Month: September 2020

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Australia turns to idled factories to pull it out of COVID slump

September 7, 2020 admin Comments Off on Australia turns to idled factories to pull it out of COVID slump

In 2017, the last car Australia built rolled out of a General Motors’ plant in the city of Adelaide, ending seven decades of local automotive history and the belief that the country’s factories could ever compete globally. Three years later, policymakers are once again looking to manufacturing to generate some growth as they scramble to drive the economy through the coronavirus and out of its deepest slump on record. While Australians are unlikely to buy millions of locally made cars, refrigerators and toasters as they did in the 20th century, a government push that puts manufacturing at the …read more […]

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Nasdaq Futures Resume Declines With Valuation Angst Lingering

September 7, 2020 admin Comments Off on Nasdaq Futures Resume Declines With Valuation Angst Lingering

(Bloomberg) — U.S. stock index futures slipped, extending the biggest weekly retreat since June, as clouds gathered around a five-month rally that has fattened tech valuations and whipped up speculation in options.September contracts on the S&P 500 lost 0.6% as of 6:32 p.m. in New York. Futures on the Nasdaq 100 dropped 1.2%. Last week’s slide was capped with two of the most volatile days of the summer, with technology shares at one point dropping 10% from a recent high after nearly doubling since March.Anxiety has ratcheted up for investors who have ridden a powerful rally from the depths of …read more […]

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U.S., Asian Futures Retreat With Nerves Rattled: Markets Wrap

September 7, 2020 admin Comments Off on U.S., Asian Futures Retreat With Nerves Rattled: Markets Wrap

(Bloomberg) — Stocks looked headed for a nervy start to trading Monday after the biggest two-day slide for global equities since June left investors on edge. Currencies began the week with little fanfare, while crude oil declined.Futures pointed to modest losses in Japan and Australia, and S&P 500 futures retreated. U.S. markets are shut Monday for a holiday after the worst week for the Nasdaq since March. The dollar was steady in early trading, while the pound ticked lower going to another round of Brexit negotiations. Hong Kong markets will be in focus after protests again flared up on the …read more […]

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Oil Extends Retreat Below $40 as Saudi Arabia Slashes Prices

September 7, 2020 admin Comments Off on Oil Extends Retreat Below $40 as Saudi Arabia Slashes Prices

(Bloomberg) — Oil extended its slide below $40 a barrel after Saudi Arabia cut its pricing for oil sales in October, a sign that the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe.Futures in New York fell as much as 2.8%, after dropping almost 4% on Friday. The kingdom’s state producer, Saudi Aramco, reduced its key Arab Light grade of crude by a larger-than-expected amount for shipments to Asia, its main market. It also lowered pricing for U.S. buyers.U.S. crude retreated 7.5% last week, the biggest weekly loss since June, on concerns over weakening …read more […]

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Italy’s Gualtieri Sees Stronger-Than-Forecast Economic Rebound

September 6, 2020 admin Comments Off on Italy’s Gualtieri Sees Stronger-Than-Forecast Economic Rebound

Sep.06 — Italy’s Finance Minister Roberto Gualtieri said the country’s economy will rebound more powerfully than expected in the third quarter. The country’s output will expand more than the 9.5% forecast in the government’s latest financial plan, Gualtieri said in an interview at the Ambrosetti Forum in Cernobbio, Italy. He added that gross domestic product will only return to its pre-coronavirus level in 2022. He spoke exclusively to Bloomberg’s John Follain. …read more […]