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Top Things to Know in the Market on Tuesday, May 12th
- 2020-05-12
- Traiding Idea
Saudi Arabia to cut oil output by another 1 million barrels a day. After Saudi Arabia ordered its state oil giant to cut production by 1 million barrels a day, in addition to reducing production agreed by OPEC+, Crude prices reversed early trading losses and finally rose again. Oil prices rose after Saudi Arabia, which has been hit hard by low prices, said it would cut production in June more than ever before. The voluntary cut, announced by the Saudi Ministry of energy, will wipe out an extra 1 million barrels a day from world markets. Thus, the total decrease in Saudi oil production will be 4.8 million barrels per day compared to April's production level.
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U.S. stock index futures slip on fears of the new wave of coronavirus cases
- 2020-05-11
- Traiding Idea
U.S. stock index futures dipped on fears of the new wave of coronavirus cases U.S. stock index futures dipped on Monday as investors expressed concern about the second wave of coronavirus outbreaks. While oil prices fell and COVID-19 cases in Germany and South Korea rose again after lockdowns were lifted, Exxon Mobil Corp and Chevron Corp dropped more than 1% in premarket trading.
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A record 20.5 million jobs were lost in April as unemployment rate soars to 14.7 %
- 2020-05-09
- Traiding Idea
A record 20.5 million jobs were lost in April as unemployment rate soars to 14.7 % A report released by the U.S. Labor Department on Friday shows that the number of unemployed reached an all-time high of 20.5 million in April, following the economic downturn caused by the Coronavirus outbreak and the closure of businesses. U.S. Federals Reserves officials warned on Friday that while many parts of the country are reopening after weeks of closure, Americans should not expect a rapid recovery and a reduction in the unemployment rate. "A couple months ago I was optimistic, I was hopeful, that maybe we would have a 'V'-shaped recovery - shut things down, clamp down on the virus, and then have a quick recovery," said Neel Kashkari, President of the Federal Reserve bank of Minneapolis.
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The UK economy is heading for its worst recession in 300 years
- 2020-05-09
- Traiding Idea
The UK economy is heading for its worst recession in 300 years. The Bank of England said in its latest forecast that the UK economy is heading for the worst recession in 300 years due to the spread of the coronavirus. The central bank said the country's economy could shrink by 14 % this year, the biggest annual contraction since a decline of 15% in 1706. The head of the Bank of England, Andrew Bailey, said he would take steps to support the economy amid coronavirus outbreak, but did not announce any new stimulus measures.
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Top Things to Know in the Market on Thursday, May 7th
- 2020-05-07
- Traiding Idea
EU economy will shrink by 7.5 % this year According to the European Commission's disappointing forecast, the Coronavirus pandemic will plunge most European economies into their worst state since the Great Depression. Brussels has had to abandon any hope of growth for both the European Union and the Eurozone and predicted that their economies would shrink by 7.5 percent and 7.75 percent, respectively. This is the worst recession for the Eurozone. Compared to previous estimates, growth projections have fallen by almost 0.9%.
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Top Things to Know in the Market on Wednesday, May 6th
- 2020-05-06
- Traiding Idea
US service sector falls into the biggest contraction since 2009 According to the Institute for Supply Management, last month, while the Coronavirus pandemic brought US economic activity to a halt, the US service sector contracted for the first time in a decade. The ISM nonmanufacturing index fell from 52.5 units in March to 41.8 units in April. This was the worst drop since March 2009, when the index hit 40. The sharp drop in the index in April was driven by the lowest amount of business activity in the service sector since ISM debuted the index in 1997. The sharp fall in new orders also lowered this index.
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Top Things to Know in the Market on Friday, May 1st
- 2020-05-01
- Traiding Idea
Adidas says profits fell more than 90% in the first quarter due to coronavirus store closure Adidas predicts that sales of the company will drop by 40% in the second quarter due to the negative impact of the Coronavirus outbreak. Sales of German sportswear giant fell 19 percent in the first quarter to 4.75 billion euros ($ 5.16 billion) as 70% of the company's stores worldwide were closed due to the Covid-19 pandemic. Adidas' net income for the first quarter was $ 26 billion, down 96 % from a year earlier.
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Top Things to Know in the Market on Thursday, April 30th
- 2020-04-30
- Traiding Idea
US GDP fell 4.8% in the first quarter According to U.S. government data released Wednesday, the gross domestic product fell 4.8 % in the first quarter, the biggest contraction since the financial crisis. Economists had forecast that the US GDP would fall by 3.5% in the first quarter. This was the first negative growth in US GDP since the 1.1 % decline in the first quarter of 2014 and has been unprecedented since the negative growth of 8.4 % in the Q4 of 2008 during the worst of the financial crisis.
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