Economic news


Wall Street Rises on Vaccine Hopes, Goldman Profit Beat

Wall Street Rises on Vaccine Hopes, Goldman Profit Beat

Wall Street gained on Wednesday with the S&P 500 nearing its highest in more than four months following a strong quarterly showing by Goldman Sachs and promising early data for a potential COVID-19 vaccine.


July 15, 2020
Navistar to Develop Self-Driving Trucks with TuSimple
Navistar to Develop Self-Driving Trucks with TuSimple

Truck maker Navistar International Corp has bought a minority stake in TuSimple and aims to co-develop self-driving trucks by 2024 with the...

Goldman Profit Blows Past Estimates on Trading Surge
Goldman Profit Blows Past Estimates on Trading Surge

Goldman Sachs Group Inc’s trading revenue doubled in the second quarter, driven by big swings in stock and bond markets since March,...

Vaccine Hopes Give Stocks, Euro and Oil Shot in the Arm
Vaccine Hopes Give Stocks, Euro and Oil Shot in the Arm

World shares climbed toward a four-month high on Wednesday with the euro and oil in tow, as hopes for a coronavirus vaccine offset rising tensions...

Oil Up on Expectations for Drawdown in U.S. Crude Supplies
Oil Up on Expectations for Drawdown in U.S. Crude Supplies

Oil prices rose firmly Wednesday, boosted after data from an industry trade group showed a large decline in U.S. crude inventories as traders also...

Gold Retreats but Rebound in U.S. Dollar Limits Loss
Gold Retreats but Rebound in U.S. Dollar Limits Loss

Gold prices slipped on Wednesday as global stocks rallied on optimism about the progress in finding a vaccine for the coronavirus.

Lockdown Video Gaming Helps Fuel Rise in UK Inflation
Lockdown Video Gaming Helps Fuel Rise in UK Inflation

British inflation rose unexpectedly last month, spurred by rising prices for in-demand video game consoles during the coronavirus lockdown,...

Dow Futures Up 400 Points as Investors Await More Earnings
Dow Futures Up 400 Points as Investors Await More Earnings

Stock-index futures pointed to a higher start for Wall Street Wednesday, as investors took some cheer from positive results for a COVID-19 vaccine...

Stocks Climb, Dollar Falls on Vaccine Progress
Stocks Climb, Dollar Falls on Vaccine Progress

Stocks and U.S. equity futures rose, while the dollar weakened to a one-month low as progress in developing a coronavirus vaccine crossed a key...

PayPal Letter Seems to Confirm Crypto Capability Rumors
PayPal Letter Seems to Confirm Crypto Capability Rumors

PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission. Originally...

Google Buys 7.7% of Reliance's Digital Unit for $4.5 Billion
Google Buys 7.7% of Reliance's Digital Unit for $4.5 Billion

India’s Reliance Industries on Wednesday said Alphabet Inc’s Google will buy a 7.7% stake in its digital unit for $4.5 billion, winning...

Moderna Stock Surges 17% on Coronavirus Vaccine Trial News
Moderna Stock Surges 17% on Coronavirus Vaccine Trial News

Moderna Inc. stock skyrocketed in premarket trade Wednesday, after the biotech company said its coronavirus vaccine candidate produced a...

UK Sells 3-Year Bond at Record Negative Yield
UK Sells 3-Year Bond at Record Negative Yield

Britain sold a three-year government bond with a record-low negative yield on Wednesday, highlighting investors’ ongoing concern about the...

Virus Cost Jobs at 3rd of Small Firms Open in May: Facebook
Virus Cost Jobs at 3rd of Small Firms Open in May: Facebook

One small firm in three around the world was obliged to cut jobs to stay open through the coronavirus pandemic in May, a survey showed on...

Saudi Arabia's Bindawood postpones IPO to September -sources
Saudi Arabia's Bindawood postpones IPO to September -sources

Saudi Arabian supermarket retailer Bindawood Holding has postponed its planned initial public offering (IPO) to September, two sources with...

Euro Zone Bond Yields Hold Ground, EU Summit Countdown
Euro Zone Bond Yields Hold Ground, EU Summit Countdown

Euro zone bond yields held steady in early Wednesday trade, with a light data calendar keeping focus on Thursday’s European Central Bank...

London Stocks Gain on Vaccine Hopes, GlaxoSmithKline Boost
London Stocks Gain on Vaccine Hopes, GlaxoSmithKline Boost

London-listed shares rose on Wednesday as signs of progress in developing a COVID-19 vaccine bolstered hopes of a swift post-pandemic economic...

Vaccine Hopes Drive Gains for European Stocks
Vaccine Hopes Drive Gains for European Stocks

European stocks rose on Wednesday, with U.S. equity futures also climbing, as investors embraced positive news surrounding a coronavirus vaccine...

SMIC's Shanghai Listing Tests Possible Chip Dominance
SMIC's Shanghai Listing Tests Possible Chip Dominance

China’s biggest chipmaker SMIC is set to follow its staggering $6.6 billion share sale with its Shanghai market debut on Thursday, just as...

“Risk-on” as Virus Vaccine Comes one Step Closer; China GDP
“Risk-on” as Virus Vaccine Comes one Step Closer; China GDP

Rates as of 04:00 GMT Market Recap A big “risk-on” day in New York, with the DJIA in particular showing a 2.1% jump (S&P 500 a more...

Crunch Time for Apple in Fight Against $15B EU Tax Order
Crunch Time for Apple in Fight Against $15B EU Tax Order

Apple’s clash with EU competition regulators comes to a head on Wednesday as Europe’s second-highest court rules on whether it has to...

Fed Officials Warn on 'Thick Fog' Ahead for U.S. Economy
Fed Officials Warn on 'Thick Fog' Ahead for U.S. Economy

The U.S. economy will recover more slowly than expected amid a surge in novel coronavirus cases across the country, and a broad second wave of the...

Nissan Bets on Ariya Electric SUV to Symbolize its Revamp
Nissan Bets on Ariya Electric SUV to Symbolize its Revamp

Nissan Motor Co on Wednesday unveiled the Ariya - an electric SUV and its first all-new global model in five years - hoping it will symbolize...

BOJ Stands Pat on Policy, Sticks to Cautious Recovery View
BOJ Stands Pat on Policy, Sticks to Cautious Recovery View

The Bank of Japan kept monetary policy steady on Wednesday and maintained its view that the economy would gradually emerge from the coronavirus...

Dakota Access Pipeline Can Keep Running Amid Legal Fight
Dakota Access Pipeline Can Keep Running Amid Legal Fight

The Dakota Access oil pipeline can continue to operate amid an ongoing court battle, a U.S. Appeals Court said on Tuesday, setting aside for now a...

Wall Street Ends Higher, Led by Energy and Materials
Wall Street Ends Higher, Led by Energy and Materials

Wall Street ended higher on Tuesday, led by a surge in the Dow Jones Industrial Average, as investors bought energy and materials stocks and looked...

Euro Hits 4-Month High vs Dollar on Stimulus, Recovery Hopes
Euro Hits 4-Month High vs Dollar on Stimulus, Recovery Hopes

The euro rose to a four-month high against the dollar on Wednesday on hopes European Union leaders may agree on stimulus and deepening fiscal...

Aussie, Kiwi Test Resistance, Offshore Buyers Big on Bonds
Aussie, Kiwi Test Resistance, Offshore Buyers Big on Bonds

The Australian and New Zealand dollars edged higher on Wednesday as progress on a COVID-19 vaccine buoyed U.S. equities, while details of a bumper...

Asian Shares Pare Gains as U.S.-China Tensions Intensify
Asian Shares Pare Gains as U.S.-China Tensions Intensify

Asian shares pared gains on Wednesday, led by losses in Chinese stocks, after Beijing vowed retaliatory sanctions against the United States, while...

Australia Shares Chase Wall Street Higher; NZ Rises
Australia Shares Chase Wall Street Higher; NZ Rises

Australian shares rose on Wednesday as investors looked past a spike in COVID-19 cases to overnight gains on Wall Street, with gold stocks leading...

July 14, 2020
Gold Edges Below $1,800 an Ounce
Gold Edges Below $1,800 an Ounce

Gold futures edged lower Tuesday, slipping just under the psychologically important $1,800-an-ounce level. Gold for August delivery on...

Oil Under Pressure on U.S.-China Tensions, New Virus Cases
Oil Under Pressure on U.S.-China Tensions, New Virus Cases

Oil futures slipped Tuesday, with pressure attributed to mounting tensions between the U.S. and China, as well as a continued rise in COVID-19...

Wells Fargo Swings to $2.4 Billion Loss as Pandemic Bites
Wells Fargo Swings to $2.4 Billion Loss as Pandemic Bites

Wells Fargo & Co swung to a second-quarter loss as the coronavirus set back the bank’s progress in recovering after a series of...

Number of Short-Time Workers in Austria Increases Slightly
Number of Short-Time Workers in Austria Increases Slightly

The number of people in Austria working in so-called Kurzarbeit layoff prevention schemes increased by more than 50,000 last week, the labour...

JPMorgan Sets $10.5B Loan Losses as Profit Tops Estimates
JPMorgan Sets $10.5B Loan Losses as Profit Tops Estimates

JPMorgan Chase & Co on Tuesday set aside about $10.5 billion in reserves to cover a wave of potential defaults in the aftermath of the COVID-19...

German Solar Firm Led by Former Q-Cells CEO Seeks Buyer
German Solar Firm Led by Former Q-Cells CEO Seeks Buyer

German solar power plant developer ib vogt GmbH, which is led by former Q-Cells Chief Executive Anton Milner, has been put up for sale by its...

Dollar Falls as Investor Sentiment Recovers
Dollar Falls as Investor Sentiment Recovers

The U.S. dollar gave up early gains on Tuesday with currency traders unfazed by diplomatic tensions between the United States and China and rising...

Lockdown in Global Tech Hub Hits Stocks
Lockdown in Global Tech Hub Hits Stocks

Global stocks slipped on Tuesday, oil fell and a safety bid supported the dollar as simmering Sino-U.S. tensions and new coronavirus restrictions...

Euro Zone Bond Yields Edge Down as Sentiment Stabilises
Euro Zone Bond Yields Edge Down as Sentiment Stabilises

Investors retreated to safe euro zone government bonds on Tuesday after a surge in COVID-19 cases in California dampened Monday’s excitement...

Online Electrical Retailer AO World Posts Profit, Sales Rise
Online Electrical Retailer AO World Posts Profit, Sales Rise

Online electricals retailer AO World on Tuesday reported a jump of more than 50% in annual core profit and a rise in sales, sending shares in...

Britain's Ocado Sees Retail Sales Soar 27% in Lockdown Half
Britain's Ocado Sees Retail Sales Soar 27% in Lockdown Half

Ocado, the British online supermarket and technology group, said it was confident that the surge in online grocery shopping due to the coronavirus...

Tech Selloff Spreads to Europe as Virus Fears Mount
Tech Selloff Spreads to Europe as Virus Fears Mount

European stocks were hit by a selloff in technology shares on Tuesday, after a drop overnight on Wall Street following fears of new coronavirus...

Google in Talks to Invest $4B in Reliance's Digital Arm
Google in Talks to Invest $4B in Reliance's Digital Arm

Alphabet Inc’s Google is in advanced talks to invest $4 billion for a stake in the digital arm of Indian conglomerate Reliance Industries...


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