Business

Wall Street looked set to jump at open on Wednesday after Gilead Sciences (GILD.O) reported an encouraging update on a potential COVID-19 treatment, while upbeat earnings reports from Google-parent Alphabet and Boeing boosted the mood. Gilead Sciences Inc (GILD.O) jumped 9.3% in premarket trading after the drugmaker said its experimental …

Oil prices fell on Tuesday with U.S. crude leading the decline, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production. However, the markets were supported on hopes of demand recovering as across the world, governments announced …

The United States on Monday posted rule changes that impose new restrictions on exports to China, including on civil aircraft components and items related to semiconductors. The new rules will require licenses for U.S. companies to sell certain items to military entities in China even if they are for civilian …

New York could begin reopening some manufacturing and construction projects in the state on 15 May following stringent quarantine measures in the wake of the coronavirus pandemic. That’s the expiration date for governor Andrew Cuomo’s statewide order that has shuttered nonessential business across New York as it became the global …

Stock markets struggled on Friday as hopes of quickly finding a treatment for coronavirus were dashed, analysts said, and more crushing economic data delivered a body blow to confidence. Reports said initial trials of the remdesivir coronavirus drug being developed by Gilead Sciences had flopped. Investors were “reacting badly” to …

A further 4.4 million Americans sought unemployment benefits last week as the economic toll from the coronavirus pandemic continued to mount. The new applications brought the total number of jobless claims since mid-March to 26.4 million. That amounts to more than 15% of the US workforce. However, the most recent …

US oil prices plunged into negative territory for the first time ever on Monday, meaning producers are willing to pay buyers to take crude off their hands. The price of America’s most closely watched oil benchmark crashed to as low as minus $40 a barrel, but how could this happen …

May futures price growth on Texas Intermediate crude oil on the New York Stock Exchange slowed, eventually returning to below zero per barrel. According to the data, the price of futures contracts on Texas Intermediate crude oil on the New York Stock Exchange increased by 89.26 percent to -4.04 dollars …

US oil prices dived to 22-year lows at just $11 Monday after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic. Just before 1200 GMT, the US benchmark West Texas Intermediate (WTI) crude for May delivery tanked …

The World Bank Group (WBG) is expected to launch health emergency programs in over 100 countries by the end of April to support the fight against COVID-19, with 64 already in operation, President David Malpass said Friday. “In response to COVID-19, the World Bank Group has focused on taking fast, …

Unsurprisingly, yet soberingly, the European tourism sector is reeling. According to a recent UBS analysts’ note – which cited data from Planet, the VAT refund provider – tourist spending across Europe in March fell 68.4% year-on-year. “Chinese spend in Europe was down -84.6% y/y, with all other nationalities also declining …

U.S. Jobless Claims Top 20 Million Since Start of Shutdowns The US Labor Department reported that 5.245 million more Americans filed first-time claims for unemployment last week. The new numbers include independent contractors and others who previously were not eligible for benefits. That brings the total rise in US unemployment …

Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast. The IMF said Tuesday that it expects the global economy to shrink 3% this year — far worse …

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of …

As the OPEC+ deal is pending, US senators from oil states held phone talks with Saudi officials to ensure that Riyadh finally puts an end to the problem “it helped to create” – the ‘oil price war’ that tanked the market. The two-hour phone call, led by Republican Senators Kevin …

The International Monetary Fund believes that this year the global economy is experiencing its worst recession since the Great Depression, with emerging markets and low-income countries in Africa, Latin America and Asia exposed to high risk. According to Bloomberg, the fund’s director-general, Kristalina Georgieva, said in a speech on Thursday …

OPEC + sources revealed some details of the production cuts that the coalition intends to implement to support energy markets in light of the decline in oil demand due to the spread of Corona. A source said, according to “Reuters” agency, that the “OPEC +” coalition will cut 10 million …

The number of Americans seeking unemployment benefits has hit a staggering 15 million as the coronavirus pandemic has brought the United States to a halt. The country recorded 5.250 million claims for state unemployment benefits for the week ended April 4, according to a Reuters survey of economists. The data …

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) …

World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases, though a delay in talks between Saudi Arabia and Russia to cut supply sent oil tumbling again. Equity investors were encouraged as the death toll from the virus slowed across major European nations including …