European stocks showed a mixed performance on Tuesday as the continent enters into the third wave of the Coronavirus pandemic, which is leading to reintroducing lockdown measures in a number of countries. The pan-European STOXX 600 index closed lower by 0.12% at 423.65 points, as the auto sector decline by …
Read More »Yellen: Full Employment Could be Achieved Next Year
U.S. Treasury Secretary Janet Yellen believes that the recently approved huge stimulus package is exactly what the American economy needed. Speaking in a virtual hearing by members of the House of Representatives, Yellen expected strong recovery from the negative economic impact of the pandemic. “With the passage of the rescue …
Read More »Powell: Stimulus Unlikely to Lead to Surge in Inflation
The recently passed $1.9 trillion relief package is not expected to result in an undesirable rise in inflation rates in the United States, the Chairman of the U.S. Federal Reserve, Jerome Powell, said on Monday. Powell also said that the central bank is ready to deal with a surge in …
Read More »Fed’s Kaplan Expects Interest Hike Next Year
The President of the Federal Reserve Bank of Dallas, Robert Kaplan, supports raising interest rates by the end of next year. Kaplan does not see a problematic surge in inflation soon. However, he expects economic recovery to lead to the reduction of the easing measures and looks forward to normalizing …
Read More »Oil Prices Drop 4% amid Concerns about European Lockdowns
Oil prices continued to decline on Tuesday, posting huge losses in early trades during the American session. Concerns about renewed lockdowns in Europe, especially France and Germany, are negatively impacting the outlook for demand recovery. Last Saturday, France announced a major four-week lockdown to combat the spread of the virus, …
Read More »U.S. New Home Sales Decline 18% in February
New home sales in the United States declined by 18.2% in February to 775,000, compared with their level in January, data by the U.S. Census Bureau showed on Tuesday. On an annual level, new home sales rose by 8.2% last month, compared with their level in February 2020. Data further …
Read More »Wall Street Declining Ahead of Powell and Yellen Speeches
The main indices of the New York Stock Exchange (NYSE) opened Tuesday on a lower note, with the market anticipating new signals from upcoming remarks from the Chairman of the U.S. Federal Reserve, Jerome Powell, and Treasury Secretary Janet Yellen. Remarks are set to discuss the prospects of inflation and …
Read More »The US Current Account Deficit Jumps to a 12-Year High in 2020
The current account deficit in the United States accelerated to a 12-year high in 2020, as the Covid-19 pandemic severely affected the flow of goods and services. The US Commerce Department said the current account deficit, which measures the flow of goods, services, and investments into and out of the …
Read More »The British Trade Minister Discusses a Trade Agreement With Her American Counterpart
The office of British Trade Secretary Lise Truss said that she discussed progress toward a free trade agreement with the United States during talks with her US counterpart on Monday, pointing to the need for closer economic relations between the two countries. Truss’s office said she telephoned Catherine Tay to …
Read More »US: Philly Fed Nonmanufacturing Index Jumps to 38.6 in March From 3.9
The Regional Business Activity Index of the Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey rose sharply to 38.6 in March from 3.9 in February. Further details of the publication revealed that the Firm-level Business Activity Index improved to 33.5 from 7.5 and the Full-time Employment Index edged higher …
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