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Crude oil skyrockets as higher US refinery rates offset surprise inventory build
Both US and UK crude futures due to be expired on July reported a robust gain on Thursday despite a surprising US crude inventory build
Economy
US Initial jobless claims hold above 2 million as second layoff wave splashes
US Labour Department data released earlier on Thursday had revealed that the US initial jobless claims were holding above a significantly staggering figure of 2 million since a record peak reached on March 28th
New York Stock Exchange partially reopens trading floor after pandemic-led closure
Earlier on Tuesday, the New York Stock Exchange partially reopens its trading floor which had been shuttered down since the 23rd of March due to the pandemic outbreak
US consumer confidence stabilizes in May as economy reopens, pandemic wave wanes
The New York city-based Conference Board said that the US consumer confidence had nudged up on May, eventually lifting up the NYSE
Argentina defaults on sovereign debt payments as bondholders talks extended
The Argentine Government had faced off its ninth sovereign bond default following a $500 million pay out miss on three separate foreign debts worth of $65 billion
Oil woes on US-China tension, energy demand doubts
Both US and UK crude futures' prices fell by as much as 2% on Friday, but the futures had logged their fourth consecutive weekly gains
Brazil sells $3.2 billion short-term bond as revised 2020 debt, deficit to hit record
Brazil’s Treasury Secretary Almeida said on Friday that the Government of President Jair Bolsonaro sold $3.2 billion in short-term debts to finance emergency measures
US labour market bleeds, as jobless claims spread despite businesses reopening
On Thursday, the 21st of May 2020, US weekly employment data released by the Labour Department had orchestrated another histrionic downturn for an already recessed US economy with millions of more American citizens filing for unemployment benefits
Crude oil climbs to two-month peak after plunge in US inventories
On Thursday, both US and UK crude oil futures’ prices rose to their highest level since mid-March, as a sweeping drawdown in crude inventories alongside production cuts by a majority of crude exporting nations, offset pressures of an intense supply glut
New Zealand PM Jacinda Ardern announces moves to revive economy
Tourism has suffered in New Zealand and the prime minister has set out measures to help the country recover
Lufthansa announces talks with German government for rescue package
The German airliner is looking to continue its operations in the long term despite turbulence due to the ongoing global volatility
Pandemic plunders US homebuilding, permits tumble
On Tuesday, the 19th of May 2020, US economic data released by the Commerce Department had added to further holocaust on a sharply recessing US economy, as US homebuilding had plunged by the most on record in April
US Crude jumps nearly 20% in third consecutive week of gains as lockdown eases
On Friday, both US and UK crude futures’ prices due to be expired on June had witnessed a wave of bullish wing with US WTI crude climbing more than 7 per cent and Brent adding 4.4 per cent, marking up the US crude futures’ prices highest level since Ma
US House passes $3 trillion pandemic aid bill opposed by Trump
On Friday, the 15th of May 2020, the Democrat-controlled US House of Representatives voted to approve a $3 trillion stimulus package by the narrowest of margins aimed at proffering further cushions to the $20.58 trillion US economy
Saudi sovereign fund shores up stakes in US holdings as pandemic belabours
On Friday, a US SEC regulatory filing had revealed that the Kingdom of Saudi Arabia’s sovereign wealth fund, widely dubbed as the Saudi PIF or Public Investment Fund, had been purchasing minority stakes in a gauge of major American companies
US retail sales slumped to new record-low, industrial production plummets
On Friday, the 15th of May 2020, a basket of baleful economic data released by the US Commerce Department had reflected a deepening recession in the United States as the US retail sales had nosedived to a record low of 16.4 per cent in April
US weekly jobless claims rise more than anticipated as second layoff waves splash
On Thursday, the 14th of May 2020, weekly unemployment report released by the US Labour Department had reflected a likely sign of shrine for an almost halted US economy despite an ease of lockdown across many US states
US consumer prices post biggest decline since Great Depression, says Washington
Earlier on Tuesday, the 12th of May 2020, US Labour Department had released the US CPI (Consumer Price Index) data which had witnessed its steepest fall last month since the era of Great Financial Depression
South Africa cancels use of Land Bank debts as collateral after default
On Saturday, the South African Reserve Bank (Central Bank of South Africa) momentarily suspended any usage of debts issued by the Land Bank as collateral after the state-backed agricultural lender had missed a $2.7 billion in loan repayments
Brazil to flood economy with money in case of depression as rate cut shows response
On Saturday, the 9th of May 2020, Paulo Guedes, the Economy Minister of Brazil, said in a statement that the free-market economy of Brazil would be showered with fresh fiscal stimulus in case of a depression due to the pandemic outbreak
US to purchase $3 billion worth of farm goods from local growers next week
On Saturday, the 9th of May 2020, the US President Donald Trump said in a tweet that the United States would start off a purchase of $3 billion worth of diary, meat and other food ingredients from local growers as early as by next week.
New York’s S&P confirms Qatar’s credit rating at ‘AA- ‘, outlook stable
On Friday, the 8th of May 2020, the NY-based American credit rating agency, S&P Global Ratings, often contemplated as one of the big three sovereign credit rating agencies alongside Moody’s and Fitch, had affirmed Qatar’s credit rating at ‘AA-’
Crude oil climbs 5% in second straight weekly gains on output cuts, demand hopes
On Friday, the 8th of May 2020, both US and UK crude oil futures had rounded off the day more than 5 per cent higher, remarking their second straight weekly gains as the number of US drilling rigs had fallen to a record 80-year low
US private employers shed record 20.2 million jobs in April
On Wednesday, the 6th May 2020, the US private payroll data for April released by ADP National Employment Report had shown an indentation of unfathomable scale what analysts said would likely to leave a deeper scar on US economy
Eurozone composite PMI collapses to 13.2, business activity craters at record pace
On Wednesday, the 6th of May 2020, the IHS Markit’s final Composite PMI (Purchasing Managers’ Index) data for the eurozone released earlier on the day had unfurled a staggering outlook with a bundle of dismal economic data
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