Financial news - page 6

US stock market jumps, ignoring large increase in unemployment U.S. stock markets roared ahead on Friday, shrugging off the biggest rise in unemployment in U.S. history, as investors took the view that April's labor market report marks the worst of the pandemic's impact on markets. By 10:20 AM ET

April Employment Report: 20,500,000 Jobs Lost, 14.7% Unemployment Rate Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7 percent, the U.S. Bureau of Labor Statistics reported today. The changes in these measures reflect the effects of the

U.S., China strive to implement trade deal Top trade negotiators for the U.S. and China talked by phone overnight, pledging to create "governmental infrastructures necessary to make the phase one trade deal "a success." "In spite of the current global health emergency, both countries fully expect to

RBA Forecasts Double-Digit Contraction and Unemployment in First Half of the Year As revealed in the latest Statement of Monetary Policy (SMP), RBA sharply cut economic forecasts for this year. GDP is projected to record double-digit contraction in the first half of the year before recovery in 2021

Explainer: Why Friday's U.S. jobless figures won't capture the true state of the coronavirus economy The U.S. economy is expected to have shed 22 million jobs in April, tripling the nationwide unemployment rate to 16%, when new government data is published Friday morning. To put that into

China Exports Rise Unexpectedly In April China's exports grew unexpectedly in April despite global outbreak of coronavirus, or covid-19, data from the General Administration of Customs revealed Thursday. Exports grew 3.5 percent on a yearly basis, confounding expectations for a decline of 12.1

Australia Retail Sales Jump 8.5% In March Retail sales in Australia spiked a seasonally adjusted 8.5 percent on month in March, the Australian Bureau of Statistics said on Wednesday - coming in at A$30.110 billion. That6 beat expectations for an increase of 8.2 percent following the upwardly revised

U.S. Stocks Turning In Lackluster Performance Following Dismal Jobs Data Following the advance seen in the previous session, stocks have shown a lack of direction over the course of the trading day on Wednesday. The major averages have spent the day bouncing back and forth across the unchanged line

Oil Suddenly Crashes After Jobs Report It would appear no one told the machines that ADP would report a devastatingly ugly jobs print this morning... Oil started sliding earlier but the 'better than expected' ADP print actually seemed to spark a panic puke for some reason ahead of this morning's EIA

Fed’s James Bullard says the jobs report on Friday will be one of the worst ever St. Louis Federal Reserve President James Bullard said Wednesday that Friday’s jobs report, which will show how the U.S. unemployment changed in April, will likely be one of the worst in American history. “I’ve long

5G, AI Stocks To Watch: Microsoft Partner With 136% Growth Clears New Buy As the coronavirus stock market fights to keep its rebound going, top 5G and AI stocks to watch are at the forefront of a tech revolution. And chip designer and Microsoft (MSFT) partner Nvdia (NVDA) is helping to lead the

Germany's Top Court Gives ECB 3-month Ultimatum To Explain Govt Bond Purchases Germany's top court on Tuesday ruled against the European Central Bank's bond purchases and gave the bank three months to explain how the scheme can be justified. The German Constitutional Court in Karlsruhe said the

Oil prices rise on demand prospects as lockdowns start to ease West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 and were up 7.6%, or $1.55, at $21.94 at 0108 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude

Stocks will likely be trapped in a 'fat and flat' range until pandemic-led economic fallout fades, Goldman says The stock market's swift rebound through April drove Goldman Sachs' Risk Appetite Indicator to its biggest-ever increase, and the bank now warns "worsened" symmetry in the investing

Hong Kong GDP Contracts Most Since 1974 Amid Covid-19 Pandemic The Hong Kong economy contracted the most on record since 1974 in the first quarter due to weak domestic and external demand amid coronavirus, or covid-19, pandemic, the advance estimate from the Census and Statistics Department showed

Oil prices fall on U.S.-China tensions Brent crude LCOc1 was down 57 cents, or 2.2%, at $25.87, at 1021 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.41, or 7.1%, to $18.37. While global oil demand is expected to recover modestly from April lows as countries ease some lockdown

Economic calendar: Top Things to Watch This Week The U.S. employment report for April will take center stage this week, laying bare details on the depth of the economic fallout from efforts to contain the spread of the coronavirus pandemic. The figures are expected to be historically unprecedented

‘GDP Shrank 4.8%’ - No. Forecast 30% Drop? Fantasy The economists' statistical engine is running amok again, just like in 2008-2009. It's making mountains from molehills (make that sinkholes from potholes), scaring the heck out of investors, reporters and just about everyone else. Here's what's

Stocks start new month with sharp losses Stocks fell for a second straight session, wiping out gains for the week, following sobering comments from tech giants Amazon (-7.6%) and Apple (-1.6%) about the impact of the coronavirus pandemic. Dow -2.5%, S&P 500 -2.8%, Nasdaq -3.2% in today's trade

Eurozone recovery to take three years, warns ECB’s chief economist The European Central Bank’s chief economist has warned it is likely to take at least three years for the eurozone economy to fully recover from the “extraordinary and severe shock” of the coronavirus crisis. Philip Lane said that

Warren Buffett Shares Latest Views On The Markets At Shareholder Meeting At Berkshire Hathaway BRK.B ’s annual shareholder meeting, Warren Buffett shared his views on the markets. Despite recent events, his overall message was broadly consistent with past years. He emphasized disciplined, long-term

Expect 'wide sloppy range' in months ahead: top market strategist Expect a “wide sloppy range” for the markets as individual states restart their economies while still managing the COVID-19 pandemic, says one top strategist. “The coming six to nine month period is probably going to be a wide sloppy

Oil traders turn to salt caverns in Sweden and train cars in Chicago From salt caverns in Sweden to train cars in Chicago, oil traders spent the past two months stuffing unwanted crude into any available space after demand collapsed in the face of the coronavirus pandemic. Traders called on

Warren Buffett's favorite stock-market indicator hits record high, signaling a crash could be coming Warren Buffett's favorite stock-market indicator has climbed to a record high, signaling that stocks are overvalued and that another crash could be coming. The so-called Buffett indicator takes the

IMF chief lauds Japan's spending to combat pandemic, urges others to step up IMF chief Kristalina Georgieva on Thursday lauded Japan’s plans to spend about 20% of its gross domestic product to respond to the economic challenges of the coronavirus pandemic and help the world’s poorest countries

Asian Markets Fall In Holiday-thinned Trade Most of the Asian stock markets are closed on Friday for the Labor Day holiday. Among the markets that are open, the Japanese and Australian markets are sharply lower following the negative cues from Wall Street as disappointing U.S. economic data

Crude extends rally as output cuts begin Oil prices rallied Friday as massive output cuts began to kick in and top producers said they would turn the taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen. After a diabolical month for the commodity in which the

U.S. Weekly Jobless Claims Drop To 3.839 Million A report released by the Labor Department on Thursday showed a notable decrease in first-time claims for U.S. unemployment benefits in the week ended April 25th, although claims remain at a significantly elevated level. The Labor Department said

Eurozone Economy Contracts Most On Record The euro area economy contracted at the sharpest pace since the series began in 1995 as member countries widely introduced coronavirus containment measures, preliminary flash estimate from Eurostat showed Thursday. Gross domestic product fell 3.8 percent

Fed Holds Rate, Speaks About Medium Term Risks To Economic Outlook The U.S. Federal Reserve today held its interest rate target between 0 percent and 0.25 percent. The Fed said it would continue with its aggressive policy stance until it is comfortable that the economy is back on its feet. The