Oil prices fell on Friday after China failed to set an economic growth target for 2020, sparking concerns that the fallout from the coronavirus pandemic will cap fuel demand in the world’s second-largest oil user.
Australian retail giant Wesfarmers Ltd said it will close or rebrand nearly two-thirds of its Target department stores and take one-off charges totalling up to A$650 million ($426 million) as it reels from the coronavirus fallout.
Spot gold was trading at $1,727.39 per ounce by 0248 GMT, having dropped 1.4% on Thursday. U.S. gold futures rose 0.3% to $1,726.50. Bullion had rallied to its highest since October 2012 on Monday, but has since lost ground and is now heading for a 0.8% weekly decline. …read more […]
(Bloomberg) — Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.Futures in New York fell 6% to below $32 a barrel on Friday, but are still up around 8% for the week. Beijing said it wouldn’t set a gross domestic product target this year due to “great uncertainty” over the coronavirus, although it did announce some new stimulus spending. The question marks over China’s economy come as relations with the U.S. deteriorate, potentially complicating the global …read more […]
Oil prices slumped on Friday after China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world’s second-largest oil user.
General Motors Co said on Thursday it was gradually restarting the transmission and motor lines at its Mexican facilities in Silao and Ramos Arizpe, while U.S. auto parts maker Lear Corp also geared up for production.
Hong Kong shares tumbled on Friday after Beijing moved to impose a new security law on the city after last year’s pro-democracy unrest, risking fresh protests and further straining fast-deteriorating U.S.-China ties.
Institutional Shareholder Services (ISS) has recommended shareholders of Google-parent Alphabet Inc to vote “against” the company’s proposed executive pay at its annual meet in June, according to a report seen by Reuters on Thursday.
(Bloomberg) — Asian stocks slipped, with the bulk of losses coming in Hong Kong, as China announced plans to impose a national security law on the city, which threatened to further deteriorate tension between the U.S. and China. U.S. futures edged higher.Hong Kong’s Hang Seng opened about 2% lower. Losses were more modest in Tokyo and Seoul, while shares edged up in Sydney. China responded to accusations from President Donald Trump, warning that it will safeguard its sovereignty, security and interests, and threatened countermeasures. The yuan was steady as China’s National People’s Congress began with pledges to sell bonds and …read more […]
Oil prices were on the rise on Friday, heading for a fourth straight week of gains, amid more evidence that fuel demand is recovering as countries ease business and social restrictions that were imposed to counter the coronavirus pandemic.
Oil prices slumped on Friday after China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world’s second-largest oil user. Brent crude fell $1.56, or 4.3%, to $34.50 a barrel by 0323 GMT, after gaining nearly 1% on Thursday. West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having gained more than 1% in the last session. …read more […]
For many, the first big step they take on the road to recovery from the coronavirus-induced recession could start with a plane ticket. …read more […]
Three big earnings announcements from Alibaba, Deere and Foot Locker will be in focus Friday. …read more […]
General Motors Co said on Thursday it was gradually restarting the transmission and motor lines at its Mexican facilities in Silao and Ramos Arizpe, while U.S. auto parts maker Lear Corp also geared up for production.
SoftBank Group Corp said on Friday its planned sale of 5% in its domestic telco SoftBank Corp would fetch 310.2 billion yen ($2.9 billion), as part of a programme to raise $41 billion through asset sales.
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