Économie

U.S. economy officially in 'recession' due to COVID-19: Economists

U.S. economy officially in 'recession' due to COVID-19: Economists The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn. The National Bureau of Economic Research (NBER) said that economic growth in the U.S. The statement follows an announcement made by the Department of Labor, where they noted the US unemployment rate was down to 13.3 percent from 14.7 percent in April. [Full Article...]

Fed puts floor under bond buying, sees zero rates through 2022

Fed puts floor under bond buying, sees zero rates through 2022 The Fed cut interest rates to near zero in March when the global coronavirus pandemic reached U.S. shores, and the Fed has since purchased more than $2tn in treasury and mortgage securities to ensure smooth market functioning. Officials forecast the US unemployment rate would fall to 9.3 per cent in the final three months of the year from 13.3 per cent in May, according to median estimates, an... [Full Article...]

May consumer prices fall 0.1%, the third consecutive month

May consumer prices fall 0.1%, the third consecutive month However, Food and non-alcoholic beverages group witnessed a price rise by 3.33%, health group rose by 1%, education rose by 2.21%, and restaurants and hotels inclined by 1.08%. The weaker year-on-year PPI inflation print was largely due to a high base of comparison from last May, without which PPI inflation would have posted a decline of 3.2 percent year on year, according to NBS estimates. [Full Article...]

U.S. stocks surge, erasing 2020 losses

U.S. stocks surge, erasing 2020 losses The Nasdaq Composite rallied to a record high Tuesday, briefly breaking above 10,000 for the first time, as traders loaded up on major technology names while taking profits from stocks that benefit from the economy reopening. The S&P 1500 airlines index declined 8.5%, while cruise operators Carnival Corp and Norwegian Cruise Line Holdings Ltd fell between 10% and 12% after climbing on Monday. [Full Article...]

Some 80 percent of Americans say country 'out of control,' poll finds

Some 80 percent of Americans say country 'out of control,' poll finds The CNN poll was conducted Tuesday through Friday - which means it questioned voters almost entirely before Friday's stunning unemployment report , which indicated 2.5 million jobs were created last month and that the nation's jobless level had dropped. [Full Article...]

Oil prices slip despite OPEC+ cuts as Gulf ends voluntary curbs

Oil prices slip despite OPEC+ cuts as Gulf ends voluntary curbs Both hit their highest since March 6. OPEC + agreed to cut output by 9.6 million barrels a day in July, 100,000 barrels a day less than this month as Mexico will end its constraints. Still, a sustained recovery may be hampered by deteriorating relations between Washington and Beijing, a second wave of infections, or returning USA shale supply following a gain in crude prices. [Full Article...]

Biden wins enough delegates to clinch US Democratic nomination

Biden wins enough delegates to clinch US Democratic nomination Joe Biden clinched the Democratic nomination for president late Friday, earning 1,993 delegates, two more than the number required to secure it. The former vice president became the party's presumptive nominee when his lone rival for the Democratic nomination, Sen. [Full Article...]

U.S. economy adds 2.5 million jobs in May, unemployment falls to 13.3%

U.S. economy adds 2.5 million jobs in May, unemployment falls to 13.3% Trump wrote within minutes of the government releasing the employment report for May. The jobs report is drawn from a pair of surveys. The official unemployment rate (U-3) declined 1.4 percentage points to 13.3 percent in May. Retail had the second-highest unemployment rate of any industry at 15.1%. Oxford Economics predicted a 10% unemployment rate by the end of 2020. [Full Article...]

Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts

Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts Under the terms of the agreement, the historic cuts would be gradually relaxed from July with 7.7 mbd taken off the market from July to December. In Friday afternoon deals, WTI oil prices were up 2.3 percent at $38.27 per barrel, while London Brent crude was 3.0 percent higher at $41.19. [Full Article...]

Wall Street ends four-day rally ahead of today's United States jobs report

Wall Street ends four-day rally ahead of today's United States jobs report The Nasdaq Composite Index was down 67.10 points, or 0.69 per cent, to 9,615.81, Xinhua reported. The S&P 500 is on track for a third week of gains and the dollar held at the lowest since March after the unemployment rate fell in May to 13.3 per cent, below the average analyst forecast for 19 per cent. [Full Article...]

Twitter Pulls Trump’s Tribute Video to George Floyd Over Copyright Claim

Twitter Pulls Trump’s Tribute Video to George Floyd Over Copyright Claim Trump called for "equality in policing" during his address, and added that "hopefully George is looking down and seeing this is a great day for our country". Mr Trump claimed his administration has done more for African Americans than previous presidents, including lowering the unemployment rate for them. [Full Article...]

Elon Musk calls for 'break up' of Amazon

Elon Musk calls for 'break up' of Amazon Others including Democratic politicians , merchants and activists have also called for the break up of Amazon, pointing to its growing control over the e-commerce industry. The issue caught the attention of Musk, who's been against the government lockdowns to contain COVID-19. CEO Jeff Bezos , another billionaire investing in space exploration. [Full Article...]

USA new weekly jobless claims seen falling below 2 million

USA new weekly jobless claims seen falling below 2 million For reference, during the Great Recession in 2009, weekly seasonally-adjusted unemployment claims peaked at 660,000 . Nationally, almost 1.9 million claims for unemployment benefits were filed last week, the ninth straight decline since applications spiked in mid-March and a sign that the gradual reopening of businesses has slowed the loss of jobs across the country. [Full Article...]

Bailey tells banks to ramp up plans for no-deal Brexit

Bailey tells banks to ramp up plans for no-deal Brexit We can only take note that there has been no substantial progress since the beginning of these negotiations, and that we cannot continue like this forever. Extension of the transition period has been ruled out , despite pressure from the European Union and anti-Brexit MPs to extend it by two years, with its end date currenty confirmed in British law. [Full Article...]

Stocks jump on Wall Street following suprise May job gains

Stocks jump on Wall Street following suprise May job gains Later today, the closely-watched USA official jobs report is expected to show a reduction of 7.500 million nonfarm payrolls in May with the jobless rated jumping to 19.4%. That's up from only 20% in April, as demand for travel inches back toward normal amid the pandemic. Charles Schwab Corp. rose 5.5% after it said antitrust regulators won't block its acquisition of TD Ameritrade. [Full Article...]

Hyundai Santa Fe First Look

Hyundai Santa Fe First Look The fog lamps have been adjusted to flank the grille, and new vertical DRLs have been added as well. The rear end of the auto features new LED elements for the tail lamps, while now there is also a new LED bar that horizontally runs across the entire boot lid, and connects the two tail lights. [Full Article...]

Opec+ may meet this week if laggards agree to comply

Opec+ may meet this week if laggards agree to comply Oil swung between gains and losses as a drop in US crude stockpiles was offset by rising fuel inventories, while uncertainty swirled over the future of output curbs by OPEC and its allies. Pointing to demand recovery, the services sector in China, the world's second-biggest oil consumer, returned to growth last month, a survey showed. [Full Article...]

Canada Markit manufacturing PMI for May 40.6 vs. 33.0 last month

Canada Markit manufacturing PMI for May 40.6 vs. 33.0 last month Export sales in the UAE fell in May, but at a softer rate, while the lifting of travel restrictions helped deliveries, he added. After crashing to its lowest reading in the survey's almost 22-year history in April, IHS Markit's Manufacturing Purchasing Managers' Index ( PMI ) for the euro zone recovered somewhat last month, rising to 39.4 from 33.4. [Full Article...]

L’économie française va se rétracter de 11% cette année — Coronavirus

L’économie française va se rétracter de 11% cette année — Coronavirus Le produit intérieur brut (PIB) devrait ainsi chuter de 11%, un chiffre historique. Cette décision doit permettre " aux petits commerçants de reconstituer leur trésorerie ", a déclaré le ministre. "Nous annoncerons également un plan pour soutenir nos start-ups de la Tech pour qu'elles ne soient pas rachetées les unes après les autres par les géants du digital, nous allons soutenir également le bâ... [Full Article...]

19 deaths, 326 new COVID-19 cases reported in Ontario

19 deaths, 326 new COVID-19 cases reported in Ontario The province says 781 COVID-19 patients are hospitalized, with 118 being treated in intensive care units. Public Health reports there were 17, 014 tests done yesterday. Peel Public Health says 175 residents have died in long-term care homes. The update marked the second day in a row where B.C. did not report a new death due to COVID-19. [Full Article...]


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