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Philip Morris’ Stock Down 12% Despite Revenue Growth; Time To Buy? Philip Morris’ stock (NYSE: PM) lost about 12% of its value in the last 3 years, with the stock price dropping from $77 at the end of 2016 to $68 as of 18th May 2020. At the same time, Philip Morris’ revenues steadily increased from
UK Inflation Slowest Since 2016 UK inflation slowed to the lowest since 2016 on weak oil prices in April, data from the Office for National Statistics showed Wednesday. Consumer price inflation eased to 0.8 percent in April from 1.5 percent in March. Economists had forecast the rate to ease to 0.9
IfW Kiel Predicts 7.1% Fall In German GDP In 2020, 7.2% Growth Next Year Germany's economy is set to shrink 7.1 percent this year due to the impact of the coronavirus, or Covid-19, the Kiel Institute for the World Economy (IfW Kiel) said in a report on Tuesday. However, the biggest euro area economy
German Chamber of Commerce and Industry: Double-digit Drop In German GDP This Year The German economy is set to shrink at a double-digit rate this year due to the disruption caused by the coronavirus, or Covid-19, pandemic, the German Chamber of Commerce and Industry (DIHK) said Tuesday. Gross
German ZEW Economic Confidence Strengthens In May German economic confidence improved notably in May, survey data from the ZEW - Leibniz Centre for European Economic Research showed Tuesday. The ZEW Indicator of Economic Sentiment rose 22.8 points to 51.0 in May. The expected reading was 32.0
United States building permits slumped to an annual rate of 1.074 million in April The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for April new residential building permits. The latest reading of 1.074M was a decrease from 1.356M in March
€10tn Eurobond club admits first Chinese bank The appointment of the mainland Chinese bank is the latest step in the country opening up to international financial markets. The China Construction Bank has become the first mainland Chinese bank to join a select group of financial institutions playing
Amazon in talks to acquire J.C. Penney Amazon is in talks with J.C. Penney (NYSE:JCP), WWD reports. Amazon is said to be a contender for either all or parts of JCP. "There is an Amazon team in Plano as we speak," said one source. "There is a dialogue and I’m told it has a lot to do with Amazon eager
UK Unemployment Rate Rises Marginally The UK unemployment rate rose only marginally in the first quarter, data from the Office for National Statistics showed Tuesday. The ILO jobless rate came in at 3.9 percent, well below economists' forecast of 4.4 percent. The ONS said the unemployment rate was
New Zealand Producer Price Outputs Add 0.1% In Q1 Producer price outputs in New Zealand were up 0.1 percent on quarter in the first quarter of 2020, Statistics New Zealand said on Tuesday - slowing from 0.4 percent in the three month prior. Producer price inputs fell 0.3 percent on quarter after
German GDP To Fall Significantly In Q2 The German economy is set to see a significant fall in the second quarter despite easing of coronavirus containment measures, the Bundesbank said in its monthly report, released Monday. "Despite the easing measures that have been introduced, social and economic
Eurozone Unlikely To Return To Pre-crisis Level Before 2021, Says ECB's Lane The euro area economy will not return to pre-pandemic level until 2021, European Central Bank Executive Board Philip Lane said in an interview with El País. The future depends much on how quickly the restrictions on
Emergency short selling ban lifted by European markets regulator The decision means investors will now be able to place short bets on all shares in Austria, Belgium, France, Greece, Italy and Spain without restriction. The temporary short selling ban issued across several European countries to help
China Home Prices Increase In April China's home prices increased in April suggesting that the property market started gradual recovery as businesses reopen after the spread of coronavirus subsides. Out of 70 cities, house prices increased in 50 compared to 38 cities in March, data published by the
Fed's Powell: Powell: US recovery could take till end of 2021 The most important data for the U.S. economy right now are the “medical metrics” around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he outlined the likely need for three to
Japan GDP Contracts 0.9% On Quarter In Q1 Japan's gross domestic product shrank a seasonally adjusted 0.9 percent on quarter in the first quarter of 2020, the Cabinet Office said in Monday's preliminary report. That exceeded expectations for a 1.2 percent drop following the 1.8 percent decline in
China central bank should shun risky bond buying as economy improves The People’s Bank of China should avoid buying special treasury bonds as such a move could fuel inflation risks and asset bubbles and lead to depreciation of the yuan currency, central bank policy adviser Ma Jun said in remarks
UK economy to recover slowly from COVID: budget office Britain’s economy is unlikely to have a quick bounce back as it recovers from its coronavirus shutdown which could have wiped more than 30% off output last month, the head of the country’s budget forecasting office said on Sunday. Robert Chote
JC Penney: US department store files for bankruptcy American department store JC Penney has filed for bankruptcy becoming the latest company to be hit by Covid-19. The 118-year-old store sells clothing, cosmetics and jewellery at over 850 locations across the country. It employs more than 80,000
European hedge fund and trading groups call for short selling ban to be lifted Europe’s trading and hedge fund firms are calling for a removal of the temporary short selling bans issued in several countries from March, in response to the market volatility triggered by the coronavirus pandemic. The
China's Industrial Output Returns to Growth After Coronavirus Collapse China's industrial output returned to growth for the first time this year in April, official data showed Friday, as the country continued its gradual recovery after the coronavirus brought activity to a near-halt. Industrial
With Another $3 Trillion Stimulus Package On The Line, Here’s Everything The Government Has Done To Rescue The Economy So Far With job losses caused by the coronavirus pandemic reaching more than 36 million in just two months, the economy is in uncharted territory. Businesses across the country are
U.S. bank regulators modify key leverage ratio for some banks Federal banking regulators temporarily modify their supplementary leverage ratio rule to provide flexibility to certain banks. The financial institutions are allowed to choose to exclude U.S. Treasury securities and deposits at Federal
Retail Wipeout: Sales Plunge A Record 16.4% In April In a historic collapse, retail spending in the U.S. nosedived again last month, dropping a record 16.4% as people avoided restaurants, bars, stores and malls during the coronavirus pandemic. Retail sales are a major part of the economy, which has
German Economy Shrinks Most Since 2009 In Q1, Enters Recession The German economy contracted at the fastest pace since the global financial crisis in 2008-09 in the first quarter, as the nationwide lockdown to contain the coronavirus spread weighed on consumption and overseas demand, pushing the
New York Stock Exchange Will Partially Reopen After Memorial Day The New York Stock Exchange has been limited to electronic trading since March 23 after two people in the building tested positive for COVID-19. Two months after shutting down due to the coronavirus, the New York Stock Exchange will
Saudi Aramco cuts June crude allocation to some Asian buyers Saudi Aramco, the world’s largest oil exporter, has cut the volume of crude it will supply to at least three buyers in Asia by 10%-30% for June, three sources with knowledge of the matter said on Thursday. The cuts were made against
Bank of Canada warns of excess business, household debt from COVID-19 The Bank of Canada says there are signs in the country's financial markets that suggest concern about the ability of companies to weather the COVID-19 economic crisis. The central bank has spent the last two months making a flurry
U.S. Jobless Claims Drop Less Than Expected, Top 36 Million Since Shutdown While the Labor Department released a report on Thursday showing a continued decline in first-time claims for U.S. unemployment benefits in the week ended May 9th, the number of new claims still came in well above economist
European stocks drop after Fed warns of slow coronavirus recovery European stock markets fell on Thursday, as hopes for a quick recovery from coronavirus faded after the head of the US central bank warned of long-term damage to the world’s biggest economy. London’s FTSE 100 dropped 2.3 per cent