On Tuesday, Singapore’s Ministry of Trade and Industry released information regarding its economy. According to the data provided by the ministry, the local economy contracted by 42.9% in the second quarter of 2020 compared to the previous quarter on an annualized, seasonally adjusted basis. Importantly, the country’s economy contracted more than initially expected. The updated …
Singapore’s Economy Contracted by 42.9% in the Q2 Read More »
The U.S. dollar held on to its gains on Tuesday after hitting a one-week high against the Euro. A stalemate in the U.S. Congress over fiscal stimulus and the U.S.-China tensions supported safe-haven currencies. On Monday, Trump administration officials and Congressional leaders stated that they were ready to resume negotiations on a coronavirus aid …
Greenback maintained gains while Canadian dollar rallied Read More »
Hyundai’s autonomous vehicle joint venture with Aptiv names it Motional. The company plans to test fully driverless vehicles for ride-hailing services later this year. The name is meant to evoke the “motion” of transportation and the “emotion” of the decision to get somewhere safely. This joint venture was first announced in March this year. It …
Hyundai Names Autonomous Vehicle “Motional” | Wibest Broker Read More »
The price of Rhodium has increased by 31% this month, matching its record since 2008. The precious metal is applied in autocatalysts and it is five times more expensive than gold. In the past four years, rhodium outperformed all major commodities since the demand from the automotive sector has increased. The metal is mined as …
The coronavirus pandemic continues to dominate the headlines for several months in a row. For example, to understand the impact of the pandemic, it makes sense to have a look at Marriott International. It is worth mentioning that Marriott International posted a bigger-than-expected quarterly loss on August 10. The coronavirus pandemic had a dramatic impact …
Marriott Posted a Bigger-than-Expected Quarterly Loss Read More »
The U.S. dollar strengthened slightly against a basket of currencies at 93.339 on Monday, trading just above a two-year trough. It also traded at 105.75 against the Japanese Yen, soaring above the recent low of 104.17. But the dollar faced stiff resistance at 106.46. Even though the greenback tried to continue its rally, it struggled …
The dollar firmed on Monday, but it was still lower Read More »
Marriott International is one of the largest hotel chains in the world and this fact underlines the importance of this company to the hospitality business. However, even for the Marriott, the coronavirus pandemic is a major issue. Interestingly, the U.S. hotel operator posted a bigger-than-expected quarterly loss on Monday. It is not surprising as the …
Shares of the Famous Hotel Operator Marriott International Read More »
Saudi Aramco, the Saudi Arabian Oil Company, said in a report on Sunday that the company’s net profit in the second quarter of this year decreased by about 73.4%. This figure was higher than expected. Aramco also announced that capital expenditures will be between $25 billion and $30 billion this year. Companies and organizations spend …
The net profit of the Saudi Aramco fell by more than 73% Read More »
The coronavirus pandemic continues to affect the U.S. economy. The U.S. economy added more than 1.7 million jobs in July. Based on the information provided by the Labor Department, nonfarm payrolls increased by 1.763 million for the month. Importantly, the unemployment rate dropped to 10.2% from its previous 11.1%. Furthermore, this result surpassed expectations. Moreover, …
The U.S. dollar tried to continue rallying on Monday, but it struggled after the longest losing streak in a decade. Recent declines left the greenback vulnerable. The market was also structurally short of dollars. On Friday, a better payroll report pushed Treasury yields higher into this week’s massive $112 billion debt sale. However, it still …
U.S. dollar struggled to continue rally Monday. Why’s that? Read More »
Huawei says it’s running out of processor chips. This is due to U.S. sanctions against the world’s biggest smartphone vendor, said reports. As of next month, Huawei will no longer be able to make its own Kirin chipsets. This is due to the ongoing economic pressure from the U.S. This was, according to Richard Yu, …
Huawei Runs Out of Chips for Smartphones over US Sanctions Read More »
The euro lowered by 0.3% at $1.1845 on Friday, tumbling down from its recent highs. The British pound slid by 0.2% to $1.3115 as well. The Japanese yen traded flat at 105.58. However, other major currencies weakened against the U.S. dollar. The Australian dollar plummeted down by 0.3% at 0.7220. The Reserve Bank of Australia’s …
The Euro and Sterling declined against the U.S. dollar Read More »
On Friday, Hong Kong’s Hang Seng index led losses among the major markets in the region, as the index dropped 1.6% to 24,531.62. It is worth mentioning that, shares of Chinese tech giants listed on the Hong Kong Stock Exchange fell on August 7. For example, shares of the Chinese tech giant Tencent fell 5.04%. …
Shares of Major Asian Companies and Risk Factors Read More »
The U.S. dollar rebounded on Friday while other major currencies lowered. President Donald Trump took some measures to ban transactions with the Chinese owners of two popular mobile apps. On Thursday, Trump issued an executive order to ban transactions with ByteDance, the Chinese company owning the video-sharing app TikTok, and Tencent Holdings Ltd, owner of …
U.S. dollar soared on Friday. What caused its rebound? Read More »
The stratospheric rise in the price of gold above 2,000 dollars an ounce has almost ceased to be news. In the markets of precious metals, the myth came true. This brutal invasion of the golden bulls should come as no surprise to anyone who pays attention to the current financial landscape. The Fed has injected …
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