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Australia’s economy may contract significantly, according to the minutes of the meeting released by Australia’s central bank on Tuesday. The sharp economic reversal is expected to occur in the latter part of the second quarter and may continue fluctuating up until September due to damages brought by the virus contagion.
The Reserve Bank of Australia retained April’s cash rate at 0.25% and pledged to do the necessary measures to maintain the current level of three-year government bond yields.
The minutes also showed that RBA’s board members were able to discuss matters regarding deferrals and cancellations of business investment plans. The pandemic is likely to drag the household consumption to new depths while services export would struggle for months since current virus restrictions are yet to be lifted.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
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