Financial news - page 2

World Bank: "Global Economy to Shrink by 5.2% in 2020 due to COVID-19" The World Bank said that coronavirus will cut global economic production by 5.2% in 2020, warning that its latest forecasts will be revised if uncertainty about the pandemic persists: "The swift and massive shock of the

BP plc (formerly British Petroleum) will cut 10,000 of the company's 70,100 jobs BP plc plans to cut 10,000 of the company's 70,100 jobs, Reuters reports citing a phone call from CEO Bernard Looney with employees. The Financial Times quoted Luni separately, saying that most of the job cuts will take

Germany Industrial Production: significantly decreased again "because of the coronavirus pandemic" German industrial production plunged by nearly 18% in April compared with the previous month at the height of Europe's coronavirus lockdowns, official data showed Monday: "The production in Germany

Federal Open Market Committee (FOMC): events for this week The FOMC will meet this week on Tuesday and Wednesday, and expectations are for no change in policy. Fed Chair Powell will hold a press briefing on Wednesday and will likely reiterate that the Fed will do whatever it takes, and suggest that

China's trade surplus (USD-Denominated Trade Balance) in May rose to record high Сhina's trade surplus in May rose to a record high as exports fell less than expected and imports fell along with commodity prices. Exports decreased by 3.3% in dollar terms compared to a year earlier, while imports

Video conference of the Eurogroup, 11 June 2020: Economic situation and policy measures to support the recovery The European Commission’s proposed €750 billion package to help the EU economy recover from the coronavirus pandemic will likely be the center of attention this week. It is expected to be

Occidental Petroleum (OXY): the largest one-day rally in history Occidental Petroleum (OXY +33.7%) topped yesterday's S&P 500 leaderboard to close at its highest level since early March (+33.7%), swept up in optimism over rising oil prices. And it was the largest percentage increase in history for

Volkswagen is considering cutting costs to deal with the crisis Volkswagen is considering cutting costs to help tackle the economic impact of the coronavirus pandemic, a German automaker spokesman said on Saturday. The representative recently said that this issue was discussed at an internal event

OPEC+ are highly likely to agree on one-month extension to oil production cuts The delegate said, on condition of anonymity, "It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC+." It was noted by Reuters

US stock indexes on Friday rushed up amid data on the labor market Wall Street surged Friday, as a surprise recovery in hiring suggested the labor market has turned a corner, prompting investors to raise their bets on a speedy economic comeback. The technology-heavy Nasdaq hit an intraday record

United States Nonfarm Payroll: unexpectedly improves A closely watched report released by the Labor Department on Friday claimed employment in the U.S. unexpectedly showed a substantial rebound in the month of May.: "Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment

German Industrial Orders fall German manufacturing orders fell even more than expected in April, highlighting the impact of the coronavirus pandemic on Europe’s largest economy. On Friday, the Ministry of Economics reported that industrial orders fell 25.8% in April compared with the previous month

European stocks: waiting for Non-Farm Payrolls European stocks were rebounding waiting for Non-Farm Payrollon on Friday. There are the following figures in the beginning of the trading day: The Stoxx Europe 600 rose 1.20%, German DAX rose 1.79%, FTSE 100 index rose 0.8%, Lufthansa rose 3.29%

Nasdaq-100 index hits record high The Nasdaq-100 index rose to a record high on Thursday, becoming the first major U.S. stock index to fully erase its losses from the coronavirus pandemic sell-off. The index, which is made up of the 100-largest nonfinancial stocks in the Nasdaq Composite, traded

European Central Bank keeps interest rates; PEPP was increased The central bank left key interest rates unchanged as expected. As stated in ECB report - "The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain

Weekly Initial Unemployment Claims decrease to 1.877 million First-time claims for U.S. unemployment benefits pulled back further off their recent record high in the week ended May 30th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims

The German government adopted a second stimulus package to brings Total Support to €1.3 Trillion Germany will plough 130 billion euros ($146 billion) into a stimulus package to kick-start an economy severely hit by the coronavirus pandemic, Chancellor Angela Merkel said Wednesday. "The size of the

Wall Street firm Evercore Partners will pay junior bankers up to $25,000 to delay starting their jobs Evercore Partners Inc. is offering to pay incoming junior bankers up to $25,000 to delay starting their jobs during the coronavirus pandemic, according to external recruiters, a move that hasn’t

Boeing +13% after winning listing in Third Point Offshore Fund for the month of May Boeing (BA +12.6%) soars to the top of the Dow Jones index after a performance update from Daniel S. Loeb Dan Loeb's Third Point Offshore Fund listed the stock as one of its winners for the month of May. Although

Wall Street: Hopes for Economic Recovery A jump in Boeing shares led Wall Street higher on Wednesday, with investors hoping to recover from the economic downturn caused by the coronavirus. Boeing Co (BA.N) jumped 8.5% and was the top boost to the blue-chip Dow Jones index. Microchip Technology Inc

Chicago Board Options Exchange (CBOE) to delay reopening the trading floor by one week CBOE Global Markets Inc. made an announcement on Wednesday about delay of reopening of its options exchange trading floor in Chicago by one week because of continued COVID-19-related closures across the city and

Eurozone: unemployment at 7.3%; industrial producer prices down by 2.0% Eurostat, the statistical office of the European Union, were published the following figures on Wednesday: "In April 2020, the second month after COVID-19 containment measures were implemented by most Member States, the euro

World Economic Forum in Davos will still go ahead next January World leaders are expected to converge on Davos in January for a planned meeting of the World Economic Forum, that will be a combination of in-person and virtual conferences. Several global events have been cancelled over ongoing

US stock again closed higher yesterday, and forex market also reflected the optimism: Aussie and New Zealand dollar gained over 1% at one point, and WTI closed 4.03% higher. Dow Jones Index, S&P500 and NASDAQ gained 1.05%, 0.82% and 0.59% respectively upon closing yesterday. The upbeat mood of Wall

Renault has completed procedures for obtaining a state loan of 5 billion euro Renault (RENA.PA) finalised on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker’s finances in the wake of the coronavirus pandemic which has ravaged the auto

Australia Gross Domestic Product (GDP) contracted by 0.3% in the March quarter 2020 Australia's gross domestic product dropped a seasonally adjusted 0.3 percent on quarter in the first three months of 2020, the Australian Bureau of Statistics said on Wednesday. On a yearly basis, GDP expanded 1.4

China Services PMI: general growth of service sector activity for the first time in 4 months China's service sector expanded for the first time in 4 months: "Latest PMI data signalled the first increase in Chinese services activity for four months in May amid an easing of measures related to the

Bank of America will commit $1 billion to help communities cope with economic and racial inequalities caused by Covid-19 Bank of America announced Tuesday that it will commit $1 billion over four years to help local communities grapple with the widened economic and racial inequality caused by the

Employment in Spain grows for the first time during pandemic Registered unemployment rises in May by 26,573 people compared to the previous month. Besides, the data shows that employment actually grew in May: new Social Security registrations for measure of job creation estimated the growth by an

US in Chaos, AUD and NZD Surged AUD/USD surged significantly after breaching above 0.6642, the previous resistance which has currently become a support level . The pair may again test the January high of 0.6911 and could even pass this level to challenge 0.7032, which is the highest in several