(Bloomberg) — Oil steadied in Asian trading as fading hopes for more fiscal stimulus before the U.S. election offset optimism driven by an increase in Chinese crude imports last month.

Futures in New York edged lower toward $40 a barrel after closing up 2% on Tuesday. House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger dollar also diminished the appeal of commodities priced in the currency.

Chinese oil imports rose 2.1% month-on-month in September, official data showed Tuesday. The buying revival by the world’s largest crude importer is a rare positive as a resurgent virus threatens an already tepid demand outlook.



graphical user interface: WTI close to 50-, 100- and 200-day moving averages


© Bloomberg
WTI close to 50-, 100- and 200-day moving averages

The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need

Read More
/quality/85/?url=http://media.beam.usnews.com/8e/18165cb880a54b31a3658b3aed8565/tag:reuters.com,2020:newsml_LYNXMPEG9B1NS:12020-10-12T230530Z_1_LYNXMPEG9B1NS_RTROPTP_3_JAPAN-ECONOMY-TANKAN.JPG">

TOKYO (Reuters) – The pessimism hanging over Japan’s manufacturers lifted slightly in October, suggesting businesses were emerging from the coronavirus pandemic’s heavy blow to activity and earnings but at a glacial pace.

Some sub-manufacturing sectors, however, believed conditions would stabilise in the next few months, according to the monthly Reuters Tankan, which tracks the Bank of Japan’s (BOJ) closely watched tankan quarterly survey.

The result underlines the daunting task Prime Minister Yoshihide Suga, who rose to power last month, faces in reviving growth and bringing corporate and consumer sentiment back to levels seen before the COVID-19 crisis.

In the poll of 485 large- and mid-sized companies, in which 251 firms responded on condition of anonymity, many complained about the slow pace of recovery from the economic crisis, reporting weakening orders and capital spending.

“The recovery in manufacturing is delayed,” a manager at a chemicals maker wrote in the survey.

A

Read More

(Bloomberg) — The global economy is entering the final quarter of its worst year in living memory in a precarious state with the coronavirus threatening to wreak yet more destruction on labor markets.

Loading...

Load Error

The darkening outlook for U.S. employment, the impending halt to a U.K. furlough and the expiry of a moratorium on German insolvencies provide a glimpse of the trouble in store. The International Labour Organisation estimated recently that the world would lose working hours equivalent to 245 million full-time jobs in the last three months of 2020.

The quarter began with a portent as blue-chip employers from Walt Disney Co. to Royal Dutch Shell Plc and Continental AG announced tens of thousands of staff cuts within a 24-hour period. Then on Friday, the U.S. Labor Department revealed slowing job gains in September, with many Americans giving up on looking for work.

Adding to those omens, the

Read More

At her modest home in Thangmeiband in Imphal West district, a sling handbag hanging on her shoulder, 74-year-old Ima Radhesana moves about in her courtyard answering distress calls.

Ima, her name signifying the word for “mother” in Meiteilon, is a go-to person for scores of women as she coordinatesthe submission of names for vendor loans announced by Manipur Chief Minister, N Biren Singh. She is also constantly answering queries from women vendors on the status of the Covid-19 lockdown.

Radhesana is president of the historic women’s market in the heart of Imphal — Khuairamband Nupi Keithel Semgat Sagatpa Lup, popularly known as Nupi Keithel. The largest commercial hub in Manipur, it enables thousands of women to carry out daily trade and marketing of locally-made products. But ever since the pandemic, the over 2-sq km market stands quiet and desolate. Nupi Keithel and adjoining areas have been cordoned off and are

Read More

Fears of a second wave of Covid-19 in Europe and fading hopes for US fiscal stimulus spread gloom for stock market investors globally.

The Sensex and Nifty, too, declined sharply as nervousness gripped traders on Monday. The Sensex fell 2.09 per cent, or 811 points, to 38,034. The broader index Nifty was down 2.46 per cent, or 254 points, at 11,250.

The UK government gave an alert that the country is at a “critical point” in the pandemic and that a second lockdown could be needed to stop the renewed spread of the disease.

Investor sentiments also took a beating as the International Consortium of Investigative Journalists revealed that several global banks moved sums of allegedly illicit funds over nearly two decades.

Stock futures in the US were trading 1.7 to 2.3 per cent lower. In Europe, the stock markets of the UK, Germany and France were trading lower by

Read More

Stocks sank Monday, following global equities lower and setting the three major indices up to extend last week’s sharp declines. The extended drop came as concerns over stagnating coronavirus case improvement stoked fears of more lockdowns, and as political uncertainty nudged investors away from risk assets.

The Dow fell more than 700 points, or 2.7%, just after noon on Monday, adding to a cumulative more than 350-point slide in the index from Thursday to Friday last week. The S&P 500 dropped more than 2% after ending last week at its lowest level in six weeks last week. As of Friday’s closing level, the S&P 500 was down more than 7% from its recent record high from Sept. 2, and was on track to log a four-session losing streak, or its longest since February.

“So far, the market has over-shot our expectations for a 4% to 6% haircut from recent highs

Read More

BEIJING, Sept 1(Reuters)China’s factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year as manufacturers ramped up production to meet rebounding demand, a private survey showed on Tuesday.

The world’s second-biggest economy has largely managed to bounce back from the coronavirus crisis, and the emerging bright spot in the forward-looking gauge of export orders could herald a more durable and broad-based recovery for the Chinese economy in the months to come.

The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) rose to 53.1 last month from July’s 52.8, marking the sector’s fourth consecutive month of growth and the biggest rate of expansion since January 2011.

It beat analysts’ forecasts for a slight dip to 52.6. The 50-mark separates growth from contraction on a monthly basis.

The upbeat findings contrasted with an official survey on Monday, which showed

Read More

BEIJING(Reuters) – China’s factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year as manufacturers ramped up production to meet rebounding demand, a private survey showed on Tuesday.

The world’s second-biggest economy has largely managed to bounce back from the coronavirus crisis, and the emerging bright spot in the forward-looking gauge of export orders could herald a more durable and broad-based recovery for the Chinese economy in the months to come.

The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) rose to 53.1 last month from July’s 52.8, marking the sector’s fourth consecutive month of growth and the biggest rate of expansion since January 2011.

It beat analysts’ forecasts for a slight dip to 52.6. The 50-mark separates growth from contraction on a monthly basis.

The upbeat findings contrasted with an official survey on Monday, which showed China’s factory

Read More

By Chibuike Oguh

NEW YORK, Aug 19 (Reuters)Asian equities were set to follow Wall Street’s late session retreat on Thursday after the Federal Reserve warned the U.S. economy faced a highly uncertain path to recovery from the coronavirus-induced downturn.

Market sentiment had been bullish up until the Fed’s comments, with the S&P 500 and the Nasdaq hitting all-time highs driven largely by Apple Inc. AAPL.O.

The iPhone maker’s shares rose 1.4% to make the first publicly listed U.S. company to reach $2 trillion in market capitalization, with strong results from retailers Target and Lowe’s also lifting sentiment.

“It was a decent day for banks, Apple, and Nike but everything else was in the reverse after the Fed said economic conditions will be difficult for a while,” said Jamie Cox, managing partner at Harris Financial Group.

“We’ve seen some good numbers out of retail but there’s uncertainty

Read More

The S&P 500 stock index closed at a new all-time high on Tuesday, defying the economic turmoil that has spread across Main Street and pushed the unemployment rate into double digits. The benchmark index rose 0.2% to close at 3389, surpassing its previous record of 3386 on February 19.

The tech-heavy Nasdaq also reached a new high on Tuesday, gaining 81 points, or less than 1%, to 11,211. The Dow remains about 6% below its February high.

The gains in the S&P 500 means “the 2020 bear market is officially over,” according to UBS Global Wealth Management’s Americas CIO Solita Marcelli. 

Following a market plunge in March as the pandemic brought much of the U.S. to a standstill, investors have been largely unfazed by the sputtering economy. Many investors expect a vaccine for COVID-19 to emerge by the first quarter of 2021, potentially allowing consumers and businesses to resume their

Read More