Markets
Worst recession since WW-II, says World Bank
- June 11, 2020
The Covid recession is the first since 1870 to be triggered exclusively by a pandemic, World Bank President David Malpass said in his foreword to the latest edition of the Global Economic Prospect report released on Monday. The entity also warned that the projected decline in per capita income of 3.6% will push millions of people into extreme poverty . Pakistan's output is expected to contract 2.6pc in fiscal year 2019/20, and 0.2pc in fiscal year 2020/2, according to a new World Bank ... (more...)
- June 11, 2020
The Covid recession is the first since 1870 to be triggered exclusively by a pandemic, World Bank President David Malpass said in his foreword to the latest edition of the Global Economic Prospect report released on Monday. The entity also warned that the projected decline in per capita income of 3.6% will push millions of people into extreme poverty . Pakistan's output is expected to contract 2.6pc in fiscal year 2019/20, and 0.2pc in fiscal year 2020/2, according to a new World Bank ... (more...)
Ford, VW to collaborate on vans, pickup, electric vehicle
- June 11, 2020
Last week, Volkswagen closed a $2.6 billion investment in Argo AI, Ford's self-driving cars venture, which is now jointly controlled by the alliance. VW would start selling the pickup truck in 2022 , and the electric vehicle would come in 2023, the companies said in a statement. (more...)
- June 11, 2020
Last week, Volkswagen closed a $2.6 billion investment in Argo AI, Ford's self-driving cars venture, which is now jointly controlled by the alliance. VW would start selling the pickup truck in 2022 , and the electric vehicle would come in 2023, the companies said in a statement. (more...)
Starbucks transforming USA stores
- June 11, 2020
SBUX shares retreated $3.17, or 3.8%, to $79.20. It reported an operating income of $1.07 billion in the third quarter of past year. Starbucks provided a preliminary estimate for a third-quarter adjusted loss of about 55 cents to 70 cents per share. (more...)
- June 11, 2020
SBUX shares retreated $3.17, or 3.8%, to $79.20. It reported an operating income of $1.07 billion in the third quarter of past year. Starbucks provided a preliminary estimate for a third-quarter adjusted loss of about 55 cents to 70 cents per share. (more...)
Indian Economy may shrink by 7%: OECD
- June 11, 2020
A second wave of coronavirus in Australia would come at a $25 billion cost to the economy , the Organisation for Economic Co-operation and Development ( OECD ) warns. The UK's economy is expected to bounce back by nine per cent in 2021, but in a second wave scenario, the recovery would be slow and painful, with growth of just five per cent in 2021. (more...)
- June 11, 2020
A second wave of coronavirus in Australia would come at a $25 billion cost to the economy , the Organisation for Economic Co-operation and Development ( OECD ) warns. The UK's economy is expected to bounce back by nine per cent in 2021, but in a second wave scenario, the recovery would be slow and painful, with growth of just five per cent in 2021. (more...)
Tesla shares surge past $1,000 as Musk revs up the Semi
- June 11, 2020
Shares of the company were up 27 percent after Milton boasted about the truck's capabilities on Twitter. Chances are slim that you have never heard of tech entrepreneur Elon Musk and his company Tesla, which specializes in the production of electric vehicles and battery energy storage, but have you heard of Nikola? Elon Musk said in the memo that some production will happen in Nevada with other work happening in other states . (more...)
- June 11, 2020
Shares of the company were up 27 percent after Milton boasted about the truck's capabilities on Twitter. Chances are slim that you have never heard of tech entrepreneur Elon Musk and his company Tesla, which specializes in the production of electric vehicles and battery energy storage, but have you heard of Nikola? Elon Musk said in the memo that some production will happen in Nevada with other work happening in other states . (more...)
ECB prepares 'bad bank' plan for wave of coronavirus toxic debt
- June 11, 2020
One proposal under discussion would involve the European Union guaranteeing the bad bank, which would issue bonds to commercial lenders in exchange for batches of unpaid loans. Enria said the ECB was studying how banks could cope were the crisis to worsen. Still, any pan-European scheme to tackle the problem of bad loans would likely face political objections from Germany, which has long resisted attempts to support banks in weaker countries for fear it could get lumbered with unpaid bills. (more...)
- June 11, 2020
One proposal under discussion would involve the European Union guaranteeing the bad bank, which would issue bonds to commercial lenders in exchange for batches of unpaid loans. Enria said the ECB was studying how banks could cope were the crisis to worsen. Still, any pan-European scheme to tackle the problem of bad loans would likely face political objections from Germany, which has long resisted attempts to support banks in weaker countries for fear it could get lumbered with unpaid bills. (more...)
Don't miss the coronavirus stimulus check cutoff, get your $1,200 here
- June 11, 2020
But it seems some have mistaken the legit cards for a scam . An estimated 108,000 New Jersey residents are getting their coronavirus-related stimulus payments through the mail in the form a prepaid debit card . The EIP is an advance payment of a tax credit on your 2020 taxes. People who filed returns in 2018 or 2019, or who receive Social Security, survivor, disability or Supplemental Security Income benefits. (more...)
- June 11, 2020
But it seems some have mistaken the legit cards for a scam . An estimated 108,000 New Jersey residents are getting their coronavirus-related stimulus payments through the mail in the form a prepaid debit card . The EIP is an advance payment of a tax credit on your 2020 taxes. People who filed returns in 2018 or 2019, or who receive Social Security, survivor, disability or Supplemental Security Income benefits. (more...)
Gold gains as equity rally pauses ahead of Fed verdict
- June 11, 2020
USA gold futures settled up 1% to $1,721.90. USA gold futures rose 0.9% to $1,698.20. Bullion dropped as much as 2.4% to $1,670.14 on Friday after data showed USA nonfarm payrolls rose by 2.509 million jobs last month - in contrast with consensus estimates of a fall of 8 million jobs. (more...)
- June 11, 2020
USA gold futures settled up 1% to $1,721.90. USA gold futures rose 0.9% to $1,698.20. Bullion dropped as much as 2.4% to $1,670.14 on Friday after data showed USA nonfarm payrolls rose by 2.509 million jobs last month - in contrast with consensus estimates of a fall of 8 million jobs. (more...)
Asia Morning: US Stocks Mixed, Dow Eases 1%
- June 11, 2020
The Federal Reserve on Wednesday said it was committed to providing more support to the economy in the wake of the coronavirus pandemic. The Fed also forecast a 9.3 per cent unemployment rate at year's end, and officials saw the key overnight interest rate remaining near zero through at least 2022. (more...)
- June 11, 2020
The Federal Reserve on Wednesday said it was committed to providing more support to the economy in the wake of the coronavirus pandemic. The Fed also forecast a 9.3 per cent unemployment rate at year's end, and officials saw the key overnight interest rate remaining near zero through at least 2022. (more...)
USA stocks open lower as Nasdaq retreats from record
- June 11, 2020
Bond yields were broadly lower, reflecting caution among investors. The US central bank has kept official interest rates near zero and indicates it will provide years of support for the US economy to help it recover from the economic devastation of the coronavirus pandemic as it releases its first economic projections of the COVID-19 era. (more...)
- June 11, 2020
Bond yields were broadly lower, reflecting caution among investors. The US central bank has kept official interest rates near zero and indicates it will provide years of support for the US economy to help it recover from the economic devastation of the coronavirus pandemic as it releases its first economic projections of the COVID-19 era. (more...)
Stocks vault higher, as Nasdaq hits record on economy hopes
- June 10, 2020
The S&P 500 - a widely used gauge of United States retirement and college savings accounts - gained 1.20 percent to end the day at 3,232.39. "There's a lot of risk that businesses and the economy don't recover as fast", he said. In another sign of increased caution, the yield on the 10-year Treasury yield fell to 0.83% from 0.88% late Monday. More recently, investors have begun piling into companies that would benefit most from a reopening economy that's growing again. (more...)
- June 10, 2020
The S&P 500 - a widely used gauge of United States retirement and college savings accounts - gained 1.20 percent to end the day at 3,232.39. "There's a lot of risk that businesses and the economy don't recover as fast", he said. In another sign of increased caution, the yield on the 10-year Treasury yield fell to 0.83% from 0.88% late Monday. More recently, investors have begun piling into companies that would benefit most from a reopening economy that's growing again. (more...)
Fed Puts Floor Under Bond Buying, Sees Zero Rates Through 2022
- June 10, 2020
The Federal Open Market Committee earlier said it would increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities "at least at the current pace" to sustain smooth market functioning. Fed officials skipped releasing their quarterly economic projections at March meetings as uncertainty permeated over how long the US would remain in stay-at-home mode and how deep the damage would be. (more...)
- June 10, 2020
The Federal Open Market Committee earlier said it would increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities "at least at the current pace" to sustain smooth market functioning. Fed officials skipped releasing their quarterly economic projections at March meetings as uncertainty permeated over how long the US would remain in stay-at-home mode and how deep the damage would be. (more...)
Incredible May Jobs Report - Economy Adds 2.5 Million Jobs Featured font size +
- June 10, 2020
The U.S. Bureau of Labor Statistics (BLS) announced on Friday that total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent. "It took years for the economy to grow enough to find jobs for those unemployed in the last recession, and it will take years again this time to do the same". (more...)
- June 10, 2020
The U.S. Bureau of Labor Statistics (BLS) announced on Friday that total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent. "It took years for the economy to grow enough to find jobs for those unemployed in the last recession, and it will take years again this time to do the same". (more...)
Pandemic pushes US into official recession
- June 10, 2020
That brought an end to the 128-month expansion that began in June 2009, making it the longest since at least 1854. While economists often define a recession as two consecutive quarters of contraction, the NBER uses a range of factors, including domestic production and employment, to determine whether or not a recession has begun. (more...)
- June 10, 2020
That brought an end to the 128-month expansion that began in June 2009, making it the longest since at least 1854. While economists often define a recession as two consecutive quarters of contraction, the NBER uses a range of factors, including domestic production and employment, to determine whether or not a recession has begun. (more...)
Hinshaw encourages all demonstrators to go for COVID-19 testing
- June 10, 2020
Larger gatherings are also permitted in certain situations. Stage 2 will allow the reopening of some businesses with rules around physical distancing and hygiene still in place. Edmonton continues to see a small rise in active cases, recording six new infections for a total of 112. Health officials say there are 355 active cases and 44 people in hospital, a decrease of nearly 70 per cent in the last month. (more...)
- June 10, 2020
Larger gatherings are also permitted in certain situations. Stage 2 will allow the reopening of some businesses with rules around physical distancing and hygiene still in place. Edmonton continues to see a small rise in active cases, recording six new infections for a total of 112. Health officials say there are 355 active cases and 44 people in hospital, a decrease of nearly 70 per cent in the last month. (more...)
Chinese inflation to continue falling while foreign trade stalls
- June 10, 2020
United States inflation edged down again in May, but at a slower rate than the prior month as price drops moderated in some sectors, the Labor Department said today. Citing the easing trend in CPI reading, Wen said the country is expected to reach the consumer inflation target of around 3.5 percent for the year 2020. (more...)
- June 10, 2020
United States inflation edged down again in May, but at a slower rate than the prior month as price drops moderated in some sectors, the Labor Department said today. Citing the easing trend in CPI reading, Wen said the country is expected to reach the consumer inflation target of around 3.5 percent for the year 2020. (more...)
Saudi Arabia to end voluntary cuts on top of OPEC+ pact
- June 10, 2020
The kingdom had begun voluntarily lowering its crude output by an additional 400,000 barrels per day (bpd) from January 1, on top of the mandatory output cut of 1.7 million bpd under the OPEC+ agreement. In the futures market, crude oil for June delivery touched an intraday high of Rs 2,902 and an intraday low of Rs 2,861 per barrel on the Multi Commodity Exchange (MCX). (more...)
- June 10, 2020
The kingdom had begun voluntarily lowering its crude output by an additional 400,000 barrels per day (bpd) from January 1, on top of the mandatory output cut of 1.7 million bpd under the OPEC+ agreement. In the futures market, crude oil for June delivery touched an intraday high of Rs 2,902 and an intraday low of Rs 2,861 per barrel on the Multi Commodity Exchange (MCX). (more...)
Japan, Britain aim for swift trade deal, Tokyo says
- June 10, 2020
It is also expected to replace the one the two countries now have through the European Union. The Japan-European Union free trade agreement entered into force in February last year, removing or lowering tariffs on agricultural products such as wine and cheese from Europe while scrapping the 10 percent tariff on Japanese automobiles in its eighth year and immediately removing those on auto parts. (more...)
- June 10, 2020
It is also expected to replace the one the two countries now have through the European Union. The Japan-European Union free trade agreement entered into force in February last year, removing or lowering tariffs on agricultural products such as wine and cheese from Europe while scrapping the 10 percent tariff on Japanese automobiles in its eighth year and immediately removing those on auto parts. (more...)
Samsung heir avoids arrest over controversial merger
- June 10, 2020
Prosecutors had been seeking an arrest warrant for Lee, whom they accused of being involved in price manipulation and illegal trading during the 2015 merger of Cheil Industries and Samsung C&T. Lee and his aides were also suspected of inflating the value of Samsung Bioepis, a joint venture between Samsung Biologics and the USA -based Biogen Inc., by approximately 4.5 trillion won (US$3.64 billion). (more...)
- June 10, 2020
Prosecutors had been seeking an arrest warrant for Lee, whom they accused of being involved in price manipulation and illegal trading during the 2015 merger of Cheil Industries and Samsung C&T. Lee and his aides were also suspected of inflating the value of Samsung Bioepis, a joint venture between Samsung Biologics and the USA -based Biogen Inc., by approximately 4.5 trillion won (US$3.64 billion). (more...)
Wall Street opens lower as focus shifts to Fed meeting
- June 10, 2020
The pullback followed weekslong rally, which reached 44.5% between late March and Monday. "It's optimism surrounding the reopening of the global economy, and the likely confirmation that the USeconomy will experience a V-shaped recovery in the second half", said Sam Stovall, chief investment strategist at CFRA Research in NY. (more...)
- June 10, 2020
The pullback followed weekslong rally, which reached 44.5% between late March and Monday. "It's optimism surrounding the reopening of the global economy, and the likely confirmation that the USeconomy will experience a V-shaped recovery in the second half", said Sam Stovall, chief investment strategist at CFRA Research in NY. (more...)
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