolster risk appetite
17.04.2020

The dollar fell on Friday after news of a successful trial for a potential COVID-19 treatment bolstered market outlook and risk appetite. The U.S. Dollar Index fell from its week-long high by 0.25% to 99.862 at 11:34 PM ET (4:34 AM GMT). The Japanese Yen rose against the dollar by 0.22% to $107.71. Meanwhile, the […]

Saudi Arabia deals with virus outbreak from position of strength

 
17.04.2020

Despite having a strong financial condition with low debt obligations, the Kingdom of Saudi is still struggling from the current worldwide crisis according to its Finance Minister Mohammed Al-Jadaan on Friday. Al-Jadaan said the priorities of the Saudi government are aimed at establishing precautionary steps to secure the safety and well-being of its citizens and […]

Fed balance sheet rises to record $6.42 trillion
17.04.2020

The Federal Reserve’s balance sheet rose to a record $6.42 trillion as the central bank soaked up on assets to prevent an economic collapse. Since March, the Fed has cut interest rates, released stimulus programs, and resumed bond purchases to keep credit flowing and support businesses and households. The central bank’s balance sheet rose $300 […]

Asian shares soar as plans to re-open U.S. economy aid weak China GDP
17.04.2020

Asian stocks recorded a well-ended session on Friday. The upbeat performance was mainly from President Donald Trump’s decision of reopening the U.S. economy, completely supporting the frail gross domestic product of China. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced with a 2.6% gain. This followed after the index hit a five-week high record. […]

Oil recovers as strategic reserves fill up
16.04.2020

Oil gained on Thursday and U.S. crude recovered from nearing 20-year-lows on hopes that inventories will build up. This could leave oil producers no option but to further production cuts as demand weakened amid the crisis. Brent crude rose 2.5%, or 69 cents, at $28.38 per barrel. U.S. West Texas Intermediate was up 2.8%, or […]

Bankruptcy fears compel J.C. Penney to disregard interest debt payment

 
16.04.2020

J.C. Penney Co Inc will skip a $12 Million interest payment on Wednesday, putting the struggling retailer towards a potential default. It was reported that the department store chain was close to filing bankruptcy protection to save money and to evaluate financial alternatives. The Chapter 11 bankruptcy protection could help J.C. Penney recapitalize its nearly […]

China’s home prices resume growth as COVID-19 impact eases
16.04.2020

Home prices in China resumed its growth after stalling in February due to the pandemic. The resurgence implies pent-up demand as the effects of the outbreak steadily eased on property markets. China has recently lifted curfews and lockdowns as authorities slowly brought the COVID-19 pandemic under control. Average new home prices in 70 of China’s […]

U.S. opposition slows down major IMF liquidity help

 
15.04.2020

The U.S. opposition wanted to stop the International Monetary Fund from using its strong tools to support other countries in fighting coronavirus on Wednesday. IMF proposed to create a new portion of Special Drawing Rights. The national bank will print new money, which was suggested by financial specialists and non-profit groups, to give as much […]

Japan’s Prime Minister will pay out more cash to aid pandemic hit economy
15.04.2020

Japan’s Prime Minister Shinzo Abe faces financial pressure from his political partners on Wednesday. The prime minister was expected to disburse more cash to people to lessen financial crisis amid the virus outbreak. The government will distribute $1 trillion worth of stimulus package including cash payouts of 300,000 yen. This is only available for families […]

Indonesia central bank may retain policy rates until market recovers
13.04.2020

Several analysts expect that Indonesia’s central bank is likely to retain its policy rates on Tuesday, as its currency and capital markets strive to gain momentum amid disruptions brought by the coronavirus pandemic. Fifteen out of 28 analysts who participated in the poll predicted that the bank would retain its 4.50% repurchase rate IDCBRR=ECI. Eleven […]

Dollar gains as investors rush for safe havens due to virus worries
08.04.2020

The dollar rose on Wednesday as the market turned to safe-havens, reversing risk currency gains after investors hoped the crisis in Europe and New York was slowing down. The dollar gained against major currencies except for the safe-haven yen, a day after its steepest fall against a basket of currencies in almost two weeks. Safe-haven […]

Asian equities extends gains as COVID-19 cases slow down
07.04.2020

Asian equity markets extended gains on Tuesday after the United States, Italy, and Spain reported a steady decline in COVID-19 cases over the weekend. South Korea’s KOSPI inched up by 0.95% at 10:23 PM ET (3:23 AM GMT) as Samsung Electronics exceeded expectations after announcing that their first-quarter profits reached near $5.2 billion. Japan’s Nikkei […]

Novel coronavirus drags India’s services sector down
06.04.2020

India’s most advanced sector, the service sector that provides job opportunities and heavily contributes to economic growth, declined in March. Such inactivity was brought by insufficiency in export demand and new business due to the coronavirus contagion which had already caused worldwide disruptions. March records have it that the Nikkei/IHS Markit Services Purchasing Manager’s Index […]

Healthcare stocks resist bearish market
03.04.2020

NEW YORK- Healthcare stocks ran bull as coronavirus pandemic boosted demand in the U.S. healthcare sector, home to businesses and firms necessary to combat the deadly novel coronavirus disease. Pharmaceuticals Inc gained 24% while Gilead Sciences Inc added 8%. Top advancers are pharmaceutical and biotechnology companies, including those that endeavored to produce COVID-19 vaccines and […]

Energy stocks shore up European shares as markets scramble amid crisis
02.04.2020

European shares gained on Thursday, caused by a bounce in energy stocks as investors pin hope on a deal between Saudi Arabia and Russia regarding their oil price war. The pan-European STOXX 600 gained 0.3%. The energy sector .SXEP hiked 4.4%, with Royal Dutch Shell, BP, and Total SA contributing to the gain. However, the […]

Asian stocks fall as economy turbulence pile on market fears
02.04.2020

Asian stock market underperformed on Thursday as piling economic turbulence led by the coronavirus pandemic continued to batter economies and governments around the world. Australia’s ASX 200 fell by 2.29% while Japan’s Nikkei slid by 0.74% at 10:14 PM ET (3:14 AM GMT). South Korea’s KOSPI inched up by a moderate 0.74%. Hong Kong’s Hang […]

Oil prices drop as U.S. inventory build-up, OPEC rift stresses market
01.04.2020

Global crude oil prices fell on Wednesday, following their biggest successive quarterly and monthly losses, due to a largely expected rise in U.S. supply and a heightened conflict within OPEC. Oil prices have dropped close to their lowest since 2002 as the coronavirus crisis brought the global economy to a slowdown and weakened oil demand. […]

Dollar steadies as investors brace for global economic contraction
01.04.2020

The dollar steadied on Wednesday, supported by its safe-haven status, as the world braced one of the biggest economic contractions for decades. It gained against the yen, pound, euro, Swiss franc, New Zealand and Australian dollars as the market lost appetite for cash due to the liquidity measures imposed by the U.S. Federal Reserve. The […]

Asian shares trade in green but COVID-19 caps gains
01.04.2020

TOKYO- Asian shares gained on Wednesday, with Australian shares heavily contributing to the upbeat market activity. However, the margin of risk for equities remains wide as the novel coronavirus contagion brings constant disruptions to the world economy. MSCI’s broadest index of Asia-Pacific shares outside Japan increased up to 0.33%. Australian shares recovered from underperformance with […]

Gold prices slip as Russia suspends bullion purchase
01.04.2020

Gold prices slip as Russia suspends bullion purchase Gold prices fell on Wednesday morning, stretching out losses from Tuesday as speculations grew of Russia planning on moving from a major bullion purchaser to a seller. Gold Futures had slid down by 0.13% to $1,594.45 per ounce at 09:40 PM ET (2:40 AM GMT). However, the […]

U.S. and Russia agree to talks, Oil prices rebound after 18-year lows
31.03.2020

Oil prices strongly rebounded after United States President Donald Trump and Russian President Vladimir Putin finally decided to meet and talk about global energy markets on Tuesday. Oil markets have plunged to 18-year lows shortly after the coronavirus pandemic decreased fuel demands all around the world. Brent oil price LCOc1 jumped to 30 cents, at […]

Pandemic crisis to hit economic growth in Asia, China, World Bank says
31.03.2020

Developing economies in East Asia and the Pacific, as well as China, are expected to suffer steep decline in growth due to the coronavirus pandemic, according to the World Bank on Monday. The bank announced that specific growth forecasts were difficult due to the uncertainty of the situation however, it says estimates are between 2.1% […]

Ted Baker appoints Rachel Osborne as the new chief executive officer
30.03.2020

The British luxury clothing retail company Ted Baker (TED.L) on Monday promoted Chief Financial Officer Rachel Osborne as the new Chief Executive Officer, in substitute to Lindsay Page who resigned a year ago. The British organization said that the search for a chairman administrator is advancing well and that Sharon Baylay will still lead as […]

HK Dollar outperforms the Greenback, bolstered by high loan rates and low market liquidity
30.03.2020

The Hong Kong Dollar outperformed the U.S. Dollar, propelling it into a record gain above 0.51% for March in 16 years. The HK Dollar is perceived to climb further in the coming months as local borrowing rates are predicted to stay higher than that of the U.S. and a low interbank liquidity pool in Honk […]

Chinese industrial firms report steepest decline in profits in a decade
27.03.2020

China’s industrial firms’ profits sank to the lowest in a decade, with mining, manufacturing, and power sectors all suffering from steep declines due to the coronavirus impact. Profits in the first two months of the year fell 38.3% year-on-year, to 410.7 billion yuan ($58.15 billion), an even steeper fall from the 6.3% decline in December […]

Asian markets operate cautiously prior to US stimulus, jobs data
26.03.2020

SINGAPORE- Asian share markets started regular sessions in an anxious tone on Thursday after advancing for two consecutive days.  Such performance was observed as investors await for the implementation of the $2 trillion stimulus package in the U.S. to minimize the impact of virus to the global economy. Japanese benchmark index Nikkei lost 2.2% while […]

Worldwide smartphone sales drop 14% in February due to COVID-19 contagion
26.03.2020

SHANGHAI- A sharp 14% drop in smartphone sales was monitored last February as the novel coronavirus continues to reach larger scale, according to Counterpoint Research on Thursday. Such may be the start of other market declines as the virus spreads across the globe.  The fast-paced coronavirus contagion urged Apple Inc (AAPL.O) and other mobile phone […]

$2 trillion fiscal stimulus drives dollar lower
25.03.2020

The dollar slid for the third straight day on Wednesday as the US’ proposed fiscal stimulus package eased markets driven by demand for cash.  US senate majority leader Mitch McConnell said that the $2 trillion (1.70 trillion pounds) will be voted on Wednesday. The Australian dollar rose above the 60-cent mark and extended its gains […]

Oil prices rally amid decline in crude supply
25.03.2020

Oil prices rally amid decline in crude supply Oil prices maintained gains on Asian markets on Wednesday following the report of the American Petroleum Institute (API) on a decline in U.S. crude supply. International Brent Oil Futures went up by 3.46% to $28.09 by 10:12 PM ET (02:12 AM GMT) while U.S. Crude Oil WTI Futures […]

Gold prices maintain gains as Fed announces new measures
24.03.2020

Gold prices continued its climb after the U.S. Federal Reserve announced on Monday new measures in a bid to shore up an economy affected by the coronavirus. In the unexpected announcement, the Central Bank said that it would be buying an infinite amount of Treasury and mortgage-backed securities in order to lower borrowing costs. In […]

Gold prices recover from losses as U.S. Dollar drops from record highs
23.03.2020

Gold prices surged up in Asian markets on Monday morning amid a weakening U.S. Dollar, recovering the yellow metal from a streak of losses last week. Gold Futures had momentarily surpassed the $1,500 mark with an opening of $1,506.15 per ounce before it settled at $1,490.45 by 9:22 PM ET (1:22 GMT). Gold has once […]

Peru reduces interest rate to ease COVID-19 impact
20.03.2020

Peru’s central bank decided to reduce 1.25% interest rate on Thursday from the initial 2.25%. Such scheme was aimed at relieving Peru’s economy from the drag brought by the novel coronavirus contagion. The said reduction immediately followed after reports disclosed the very first death from the coronavirus. Statistics continued to bloat with additional 89 cases […]

US crude gains after White House says plans to intervene Saudi-Russia dispute
20.03.2020

U.S. crude oil prices climbed on Friday, stretching its gains after the 24% rise on Thursday after President Donald Trump said that he might step in the price war between Russia and Saudi Arabia. U.S. crude and global benchmark Brent crashed 40% in the last two weeks since the production cut agreed by the OPEC+ […]

Gold drops out of its $1,600 support as investors sell to cover losses
20.03.2020

Gold fell off its key $1,600 gain on Thursday after investors had sold off their positions in the precious metal in a panicked rush to save themselves from losses on Wall Street.   Gold Futures in New York’s COMEX fell by 3.2% ($52.10) at $1,589.30 an ounce. In a session, intraday prices fell by a […]

Dollar continues its climb as panic grows over piling virus fears
19.03.2020

The U.S. Dollar continued to climb against most major currencies on Thursday as a virus-driven impact on market volatility and tensing liquidity sent investors retreating to cash. The British Pound, against the Greenback drifted near its lowest since 1985. Meanwhile, the Aussie slumped to 17-year low and the Kiwi plummeted to an 11-year low as […]

U.S. Fed rolls out third emergency program to ensure liquidity in money market mutual funds
19.03.2020

U.S. Fed rolls out third emergency program to ensure liquidity in money market mutual funds The U.S. Federal Reserve on Wednesday announced its third emergency fiscal package to be introduced in two days. The credit program will offer loans to banks that offer as collateral assets bought from money market mutual funds. The newly-established facility […]

Fed to roll out monetary easing to cushion economic damage of COVID-19
16.03.2020

The Federal Reserve is planning to launch a massive rollout of monetary easing in the financial markets to combat the economic damage brought by the pandemic spread of the new coronavirus. Investors’ fears seemed to have deepened by this move. Market investors see the monetary easing move as an indicator of how tremendous the economic […]

Oil erases gains, LCOc1 approaches week of inactivity
13.03.2020

TOKYO- Oil declined for three consecutive days on Friday. Such inactivity was brought by investors’ anxiety over slump in oil demand mainly from coronavirus contagion. In line, the Brent and US crude are both on track for their sharpest weekly decline.                 Brent crude LCOc1 shed 47 cents, equivalent to 1.4%, and was quoted at […]

Global shares suffer as worldwide contagion rattles stock markets
13.03.2020

SINGAPORE- Global shares declined the sharpest on Friday, putting an end to years-long upbeat performance as novel coronavirus contagion disrupted trading activities and left investors uncovered. An estimated five-hundred billion dollars in liquidity from the US Federal Reserve and an assurance of giving more were inadequate to ease the tension that has erased $14 trillion […]

Global markets plummet as U.S. suspends travel from Europe
12.03.2020

Global markets plummeted immediately after U.S. President Donald Trump said that the United States have suspended all travels from Europe, excluding Britain, in an attempt to limit the spread of the virus. S&P 500 futures dropped by 3% with Japan’s Nikkei and Australia’s S&P/ASX 200 going lower than 4%. The report of the virus spreading […]

Stock markets drop as U.S. virus response brings about investors skepticism
11.03.2020

Asian markets and Wall Street futures fell on Wednesday after details of Washington’s stimulus package made to combat the impact of the virus raised skepticism among investors. Wall Street futures fell by 2.2% while in Asia, the MSCI’s broadest index outside of Japan dipped down 0.29%. Australian shares fell by 2.02% with Japan’s Nikkei slipping […]

Malaysia’s Silicon Valley sees misfortune as virus outbreak disrupts China suppliers
10.03.2020

Malaysia’s Silicon Valley sees misfortune as virus outbreak disrupts China suppliers Tech firms in Malaysia’s one-time Silicon Valley of the East saw its fortune flip after the coronavirus outbreak disrupted supply lines from China. This came after Malaysia found profitable circumstances last year when customers sought refuge after fleeing from China that was hit by […]

Japanese and European stocks plunge as Italy implements lockdown
10.03.2020

Italy has shut down all its ports and airports, disrupting financial markets and showing how the coronavirus has affected social and economic aspects globally. Major European stock markets plunged over 7%, Japanese indexes slipped 5%, and US markets lost more than 7% after Saudi Arabia started an oil price war with Russia, causing investors to […]

Japan commodity spending falls amid coronavirus spread
06.03.2020

Weak private spending extended to its fourth month in Japan’s struggling economy after a sales tax hike and unusually warm winter kept people from spending. Adding the recent virus outbreak, firms latch on to measures to keep business up. Japan has implemented measures to soften the impact on production and exports caused by global health […]

U.S. Congress approves $8.3 billion bill to combat coronavirus
06.03.2020

The U.S. Senate passed an $8.3-billion bill and sent it to President Donald Trump in an effort in aiding state and local governments to fight the spreading of the coronavirus. The bill, which was initially approved on Wednesday by the House of Representatives, is now expected to be signed into law where the funding would […]

U.S. House approves $8.3 billion bill to combat virus outbreak
05.03.2020

The U.S. House of Representatives approved an $8.3 billion bill in an effort to contain the outbreak of the coronavirus and commence the developing of vaccines. The bill, which was passed on Wednesday, will be sent for final approval to the Senate where a vote is due Thursday. The bill was overwhelming in favor, voting […]

Home prices in Hong Kong plunge for two consecutive months in January
28.02.2020

Private home prices in Hong Kong declined for the second consecutive month in January, with a 0.2% dip as coronavirus outbreak hounds the property and real estate sector that has not fully recuperated from the previous burden brought by the mass protest in 2019. In December, home prices by 1.6% while 4.7% difference in sales […]

Oil prices drop further; sets to hit sharpest fall in four years
28.02.2020

SINGAPORE- Oil prices recorded six consecutive days of decline, its weakest weekly performance in more than four years. Such drop was heavily brought by the fast-paced spread of the novel coronavirus which sparked concerns that the possibility of pandemic may directly affect oil demand. Investors grew wary that the continuous spread of the disease which […]

South Korea keeps rates steady despite coronavirus risks
27.02.2020

The Central Bank of South Korea kept its rates steady and unmoved on Thursday, killing hopes for monetary easing, despite the glaring coronavirus risks as it continues to spread in the country, threatening to hurt the fourth-largest economy in Asia. The base rate of the policy board of the Bank of Korea remained at 1.25%. […]

Hong Kong banks suffer poor asset quality, loan growth due to coronavirus risks
26.02.2020

Banks in Hong Kong are faced with two quarters of slow loan growth and declining asset quality due to the coronavirus outbreak’s impact on consumer banking. The Asian financial hub, including HSBC and Standard Chartered, are experiencing low demand for mortgages, corporate loans, and credit card usage. Hong Kong has its biggest exposure to China […]

Hong Kong announces $15.4 billion relief package to boost economy
26.02.2020

Hong Kong announces $15.4 billion relief package to boost economy Hong Kong Financial Secretary Paul Chan announced on Wednesday a HK$120 billion ($15.4 billion) relief package in an attempt to bolster the country’s economy amid the coronavirus outbreak and civil unrest. Chan’s annual budget featured a handout of HK$ 10,000 ($1,300) to each permanent resident […]

Thailand reports worse-than-expected January factory output, down by 4.6%
26.02.2020

Thailand reports worse-than-expected January factory output, down by 4.6% Thailand reported its manufacturing production index (MPI) for January which dropped sharply for a ninth-straight month. The country’s PMI, which slid 4.59% lower from a year earlier, was a result of a decrease in the production of automobiles, sugar, and palm oil, according to the ministry […]

Oil recuperates but lurking nCoV anxiety restricts earnings
25.02.2020

TOKYO- Oil recovered from underperformance as investors sought safety in bargains after crude prices lost 4% in previous trading session. However, lurking fears that larger coronavirus contagion could inflict more damage to economy restricts oil activity. Brent crude added 29 cents, equivalent to 0.5%, and last stood at $56.59 per barrel by 0212 GMT. The […]

Japan assails U.S. digital tax proposal during G20
24.02.2020

Japan, represented by Finance Minister Taro Aso, assailed the tax reform proposal presented by the United States saying that it could compromise or disable global efforts to agree on new rules in imposing taxes on huge tech firms. The finance leaders of the Group of 20 (G20) major economies of the world are campaigning a […]

: EU leaders to lock horns over budget issues as Brexit leaves huge budget void
20.02.2020

European Union leaders will have to figure by themselves the surfacing budget issues they now inevitably face as Britain formally left the bloc in January. The void is in the bloc’s 2021-2027 finances, with Britain plucking out a whopping 75 billion euro ($81 billion) budget from the EU. The coming seven-year budget plan covering the […]

New York Fed: U.S. shoppers suspect spending growth slowdown
19.02.2020

The Federal Reserve Bank of New York said on Tuesday that American consumers are anticipating their household spending to inflate more slowly over the next twelve months. The median forecast yielded an overall 2.3% increase for household spending among U.S. citizens over the next financial year as of December. This is relatively lower from the […]

Thailand GDP growth lower than forecast, says central bank
19.02.2020

Thailand’s economy will grow at a slower pace than previously predicted and lower than its potential, according to the Central bank’s minutes of the meeting. The Central Bank has already cut interest rates to record low due to the increasing risks of the virus outbreak, delayed government spending, and drought. The monetary policy committee opted […]

Japanese exports, core machinery orders decline amid coronavirus risks
19.02.2020

Japanese machinery orders fell at the fastest pace since 2018, while exports declined for its 14th straight month as Japan’s economy struggled against the impact of the recent sales tax hike and the novel coronavirus outbreak. Exports declined by 2.6% in January compared to the previous year, smaller than a 6.9% decline predicted by analysts. […]

Oil advances but nCoV economic impact restricts gains
19.02.2020

TOKYO- Oil prices recorded a well-ended session on Wednesday. However, it remained neutral as gains were restricted by the growing damage of the coronavirus contagion which originated from China.  In line with this, a decrease in new cases was recorded in Hubei, the center of the outbreak. Brent crude LCOc1 added 6 cents and last […]

South Korea president pledges steps for virus-hit economy, rate cut expectations boosts
18.02.2020

South Korea president pledges steps for virus-hit economy, rate cut expectations boosts South Korea’s President Moon Jae-in said on Tuesday that the government would be making a full-scale push to soften the economic blow from the fast-spreading coronavirus. The comment increased expectations of further monetary easing. The outbreak of the virus disrupted world supply chains […]

Indonesia posts larger than expected trade deficit as declining export prices affects trade
17.02.2020

Indonesia posts larger than expected trade deficit as declining export prices affects trade Indonesia’s trade gap widened sharply in January as falling metal prices weighed on exports. The data was posted on Monday from the country’s statistics bureau. Southeast Asia’s largest economy showed a trade deficit of $870 million in January compared to the expectations […]

Oil prices ease on weekly gain as hopes for OPEC+ emergency meeting fades
17.02.2020

Oil prices eased after seeing its biggest weekly gain since September as hopes for an OPEC+ emergency conference on the coronavirus faded. Despite Saudi Arabia pushing for a meeting scheduled this month, OPEC+ are expected to hold the conference in March after Russia recoiled from the plan. Meanwhile China, Hong Kong, and Singapore have promised […]

Euro slips on weak economic growth, yen stable despite weak Japan GDP
17.02.2020

The euro slipped on Monday as Europe’s economic growth weakened amid concerns raised by financial markets and policymakers on the coronavirus outbreak in China. The euro closed at $1.0817 on Friday, hitting a 33-month low. It went up $1.08385 on Monday’s early Asian trade. The German economy was stable in the fourth quarter due to […]

British consumers brace for inconvenient shopping sans clear post-Brexit trade deal
17.02.2020

British shoppers will have to face a tougher market situation by getting relatively higher prices and reduced supply of goods if the Boris Johnson-led British government won’t be able to iron things out with the European Union on regulatory checks at ports in post-Brexit agreement, the British Retail Consortium (BRC) said on Monday. The United […]

Honda to resume auto production in China plants on February 21
14.02.2020

Honda to resume auto production in China plants on February 21 Honda Motor Co. said on Friday that it is planning to resume operations in its auto-manufacturing plant in Wuhan, China on February 21. The planned operations schedule was delayed a week ago. Honda, currently Japan’s third-largest manufacturer of automobiles and auto parts, said that […]

Stocks climb as market appetite improves over lowest reported new virus cases
13.02.2020

Global equity markets reached new highs as China reported the lowest new cases in two weeks. Investors hope for a shift in the market as Chinese medical adviser says virus can be contained in a few months. Total confirmed cases rose to 44,653, with 2,015 new cases reported, the lowest since Jan. 30. The report […]

Oil maintains momentum as virus concerns may lead to deeper output cuts
13.02.2020

SEOUL- Oil prices continued to advance for three consecutive days. Such upbeat activity followed after market sentiment boosted on expectations that primary oil manufacturers will implement deeper output reduction to recuperate from slump in demand brought by coronavirus contagion in China, the world’s second-biggest oil importer. Brent crude LCOc1 added 17 cents, equivalent to 0.3%, […]

Samsung revs up, introduces 5G Galaxy S20 to counter rivals Apple, Huawei
12.02.2020

Samsung Electronics introduces its latest smartphone innovation, flaunts a foldable phone with a 5G mobile network to intensify fierce competition with mobile companies, Apple and Huawei on Tuesday. Samsung is out to maintain its status as the biggest global phone company as it introduces its latest offering, Galaxy s20, a smartphone that sports a 5G […]

China GDP growth could decline by 1% amid coronavirus spread, says government researcher
11.02.2020

The coronavirus outbreak in China could cut the country’s economic growth by 1% in 2020, said Zeng Gang, a Chinese government think tank senior member. The vice chair of the National Institute for Finance and Development cited the 2003 SARS epidemic where China’s growth dropped by 2%, in comparison to the Wuhan virus. “At present, […]

Asian shares recover, China factories set to reoperate
11.02.2020

SYDNEY- Asian share markets performed positively on Tuesday, following Wall Street upbeat activity.  However, concerns still lurk about China factories’ decision of reopening as the novel coronavirus contagion spreads in a larger scope and death record continues to grow. Mainland China’s coronavirus death toll hit more than 1000 cases and surpassed the 800 victims of […]

Oil advances but investors remain cautious over China virus
11.02.2020

SINGAPORE- Oil prices clocked in more than 1% on Tuesday as previous declines urged short position investors to take profit. However, market sentiment dwindled due to novel coronavirus that is responsible for the death of more than 1,000 individuals in China. Brent crude LCOc1 inched up 1.5%, equivalent to 79 cents, and was quoted at […]

Wall Street futures slip as coronavirus death toll exceeds 900
10.02.2020

US stock futures slipped as the coronavirus outbreak in China reported a death toll higher than the SARS epidemic. Authorities prepare measures as millions return to work after the extended Lunar New Year holidays. Investors cautiously monitor virus concerns that has impacted global economy and pushed Wall Street lower. China reported 97 new additional deaths, […]

China’s inflation rate rises following Lunar New Year and virus outbreak
10.02.2020

China’s inflation rate rises following Lunar New Year and virus outbreak China’s consumer prices increased at is fastest pace in more than eight years in January, according to official data released by the National Bureau of Statistics (NBS) on Monday. The consumer price index CPI) came in at 5.4% last month on-year which went higher […]

Wall Street stands on record highs as virus’ impact concerns subside
07.02.2020

Wall Street stands on record highs as virus’ impact concerns subside Wall Street gained record highs on Thursday as traders cast aside piling concerns on the coronavirus spreading in China. The Nasdaq Composite climbed 0.67% while the S&P 500 went up 0.33%. Meanwhile, the Dow Jones Industrial Average was 0.3%, marking all 3 major averages […]

Philippine Central Bank Governor hints mid-year monetary easing
07.02.2020

Benjamin Diokno, the top official of the Philippine’s central bank, bared that he was considering having the next monetary easing via an interest-rate cut “sometime in the middle of the year.” “With another rate cut yesterday, we still have a   lot of monetary space,” Diokno said. On   Thursday, the central bank cut its benchmark rate […]

Oil advances after Russia supports supply reduction on virus contagion
07.02.2020

Oil prices soared on Friday after Russia sided with a recommendation for OPEC and other oil associates to further reduce oil outputs amid dwindling demand for crude as China struggles to combat coronavirus that has impacted global markets. Brent crude futures increased 34 cents, equivalent to 0.6%, to $55.27 per barrel at exactly 0250 GMT. […]

Dollar stands strong with support from domestic data and virus optimism
06.02.2020

Dollar stands strong with support from domestic data and virus optimism The U.S. Dollar stood strong on Thursday after gaining support from firm domestic data and an optimistic viewpoint that the coronavirus’ impact on the economy would slow down. Amid reports of the virus infecting more than 28,018 people and raising the death toll to […]

Oil maintains upward momentum amid upbeat market sentiment over China virus
06.02.2020

Oil futures advanced on Thursday continuing its positive performance the previous day. Such activity was brought by upbeat investor sentiment over the possible advances against the virus contagion in China, expecting that this will boost fuel demand in the world’s largest oil importer. Brent futures advanced by 98 cents, equivalent to 1.8%, to $56.26 per […]

Australia central bank weighs risks to extend rate cuts
05.02.2020

The central bank of Australia is considering to lessen monetary policy and cut interest rates if unemployment rate increased and inflation stalled. Unemployment rate decreased to 5.1% in December while inflation rose in the final quarter of 2019, showing that lowering rates was not urgent. The Reserve Bank of Australia cut its cash rate thrice […]

Tesla surges 20%, gets boost from Panasonic’s quarterly profit increase
04.02.2020

Tesla posted its one of the largest one-day gains, up by 20% on Monday trade after getting a lift from Panasonic’s quarterly profit report. The appointment of Elon Musk as the Chief Executive Officer made significant changes in the company’s quarterly profit performance, with Tesla rallying by more than 30% in its second quarterly profit […]

China’s industry reports first profit decline in 4 years
03.02.2020

China’s industry reports first profit decline in 4 years China’s industrial firms on Monday posted their first annual decline in profits in four years in 2019. The decline has been attributed to the country’s slowest economic growth in almost 30 years and the prolonged trade war it had with the United States. Official data showed […]

Louis Vuitton opens new restaurant and flagship store in Japan
03.02.2020

Louis Vuitton launched its new business venture by opening its Osaka-based store in Japan, featuring a restaurant and café named Le Café V and Sugalabo V as its new flagship store. The Louis Vuitton Maison Osaka Midosuji is a high-end eatery. Its menus were curated by chef Yosuke “Suga” Sugalabo, a well-known restaurant owner in […]

US stocks indexes rebound after Tuesday’s big drop
29.01.2020

US stocks indexes rebound after Tuesday’s big drop US Stocks closed on a higher note on Wall Street Tuesday, recovering from a sharp drop in the market the day before. The rebound ended the 5-day losing streak of the Dow Jones Industrial Average which was impacted by investor concerns of the new China virus that […]

Australian employment rate outpaces forecasts, analysts throw in the towel on February rate cut
23.01.2020

Australian employment rate outpaces forecasts, analysts throw in the towel on February rate cut Australian employment outpaced forecasts for a second month in December pushing the unemployment rate to a nine-month low – a much-needed statistic for analysts that speculated a near-term cut in interest rates. The Aussie Dollar climbed 0.47% to $0.6874 as the […]

Indonesia central bank to continue accommodative policy to boost monetary growth
22.01.2020

Indonesia central bank to continue accommodative policy to boost monetary growth Indonesia’s central bank plans to maintain its accommodative monetary policy this year to support economic growth, said Bank Indonesia Governor Perry Warjiyo on Wednesday. “All Bank Indonesia’s policy instruments are focused on keeping and strengthening the economic growth momentum,” Warjiyo told a news conference. […]

Argentina swaps $1.66 billion Treasury bills to push back debt repayment
21.01.2020

Argentinian economy ministry said that it exchanged 99.6 billion pesos ($1.66 billion) Treasury bills in a debt swap auction to postpone its repayment schedule amid an economic crisis. The ministry conducted an auction for two new peso-denominated bills to holders of five older instruments, with which the government has near-term repayments in February adding up […]

Oil prices rise as Libya shuts down crude production
21.01.2020

Oil prices rise as Libya shuts down crude production Oil prices soar to its highest in more than a week on Monday after Libya began halting operations on two of its major production bases through military blockades, potentially reducing national output to a fraction.   Brent crude went up by 0.5% to $65.20 after having […]

China will boost purchase of US imports according to ‘market principles’
20.01.2020

China will push negotiations with American companies in raising US importation of goods and products with consideration to market principles, said an official with state planner. Spokesperson for the Chinese National Development and Reform Commission (NDRC) Meng Wei said at a press con that the US has high quality supply of energy, agricultural products, financial […]

Oil price hikes as Libyan oilfields shutdown trickles production
20.01.2020

Oil prices hiked as two major crude production in Libya shut down due to a military blockade, causing oil flow to slow down. Brent crude LCOc1 futures rose 1.25%, or 75 cents, at $65.60 by 0109 GMT, earlier rising to $66.00 a barrel, its highest since Jan. 9. West Texas Intermediate CLcl contract rose 1%, […]

China’s 2019 pork production hits 16-year low due to swine flu
17.01.2020

BEIJING-China’s 2019 pork production sunk to 16 years of inactivity, data showed on Friday as the African swine influenza dispatched millions of pigs in world’s leading producer of pork. China tallied 42.44 million tonnes of pork last year, lower than the 21.3% record from 2018 and the lowest production for the last 16 years beginning […]

European car sales recover 21.4% in December
16.01.2020

European car sales recovered for the fourth straight month, raised by higher demands of premium and volume cars, ACEA said. New car registrations climbed 21.4%, or 1,261,742 vehicles in the EU and EFTA countries in December, statistics showed. The rise was partially caused by a low base of comparison with December 2018, when anti-emission laws […]

Toyota to invest $394 million in air-taxi startup
16.01.2020

Toyota to invest $394 million in air-taxi startup Japan-based Toyota Motor Corp is investing $394 million in Joby Aviation, a U.S.-based air-taxi startup. The startup has reportedly spent the last ten years designing an electric air-taxi prototype. Toyota is the lead investor in Joby’s Series C funding costing up to $590 million, according to Bloomberg. […]

China adds $58 billion into banking system as Lunar New Year draws near
15.01.2020

China adds $58 billion into banking system as Lunar New Year draws near China added liquidity to the financial system on Wednesday in attempts to offset a money shortage ahead of the Lunar New Year holiday. Interest rates on the loans were left unchanged. The People’s Bank of China added 300 billion Yuan ($44 billion) […]

Oil inches down on concern that Sino-US trade pact may not stimulate demands
15.01.2020

SINGAPORE-Oil prices retreated on Wednesday brought heavily by emerging concern that the ‘phase one’ of the Sino-US trade deal may not promote demands.  Such was from the decision of the US to retain rounds of tariffs on Chinese products.                 On a statement last Tuesday, US Treasury Secretary Steven Mnuchin said that the imposed tariffs […]

China’s December exports beat forecast as trade war eases
14.01.2020

Chinese exports climbed 7.6% in December compared to a year earlier, as shown by customs data on Tuesday. The recovery in export demands was attributed to the preliminary trade deal agreed upon by China and United States, as further de-escalation of the longstanding tariff war is expected. The recovery was the first since July 2019 […]

Oil prices sink deeper as Mideast tensions ease
10.01.2020

TOKYO-Oil prices continued its underperformance as the possibility of war in Middle East abated and investors focused on economic growth together with increase in US crude oil and output inventories. Brent crude oil LCOc1 decreased by 20 cents, equivalent to 0.3% at $65.17 by 0240 GMT. Such is expected to hit its first setback in […]

Asian shares recover as Mideast tension alleviates, oil soars
09.01.2020

SINGAPORE- Asian stocks bounced from inactivity on Thursday and oil prices inched higher as the United States and Iran both signaled resolution rather than to pursue further conflict. US President Donald Trump released a sanction overnight as retaliation to Iran’s recent attack against US troops. Iran remained silent and had given no indications of further […]

Oil climbs as Iran launches strike on US troops, market uneasy
08.01.2020

Oil prices peaked in months after Iran attacked American troops on US bases in Iraq on the early hours of Wednesday. The missile attack was Iran’s response to the killing of its major general Qasem Soleimani, sparking a growing conflict and sending oil supplies into turmoil. But oil prices cooled down after the initial heat […]

Trump declares threat on Iranian cultural sites, warns of US ‘major retaliation’
06.01.2020

U.S. President Donald Trump declared threats of attacking Iran’s cultural sites as the U.S. warns of “major retaliation” once Iran strikes back after the killing of one of its major generals, Qasem Soleimani. In Trump’s interview with reporters on Air Force One, the U.S. President raised threats of sanctions on Iraq as the Iraqi Parliament […]

Oil prices hike up on Middle East crisis and trade optimism
03.01.2020

NEW YORK- Oil value increased on Thursday brought by emerging tensions in the Middle East and upbeat signals of US-China trade relations. However, secured dollar performance capped price earnings. Brent crude futures LCOc1 acquired 25 cents, equivalent to $66.25 per barrel while US West Texas Intermediate (WTI) crude CLc1 raked in 12 cents or $61.18. […]

Tim Hortons president Alex Macedo to step down next year
30.12.2019

Tim Hortons president Alex Macedo to step down next year Alex Macedo, president of coffee and breakfast chain Tim Hortons will be stepping down from his position after two years of the role, according to Restaurant Brands International Inc (RBII) on Friday. Macedo said in a regulatory filing that he will be leaving the company […]

Amazon caps biggest holiday season sales ever
27.12.2019

The U.S. economic growth seems to be still alive and kicking (despite major setbacks highlighted by the trade dispute against China) as Amazon posts a record-breaking holiday season sales thus far. Amazon reported its top-sellers this holiday season included the Echo Dot, Fire TV Stick and Echo Show 5.  Amazon’s third-party products helped to its […]

China to trim import tariffs on some products next year
23.12.2019

China is set to trim down import tariffs on some goods including frozen pork, avocado, and semiconductors beginning January 1, 2020, according to the finance ministry as China bids to beef up imports amid slow economic growth and a trade dispute with the United States. The temporary import tariffs are relatively lower than the most-favored-nation […]

Oil prices inch down but fast approaching Sino-US trade deal curbs losses
23.12.2019

TOKYO- Oil was marginally lower on Monday but did not stray far from its latest three-month peak. Upbeat activity was brought by positive headlines on United States and China’s possibility of signing the trade pact soon as US President Donald Trump said that the pact would be signed “very shortly”.                 Brent crude oil declined […]

Oil prices maintain momentum, head for three-month high on trade deal progress
20.12.2019

Oil prices retained its positive performance as it drew nearer to achieving its three-month peak on Friday with upbeat weekly rise. Such positive performance was mainly from cooling tensions between Washington and Beijing’s trade truce that previously impacted demand and dragged global economic growth. Brent futures LCOc1 clocked in 5 cents, equivalent to 0.08% to […]

Economists boost China outlook on easing trade tensions
20.12.2019

Economists boost China outlook on easing trade tensions China’s economic growth will show at 5.9% in 2020, according to analysts and traders. The forecast comes as easing trade tensions and the prospect of lower bank borrowing costs had boosted confidence. This comes as an upgrade from the November’s forecast of 5.8%, before the U.S. and […]

Dollar rallies on Trump impeachment, Aussie follows trend on strong jobs record
19.12.2019

SYDNEY-US greenback rode smoothly on US President Donald Trump’s impeachment headlines as Australian peer recuperated from sharp fall due to country’s unemployment percentage. The British pound GBP=D3 was pressed by reemerging issues of Brexit as it was last quoted $1.3083 after sharp turn of 2% in consecutive days. Greenback traders remained optimistic following a landslide […]

U.S. Dollar slips on Trump’s impeachment news
19.12.2019

U.S. Dollar falls on Trump’s impeachment news The U.S. Dollar dropped on Thursday in Asia after the U.S. House of Representatives voted to impeach Republican U.S. President Donald Trump for abuse of power and obstruction of Congress. The U.S. Dollar index slipped 0.1% to 96.925 by 11:30 PM ET (03:30 GMT). Trump is the third […]

Amazon boycotts FedEx as delivery method for selected Prime shipments
17.12.2019

Amazon.com Inc (AMZN.O) blocked sellers from using FedEx Corp in handling Prime shipments as the company prioritized rapid delivery deadlines this holiday season. FedEx representative stated that the scheme will only impact minimum number of sellers but “limits the options for those small businesses on some of the highest-demand shipping days in history.” Amazon and […]

EUR/USD pressured by trade uncertainty
11.12.2019

The currency pair, EUR/USD is trading beneath 1.11; it is consolidating its gains. Such has happened as there is tension borne out of the uncertainty regarding the U.S. tariffs being planned to be placed on China. Pressure is also being felt as U.S. inflation is rearing its ugly head alongside the all-important Fed decision. While […]

Tighter election poll makes GBP/USD pair apprehensive, consolidates losses around 1.3150
11.12.2019

At present, the GBP/USD is trading below 1.3150. It has consolidated its losses after British polls revealed that the Conservative are in the lead for UK elections. Here are the important figures: POUND RATESGBP/USD 1.31 50 1/ 51 1-0.00384 (-0.29%)EUR/GBP 0.84 24 3/ 25 40.00126 (0.15%)GBP/JPY 142.94 70 0/ 20 0-0.49850 (-0.35%) Technical Analysis of […]

Japanese stocks suffer from anxiety brought by US tariffs implementation
10.12.2019

TOKYO-Japanese shares inched down on Tuesday brought by threats of US tariffs on Chinese imports despite developments and positive commentary from Washington and Beijing’s trade talks. The Nikkei index plummeted down 0.18% to 23,388.92 at exactly 0157 GMT, as industrial and consumer discretionary sectors topped the decliner board. Both Washington and Beijing remained diplomatic as […]

GBP/USD on 7-month highs; Tories on the lead
09.12.2019

The GBP/USD pair stands strong, as it retraces from the new seven-month highs of 1.3180. This came after polls revealed the Conservatives’ lead. Cable had reportedly dropped last Friday in the middle of positive U.S. data. Bulls can be kept happy in light of October highs near 1.3013 being the target and highs marked in […]

EU finance ministers agree Facebook’s Libra too risky
06.12.2019

EU finance ministers agreed that Facebook’s Libra and other private digital currencies should not be allowed in the European Union unless the risks they pose are finally addressed. This confirms EU’s tough criticism of Libra, which was announced in June and has since been the talk of global regulators due to its possible impact on […]

Nissan to halt operations for two days in US unit next month
06.12.2019

Japanese automaker Nissan Motor Co announced a two-day operations halt for its US unit next month, as the automaker alleviates the drop in profitability in the US. Nissan’s overall profits fell sharply this current fiscal year, affected by dropping sales in US and China as well as a stronger yen in the foreign exchange market. […]

Caltex Australia elicits higher bid by working with Canadian suitor
05.12.2019

MELBOURNE- Caltex Australia’s top executives disclosed on Thursday their plan of coordinating with a Canadian suitor in high hopes of acquiring larger takeover offer. Such followed after the petrol pump and convenience store operator rejected suitor’s A$8.61 billion offer. Caltex Australia dismissed a takeover proposal by Canadian convenience store operator Alimentation Couche-Tard Inc as it […]

Nintendo Switch to launch in China
05.12.2019

Nintendo is launching Switch in China as it joins forces with Tencent. However, Switch will have a tough road ahead as it faces gaming mobile phones as its competition. On Wednesday, Nintendo, in partnership with Tencent, announced that the Switch will be available in China starting December 10 at 2,099 yuan ($297).  Nintendo Switch will […]

Nintendo to officially launch Switch gaming console in China
04.12.2019

Japan’s Nintendo Co will officially launch its Switch gaming console in mainland China for the price of 2,099 yuan or $298. The launch is set on Dec. 10 in partnership with Tencent Holdings Ltd., a Chinese internet-based platform company and the world’s biggest gaming company. A few days ahead of the launch, pre-orders have begun […]

Nikkei underperforms due to concerns of extended trade dispute
04.12.2019

TOKYO- Japan’s Nikkei recorded lowest data in two weeks on Wednesday as market anxiety pressed due to US President Donald Trump’s remarks, while firmer yen dampened investors’ appetite. The Nikkei 225 index shed a total of 1.24% to 23, 089.21 as it tailed under its 25-day moving average of 23,253. “In some ways, I like […]

Thai shippers cut 2019 export forecast to fall 2.5%-3.0%
03.12.2019

Thai shippers cut 2019 export forecast to fall 2.5%-3.0% Thailand’s shipping association on Tuesday lowered its 2019 export forecast for the year’s fifth time. With a forecasting drop of 2.5% and 3.0%, the prediction was made due to global trade tensions and a strong local currency. In October, the association forecasted an export decline of […]

Japan stocks hit highest level in a month on positive Chinese data
02.12.2019

TOKYO- Japanese shares soared on Monday with most gains in a month following data disclosure that China’s factory activity and domestic demand recuperated, relieving worries about the health of world’s second-largest economy.   At 0150 GMT, the Nikkei index hit 1.02% to 25,531.85, brought heavily by industrial and consumer discretionary sectors’ earnings. The index reached […]

Oil prices steady on quiet Thanksgiving trade and next week’s OPEC+ meet
29.11.2019

Oil prices were steady on Friday, with the US Thanksgiving holiday coming. Meanwhile, investors anticipate the OPEC meeting set to be on the first week of December as possibilities of extending the production cut may arise. Brent crude LCOcl dropped 5 cents, at $63.82 a barrel by 0103 GMT. It initially dropped 0.3% on Thursday. […]

Peru speeds up $29 billion infrastructure spending
29.11.2019

Peru is set to cut excessive regulation on the $29 billion fund for infrastructure that is aimed at reviving the economy and inducing public investment, according to Peru’s economy ministry. The move is dedicated to speed up the construction on 52 “large-scale, public service-oriented projects, whose completion will reduce the infrastructure gap, as well as […]

Britain’s business services down, weakest in 8 years
28.11.2019

Profits from professional and business services firms in the UK fell the lowest since 2011 for a second quarter running as businesses are also cutting down on investments, according to the Confederation of British Industry (CBI). CBI surveys have consistently showed a pessimistic outlook of the British economy as businesses face political uncertainties caused by […]

Apollo Global raises offer to $6 billion in Tech Data private deal
28.11.2019

Apollo Global Management raises its offer to $6 billion to take over Tech Data private, according to the US information technology equipment distributor. The offered deal is worth $5.14 billion excluding debt, higher than Apollo’s previous offer of $4.77 billion. Tech Data shareholders will now receive $145 per share, compared to the initial $130 per […]

HP Inc reports higher PC sales, beats profit estimates
27.11.2019

HP Inc reported its quarterly earnings, beating analyst estimates. Higher sales in personal computers and workstations countered the low sales of its printer business. Revenue from HP’s personal systems unit rose 3.6%, or $10.43 billion in the fourth quarter, beating analyst estimates of $10.29 billion. HP is the second largest PC maker after Lenovo Group […]

Asian shares gain stable ground as mood favors trade
25.11.2019

Asian shares gain stable ground as mood favors trade Asian shares gained stable ground on Monday as Investors placed hopes for some progress on the Sino-U.S trade dispute. U.S. national security adviser Robert O’Brien said On Saturday that an initial trade agreement with China is still possible by the end of the year. However, he […]

Energy, mining sectors boost Australian shares up; NZ plunges
22.11.2019

Nov. 22 Australian shares recorded a well-ended session on Friday enforced by gains in energy and mining stocks. However, worries dragged financial sector down following Goldman Sachs’ decision of cutting its target price on Westpac. Such met a lawsuit over financial violation. The S&P/ASX 200 index inched higher with 0.6% at 6,709.80 while recording its […]

NIKKEI HITS 3-WEEK LOW DUE TO US-CHINA TRADE TRUCE; TECH STOCKS INCH DOWN
21.11.2019

TOKYO, Nov 21 – Japanese stocks suffered in three consecutive weeks as reemerging concerns about Sino-US trade pact signing and recently passed US legislation on Hong Kong directly impacted market condition. Nikkei shares shed 1.2% to 22,872.03, recording its lowest point since Nov. 1.as it was potentially set to hit its worst drop in seven […]

TYRO PAYMENTS TO RAISE $173 MILLION FOR AUSTRALIAN IPO
18.11.2019

Australian financial institution, Tyro Payments released a prospectus on Monday planning to raise A$252.7 million ($173.23 million) for domestic initial public offering (IPO). Tyro’s scheme will push through even though six listings were previously declined last October. This came after investors demand lower prices to arm against the probability of post-float losses. The firm expressed […]

GERMANY’S 2020 BUDGET TO INCREASE BY 1.1%
15.11.2019

BERLIN-Germany’s annual federal budget for 2020 will increase to an estimated 362 billion euros, according to a draft submitted by a parliament committee on Friday. This presented a total of 1.1% rise and an indication of a balanced budget. The drafted amount worth 1.7 Billion Euros is higher than the amount proposed by Finance Minister […]

Japanese economy slows to a near-halt as trade tensions pile
14.11.2019

Japanese economy slows to a near-halt as trade tensions pile Japan’s economy slowed to a near-halt in the third quarter. This was due to the continous fall of exports amid trade tensions whilst a shopping splurge before a sales tax increase ran down stockpiles of goods. Prime Minister Shinzo Abe has been mulling over the […]

German economy eludes third quarter recession with 0.1% expansion
14.11.2019

The German economy eluded recession in third quarter, saved by strong consumer spending that raised the output by 0.1% quarter-on-quarter. It withstood anticipations of a contraction, as shown by data released on Thursday. Europe’s largest economy expanded its gross domestic product by 0.5% from July to September, following a 0.3% raise from April to June. […]

EU Commission plans new rules for bank capital as part of reform
12.11.2019

The EU Commission planned to propose new rules on bank capital within the European Union by June, according to the EU finance commissioner. The idea is to introduce a reform that was globally agreed on two years ago. The new rules named Basel III, which was also agreed with the United States, tells that an […]

Alibaba hit $23 billion sales in first nine hours of its annual Singles’ Day
11.11.2019

Alibaba Group Holding Inc. reported sales of 158.31 billion yuan ($22.63 billion) for the first nine hours of its annual Singles’ Day shopping festival. The sales were 25%, or 126.72 billion yuan higher than the previous year. The annual Singles’ Day is likened to the United States’ Black Friday and Cyber Monday sales, and has […]

NIKKEI AT 13 MONTH HIGH AS CYCLICALS STEADY
08.11.2019

TOKYO-Japan’s stock index reached 13-month high record last Friday brought by economic optimism. This followed after months of inactivity over conflicting data about Sino-US trade deal progress. The Nikkei rallied up to 0.26% at 23,391.87 after its highest record of 23, 591.09 on Oct. 10 back in 2018. Its weekly session tallied a 2.37% gain […]

Asia stocks hang in balance as doubts on trade talks resurface
07.11.2019

Asian stocks paused near multi-month peaks while bonds squeezed out a bounce as delays to seal a preliminary China-U.S. trade were reported. The uncertainty has left investors frustrated with the slow progress and lack of concrete actions. The updates in early European trades are as follows: London’s FTSE futures climbed 0.2%, Euro Stoxx futures were […]

Foreign holdings of China equities reaches a record high
07.11.2019

Foreign holdings of China equities reaches a record high Foreign holdings of Chinese stocks soared to a record high in the end of the third quarter despite trade disputes with the United States. By late September, Chinese equities held by foreigners amounted to a record of 1.77 trillion Yuan ($253.14 billion) after maintain a steady […]

GoDaddy posts 12 percent revenue, bids for $500 million share buyback
07.11.2019

GoDaddy Inc announced on Wednesday it share buyback amounting to $500 million, its biggest thus far, including a reported increase in quarterly revenue of about 12%. The company posted profit markers as it attracted more users, thus earning more and boosting its shares by 10% in extended trading. GoDaddy is a web hosting company that […]

Stocks plummet as investors await trade war’s next move
06.11.2019

Stocks plummet as investors await trade war’s next move Stocks plummeted in the Asian markets on Wednesday for the first time after three trading sessions as investors anxiously awaited new developments in the ongoing U.S.-China trade war. Treasury yields and crude oil futures also fell slightly as investors sat back anticipating results as U.S. and […]

Corbyn, Labour, and the December Election
04.11.2019

Seen as volatile by political analysts, the electorate is in question regarding the upcoming election on December 12th. Reeling after the Brexit impasse, the Labour Party is split, with a number of them seeing that their only chance of remaining afloat is going to the polls. Labour Opposition leader, Jeremy Corbyn is seen as effective […]

Japanese government bonds retain gains after BOJ sticks to its monetary policy
31.10.2019

Japanese government bonds retain gains after BOJ sticks to its monetary policy Japanese government bond prices steadied toward gains on Thursday following the Bank of Japan’s (BOJ) decision to stick to its policy targets and tweak its forward policy outlook. The gains had also benefitted from a rally in U.S. bonds after a Federal Reserve […]

Hong Kong’s Suncity unveils plans to operate Philippine’s casino-resort
29.10.2019

Hong Kong’s Suncity unveils plans to operate Philippine’s casino-resort Hong Kong’s Suncity Group Holdings Ltd unveiled plans on Tuesday to enter the fast-growing gambling market in the Philippines along with a deal to operate a casino and resort in the country’s version of the Las Vegas strip. The deal marks Suncity’s first step in tapping […]

Weak sales to China contracts South Korea’s October exports
29.10.2019

Weak sales to China contracts South Korea’s October exports South Korea’s exports likely contracted in October, falling for an 11th straight month. This was pressured by weak sales to China and a sluggish global demand for semiconductors. However, economists expect the decline to wear out as favorable base effects would likely kick in starting from […]

Oil prices slide despite easing Sino-U.S. trade tensions
28.10.2019

Oil prices slide despite easing Sino-U.S. trade tensions Oil prices slid down on Monday in Asia despite easing Sino-U.S. trade tensions. China’s Office of the U.S. Trade Representative (USTR) said on Friday that Beijing and Washington were close to signing a partial trade deal. “They made headway on specific issues and the two sides are […]

Glencore to trim copper and zinc production targets
25.10.2019

Glencore to trim copper and zinc production targets Glencore PLC said that it would produce slightly less copper and zinc in the year than initially planned. The world’s biggest commodity trader has trimmed their production targets from 1.025 million tons to 1.01 million tons of copper from its non-African business. It will also aim, to […]

Sweden opened for 100-year bonds amid ongoing review
24.10.2019

Sweden opened for 100-year bonds amid ongoing review Sweden’s debt office is looking into the option of issuing bonds as long as 100 years according to its director general, Hans Lindblad. However, the office wants more time to research the subject before making its decision. The comments follow an announcement by the Stockholm-based office that […]

Brexit limbo pauses British Pound
24.10.2019

Brexit limbo pauses British Pound The British Pound stabilized on Thursday as Brexit enters a fresh holding pattern. Sterling held at $1.2911 after Britain’s parliament backed a withdrawal deal while European Union members delayed deciding whether to grant a three-month extension to the October 31st leaving date. The Pound has soared 6% in its 2-week, […]

TD Securities: Brexit developments, quiet
24.10.2019

The Analysts at TD Securities, Brexit developments today may be relatively quiet. This is in light of EU’s decision on Article 50’s extension due on Friday, Monday even, at an emergency summit–that is, if things go unpleasant. According to an Analyst, “France and a few other small countries are reportedly the hold-outs as they would […]

Tesla makes surprise profit figures
24.10.2019

Tesla makes surprise profit figures Tesla made a surprise profit markers as it posted $342 million. Wall Street had expected the company would yield negative figures amounting to $257 million. After the trading hours, Tesla’s shares moved up by 20%. In the second half of the year 2018, Tesla posted back-to-back profits. But since the […]

Wall Street slams WWE as its annual shares plummet
24.10.2019

Wall Street slams WWE as its annual shares plummet World Wrestling Entertainment’s (WWE) shares struggled this year and Wall Street might kick them out of the markets. WWE must be capitalizing on its new TV deals with Fox and Comcast that financially benefit the company. However, the stock is 10% down this year and more […]

Kazakhstan’s Kashagan oil output falls due to unplanned maintenance
16.10.2019

Kazakhstan’s Kashagan oil output falls due to unplanned maintenance Production of oil and gas condensate at Kazakhstan as its Kashagan project decreased due to unplanned maintenance according to the energy ministry. While it declined to elaborate, two industry sources said that daily production at Kashagan had fallen from 365,000 barrels to 294,000 barrels on average […]

South Africa is working to attract private investors; Ramaphosa says
14.10.2019

South Africa is working to attract private investors; Ramaphosa says South African President Cyril Ramaphosa told the Financial Times Africa Summit that the country was working to restore its institutions and secure private investment in order to grow the economy. Ramaphosa, whose nation is struggling to gain momentum for economic growth, also said that they […]

U.S. futures flat ahead trade talks
10.10.2019

U.S. futures flat ahead trade talks U.S. futures were flat on Thursday as investors remained cautious from mixed signals ahead of trade talks between the U.S. and China. The South China Morning Post reported that no progress has been made in deputy-level trade talks on Thursday, saying it will only last a day instead of […]

Zimbabwe hikes electricity prices, affecting impoverished consumers
09.10.2019

Zimbabwe hikes electricity prices, affecting impoverished consumers Zimbabwe hiked its average electricity tariff by 320% on Wednesday in attempts to ramp up power supplies at a time of daily blackouts. However, the move has angered consumers already grappling with soaring inflation that is eroding their earnings. The southern African nation is experiencing its worst economic […]

Market sentiment fragile as U.S.-China talks and Brexit deals fade hopes
09.10.2019

Market sentiment fragile as U.S.-China talks and Brexit deals fade hopes European stocks steadied on Wednesday but market sentiment remained fragile as negotiations for a Brexit withdrawal deal seemed all but dead. The sentiment carried on in addition of the U.S.-China trade dispute. Markets mostly blame their sentiment on concerns that the U.S.-China conflict over […]

Crypto trading spikes in Hong Kong amid protests
03.10.2019

Crypto trading spikes in Hong Kong amid protests Bitcoin, as well as other significant cryptocurrencies, traded slightly higher on Thursday in Asia. According to data, trading in digital coins spiked mostly in Hong Kong. Economists suggest that the reason for this is that traders may be seeking potential alternatives amid ongoing political unrest that rocked […]

Japanese Govt. Bonds slips as investors wager on steepening yield curve
30.09.2019

Japanese Govt. Bonds slips as investors wager on steepening yield curve Japanese government bond prices slipped on Monday as investors wagered that the Bank of Japan could adjust its policy to steepen the yield curve next month to address the side-effects of negative interest rates. BOJ Governor Haruhiko Kuroda said that if the bank were […]

Dollar holds its own as investors seek shelter
30.09.2019

Dollar holds its own as investors seek shelter The U.S. Dollar found broad support on Monday as global political uncertainty and fears over a widening of the Sino-U.S. trade war kept investors in safe havens. The Dollar was backed ahead of a slew of global economic indicators during the week. The Greenback was steady against […]

Brexit could commence without a deal, Sajid Javid says
30.09.2019

Brexit could commence without a deal, Sajid Javid says The United Kingdom would be able to leave the European Union on October 31st without a deal despite laws demanding a Brexit delay from the Prime Minister if there was no agreement. This is what Finance Minister Sajid Javid had said on Monday.   When asked […]

Sibanye-Stilwater to cut over 5,000 jobs in Marikana restructuring
25.09.2019

Sibanye-Stilwater to cut over 5,000 jobs in Marikana restructuring South African miner, Sibanye-Stilwater said on Wednesday that it could cut around 5,270 jobs in order to restructure its loss-making Marikana mine. Sibanye said that the aim of the restructuring is to return the mine to profit and ensure the sustainability of its remaining shafts. The […]

German manufacturing shrinks amid Brexit and global trade disputes
24.09.2019

The Eurozone came close to stalling in September after global trade disputes and the threat of a no-deal Brexit triggered the fastest fall in manufacturing output in nearly seven years. Germany was the main cause of the slowdown following a survey of private sector activity. It had shown that the growing threat to international trade […]

Cryptocurrencies fall after the lackluster launch of a futures contract
24.09.2019

Bitcoin and other major cryptocurrencies fell in Asia after a lackluster launch of the Bitcoin futures contract. Bitcoin lost 2.6% to $9,733.7 by 1:20 AM ET (05:20 GMT). The digital coin climbed higher earlier in the day following the official launch of Bakkt’s much-anticipated Bitcoin futures. However, while the launch was considered a “significant milestone” […]

U.S.-Japan trade deal hits last-minute setback on auto tariffs
24.09.2019

A U.S.-Japan trade deal hit a last-minute setback as Tokyo officials sought assurances that the Trump administration will not impose national security tariffs on Japanese-built cars and auto parts, sources familiar with the talks said on Monday. U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe have been aiming to sign a trade deal […]

Oman not in talks with Gulf countries for Financial Aid
23.09.2019

Oman not in talks with Gulf countries for Financial Aid Oman was not present in discussions among the Gulf countries for any aid package, an official said, despite a large fiscal deficit and the expectation of a slowdown in economic growth in the year. “Not from our side. I have not discussed anything,” Tahir Al […]

Blackstone to buy five hotels in Greek islands
20.09.2019

Blackstone to buy five hotels in Greek islands Blackstone Real Estate Partners Europe, a unit of U.S. private equity firm Blackstone Group, agreed to buy five hotels in Greece from Louis Group in a deal valued at 178.6 million euros ($197 million), the firm said on Friday. Greece has seen an upsurge in tourism in […]

India gives companies $20.5 billion tax break to attempt growth revival
20.09.2019

India gives companies $20.5 billion tax break to try to revive growth India’s government slashed corporate taxes giving a surprise $20.5 billion break at reviving private investments and lifting growth from a six-year low that has caused job losses and fueled discontent in the countryside. Finance Minister Nirmala Sitharaman had told reporters the effective corporate […]

Bank recovery lifts European stocks higher
19.09.2019

Bank recovery lifts European stocks higher A rally in bank stocks for the first time in four sessions lifted European shares on Thursday after the U.S. Federal Reserve cut interest rates but set a higher bar for further reductions. European banks rose the highest among major sectors, which benefitted from investors rotating into underperforming stocks. […]

Ireland finds no breakthroughs with UK’s Brexit proposals
19.09.2019

Ireland said on Thursday that the United Kingdom had failed to supply credible Brexit proposals, adding that there had been no breakthrough at talks with the Northern Irish party siding with Prime Minister Boris Johnson’s government. “We need to get credible proposals that we simply haven’t seen yet,” Irish Foreign Minister Simon Coveny said, adding […]

Dollar sits at seven-week high vs Yen ahead of Fed meeting
18.09.2019

Dollar sits at seven-week high vs Yen ahead of Fed meeting The dollar held near a seven-week high against the Japanese yen on Wednesday before the outcome of a Federal Reserve meeting where officials are widely expected to cut interest rates by a quarter of a percentage point. “The focus will be on the policy […]

Japan sought reconfirmation from US for no additional tariffs on auto exports
17.09.2019

Japan sought reconfirmation from US for no additional tariffs on auto exports Japan plans to reconfirm that Washington would not impose additional tariffs on Japanese automobiles and auto parts, Foreign Minister Toshimitsu Motegi said on Tuesday after the final stages of trade talks with the United States. U.S. President Donald Trump said on Monday that […]

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