Christine Lagarde, the president of the European Central Bank, believes the world may be past the worst of the coronavirus crisis but said a return to the status quo is unlikely. Speaking during the online Northern Light Summit on Friday, she said: “We probably have passed the lowest point and I say that with some trepidation […] Read more
The United States is studying the possibility of slapping $3.1 billion in additional tariffs on goods from the United Kingdom, France, Germany and Spain — in another step that’s likely to exacerbate tensions between both sides of the Atlantic. In a document issued Tuesday evening, which was first reported by Bloomberg, the Office of the […] Read more
India is one of the world’s worst hit countries in the coronavirus pandemic, with reported cases spiking in recent weeks as the country emerged from a strict nationwide lockdown. Cumulatively, India has reported more than 400,000 cases of infections since January. Though, relative to its population size, the percentage of infected individuals is still low. India […] Read more
The 27 European governments are negotiating for the first time Friday a proposal for 750 billion euros ($841 billion) to tackle the Covid-19 crisis. However, the new stimulus plan has sparked division among EU countries and it is unclear when they will manage to bridge their differences. “It is a necessary step,” a Brussels-based European official, […] Read more
Customer deposits in the banking sector dropped by $25.3 billion, or 15 percent, from the end of August 2019, when they first started declining, to the end of April 2020. Deposits, which stood at $148 billion at the end of April, were declining as a result of the bank run that was triggered by concerns […] Read more
Energy giant BP announced Monday it had lowered its oil price expectations through to 2050, saying the aftermath of the coronavirus pandemic was likely to accelerate the transition to a lower carbon economy and energy system. The U.K.-headquartered oil and gas company said it had been reviewing its portfolio and capital development plans as part of its […] Read more
The U.K. posted the biggest monthly fall in GDP (gross domestic product) in the country’s history in April, according to the Office for National Statistics. GDP fell by 20.4% compared to the previous month, a sharper contraction than the 18.4% expected by analysts polled by Reuters. This represented a 24.5% decline from April 2019, as […] Read more
The Swiss franc, which has been in a steep incline against the dollar of late, may be being used as a proxy for gold, according to Goldman Sachs. Gold has rallied in recent weeks following the spiking of geopolitical tensions in the Middle East, instigated by the U.S. killing of top Iranian military commander Qasem […] Read more
U.S. rate-setters could set negative interest rates in the future, despite their own current doubts about the risks of this unconventional measure. When central bankers implement negative interest rates, it means that banks, for instance, are paying to store cash. The idea behind it is to boost bank lending, push capital out to businesses, and […] Read more
Global stock markets have been on a torrid run in 2019, adding more than $17 trillion in total value, according to Deutsche Bank calculations. The value of global equities began the year just under $70 trillion but has now surpassed $85 trillion, according to a chart from Deutsche Bank’s Torsten Slok. Data provided by Deutsche […] Read more
