Crude oil prices were up but had pared most of their gains in Asia on Wednesday having endured the worst month and calendar quarter on record as March bowed out. Energy prices rose a little in US hours on Tuesday after it was reported that US President Donald Trump and his Russian counterpart Vladimir Putin …
EUR/ZAR Exchange Rate Rises as Chinese Manufacturing PMI Boosts Trade Hopes The Euro to South African Rand (EUR/ZAR) exchange rate edged higher today despite the Eurozone’s business confidence suffered a drop -0.6 to -0.28, while the bloc’s economic sentiment indicator fell to a record low of 94.5. The pairing is currently trading around R19.810. Bert …
Nothing has really changed over the weekend. Despite the aggressive lockdowns across Europe, Australasia, the United States and seemingly, every destination in between, the rate of new Covid-19 infections and deaths stubbornly refuses to show any signs of slowing down. “Locked-down for longer” seems to be the mantra that the world is begrudgingly having to …
Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain. The continent’s producers such as Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who …
Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand and a damaging war for market share between Saudi Arabia and Russia that …
Yesterday, Morgan Stanley said it is predicting a 30.1% decline in GDP next quarter—that would be the worst quarterly performance in 74 years, according to Politico. Record jump in US jobless claims as Covid-19 drives America into recession More than three million Americans signed on for jobless benefit last week, as the Covid-19 outbreak hit …
US claims for unemployment hit new record after tenfold rise Read More »
As Congress haggles over a multitrillion-dollar coronavirus rescue package, analysts are warning the U.S. could face a prolonged depression rather than the kind of short recession and swift bounce back that President Donald Trump and his top aides expect. And they’re raising questions about whether current government efforts to cushion the economy from the damage …
The major U.S. stock indexes are drifting lower early Wednesday as investors awaited an unprecedented stimulus package to fight the economic impact of the coronavirus. The price action suggests investors are still paying close attention to the headlines about U.S. lawmakers closing in on a massive fiscal stimulus bill work $2 trillion to combat the …
Stocks reaction on the $2 trillion package passed in the US Read More »
On Monday, India’s Sensex plunged 13 per cent — the worst day on record — and Australia’s S&P/ASX 200 fell 5.6 per cent. The spread of the virus has triggered panic across the world and shaken the confidence of investors. Making things worse is the crude oil war between Saudi Arabia and Russia, which has …
The Coronavirus pandemic turmoils the global market Read More »
The dollar rose against major currencies on Monday as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the flight to cash. The dollar rose against sterling toward its strongest since at least 1985. The US currency hit the highest in almost three years against the euro. Against …
