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Slump in consumption, exports push Germany into recession in first quarter

A slump in capital investments, private consumption and exports pushed the German economy into a recession in the first quarter, detailed data showed on Monday, giving a glimpse of the damage caused by the coronavirus pandemic. The Federal Statistics Office said capital investments fell by 6.9%, private consumption by 3.2% and exports by 3.1% between January and March compared with the last three months of 2019. This meant that private consumption took off 1.7 percentage points of overall economic activity and net trade shaved off 0.8 percentage points, translating into a first-quarter contraction of 2.2%, the steepest rate …read more […]

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Boeing Cuts 25% Of Its Workforce At Winnipeg Site; Top Analyst Slashes PT To $155

Boeing Co (BA) will lay off 400 employees at its aerospace manufacturing facility in Winnipeg as a result of the economic impact of the coronavirus pandemic.”Due to the impact of the COVID-19 pandemic, Boeing previously announced we would adjust the size of our company to reflect new market realities through a combination of voluntary layoffs, natural turnover and involuntary layoffs,” Boeing spokeswoman Jessica Kowal said in a statement.Boeing Winnipeg, which employs 1,600 workers is one of the largest aerospace composite manufacturers in Canada. At the site, Boeing produces over 500 end item composite parts for the company’s commercial airplanes. Major …read more […]

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China's 'hermit' investors fill doubled oil storage with crude bet

Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. The flood of purchases has come from companies little-known to the oil industry which have been bidding up Shanghai futures, China’s only oil futures contract, since early April when global oil prices slumped as COVID-19 hammered demand. “We call them ‘hermit’ investors,” said a state oil official whose firm recently delivered cargoes into the contract. …read more […]

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Japan Is Set to Lift State of Emergency for Tokyo

May.25 — The Japanese government is on the brink of lifting the state of emergency for Tokyo, its surrounding regions and the northern island of Hokkaido, allowing more parts of the economy to re-open as new coronavirus cases tail off. Still, Prime Minister Shinzo Abe’s political troubles may be just beginning. Isabel Reynolds reports on “Bloomberg Markets: Asia.” …read more […]

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U.S.-China Ties Have Become ‘Extremely Hostile,’ Former Official Says

May.24 — Susan Shirk, a former deputy assistant secretary of state during the Clinton administration and currently a professor chair of the 21st Century China Center at the School of Global Policy and Strategy at the University of California, San Diego, looks at the tensions between the U.S. and China. The U.S. should give up its “wishful thinking” of changing China, Foreign Minister Wang Yi said, warning that some in America were pushing relations to a “new Cold War.” Shirk speaks on “Bloomberg Markets: Asia.” (Corrects typographical error in headline) …read more […]