Monday, a document showed that Germany is expected to continue a huge deficit in spending in light of the Covid-19 pandemic, with a debt-funded supplementary budget of about 60 billion euros for the current year and a draft budget for 2022 with new net debt of 81.5 billion euros. The …

Germany’s economy is likely to contract sharply this quarter, as the service sector is hit by pandemic restrictions as the slowdown extends to a booming construction sector, the Bundesbank said on Monday. In its most recent monthly report, the central bank appears to have abandoned its expectations for a spring …

Amin Al-Nasser, CEO of Saudi Aramco, said today, Monday, that the giant national company is optimistic about the oil market and expects a strong recovery in demand. “We are very optimistic about future oil demand,” he said. He added that Aramco was undertaking engineering work to increase production capacity to …

The Federal Reserve Bank of Chicago’s National Activity Index dropped to -1.09 in February from 0.75 (revised from 0.66) in January. This reading missed the market expectation of 0.21%. “The CFNAI Diffusion Index, which is also a three-month moving average, moved down to +0.17 in February from +0.34 in January,” …

European Central Bank data showed that the eurozone current account surplus narrowed in January due to a larger secondary income deficit, which includes outflows such as remittances and taxes. The 19-nation bloc recorded a current account surplus of 30.5 billion euros in January, down from 36.7 billion euros in December …

The dollar has consolidated near its highest level in 4 months after Turkish President Recep Tayyip Erdogan surprised investors over the weekend by changing the central bank governor, which adopts policies that tend to tighten monetary, which led to turmoil in currency markets globally. The lira fell about 15%, near …

European stocks retreated due to the drop in the Turkish lira and concerns about extending public isolation measures in Germany, while bank and travel companies took the biggest blow. The pan-European STOXX 600 index fell 0.5%, falling for a second consecutive session after hitting a year high last week. Global …

A European Union spokesman said today, Sunday, that the leaders’ summit scheduled for March 25-26 in Brussels will be held via video conference due to the increase in coronavirus cases across Europe. In a post on Twitter, Barend Leyts, spokesman for Charles Michel, President of the European Council that chairs …

Gold prices fell as investors preferred alternative safe-haven assets such as the US dollar and bonds after Turkey’s surprising decision to appoint a new central bank governor who was known to criticize high interest rates, which led to uncertainty over fiscal policy. Gold fell in the spot market 0.5 percent …

The lira partially recovered to 7.8 against the dollar on Monday, after falling 15% to an all-time low in early trade following President Recep Tayyip Erdogan’s shocking decision to dismiss the central bank governor. The lira tumbled as much as 8.4850 against the dollar from 7.2185 on Friday, returning to …