U.S. crude oil prices experienced a 5% decline on Thursday due to an increase in inventories coupled with concerns about diminishing demand amidst a drop in industrial production. The West Texas Intermediate December contract saw a USD$ 3.76, or 4.9%, decrease, settling at USD$ 72.90 per barrel, while the Brent January contract also dropped USD$3.76,...
Category: News
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Australia Recommits to Opening Up Economy by Dec
Australian Prime Minister Scott Morrison said most state and territory leaders have recommitted to opening up the economy by December, but failed to secure an immediate agreement to lift border restrictions that are hampering the recovery. The nation has fragmented along state lines, with many leaders barring travel from the two most-populous states of New...
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Asia Stocks Drop; Nasdaq Futures Continue Slide
Global stocks fell Friday as a rotation away from high-flying tech stocks gained steam amid question marks over the sustainability of lofty valuations. Shares dropped across Asia, though losses were smaller than those seen in the U.S. overnight, as trader focus turned to the non-farm payrolls report later Friday. S&P 500 futures slipped after the...
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U.K. Has ‘Huge’ Interest in Southeast Asia
The U.K. government and businesses already were focused on deepening partnerships in the Asia-Pacific region before the coronavirus pandemic, and now are doubling down on promoting free trade and digital partnerships there, the country’s trade commissioner for Asia-Pacific said in a Bloomberg Television interview. U.K. trade with Southeast Asia is up 70% over the past...
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Global Stock Rally Extends; Euro Slips Further
Stocks in the Asia-Pacific region rose after U.S. equities set a fresh all-time high, with investors assessing signs that a record-breaking global rally is broadening into other sectors and away from technology. South Korean shares outperformed, with those in Japan, Australia and Hong Kong also higher. Euro Stoxx 50 futures were up 1%. S&P 500...
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Australian GDP Falls by Most on Record
Australia’s economy contracted by the most on record last quarter, underscoring the need for unprecedented stimulus measures as the recovery from the nation’s first recession in almost 30 years is buffeted by Victoria state’s renewed Covid outbreak and lockdown, Gross domestic product plunged 7% from the first three months of the year, the largest fall...
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Stock Futures Up, Asia Shares Mixed; Rupiah Drops
Asian equities were mixed on Wednesday, while U.S. and European futures climbed, as investors took stock of gains that propelled global shares to record highs. Emerging-market currencies weakened. Australian stocks outperformed, while Japan and South Korea posted more modest gains and China and Hong Kong edged lower. S&P 500 futures rose after a climb in...
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Euro-Area Economic Confidence Rises
Economic confidence in the euro area continued to improve in August, with companies from manufacturing to services benefiting from higher demand following the end of pandemic lockdowns. A European Commission sentiment index rose for a fourth month, exceeding all but three estimates in a Bloomberg survey, and registered sustained gains in industry, retail trade and...
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Dollar Extends Losses; Asian Stocks Seek Direction
The dollar extended losses at the start of a new month to trade at its lowest since May 2018. Asian stocks drifted after a retreat in most U.S. equities with the exception of technology shares. The euro led the charge against the beleaguered greenback and approached the closely watched $1.20 level. China’s yuan touched the...