Oil gains, with Brent above $40, as hopes rise for output cuts, recovery

Oil gains, with Brent above $40, as hopes rise for output cuts, recovery
TOKYO (Reuters) – Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann Brent crude futures... Read More

Brent oil rises to $40 amid hopes for output cuts, recovery

Brent oil rises to $40 amid hopes for output cuts, recovery
TOKYO (Reuters) – Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and a recovery from the coronavirus pandemic will spur fuel demand. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann Brent crude futures... Read More

Asian stocks set to gain as stimulus hopes support risk appetite

Asian stocks set to gain as stimulus hopes support risk appetite
NEW YORK (Reuters) – Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets and overshadowed a host of other worries from the coronavirus to Hong Kong and growing U.S. civil unrest. FILE PHOTO: Investors look at screens showing stock information at a brokerage house in Shanghai, China January 16,... Read More

U.S. manufacturing activity crawls off 11-year low

U.S. manufacturing activity crawls off 11-year low
WASHINGTON (Reuters) – U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment. FILE PHOTO: A worker disinfects machinery with a bleach mixture at the start of a shift at... Read More

‘Lemon’ or not, Trump stuck with Phase 1 China trade deal for now

‘Lemon’ or not, Trump stuck with Phase 1 China trade deal for now
WASHINGTON (Reuters) – U.S. President Donald Trump has little choice but to stick with his Phase 1 China trade deal for now despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration’s deliberations say. FILE PHOTO: U.S. President Donald Trump shakes... Read More

‘Lemon’ or not, Trump is stuck with Phase 1 China trade deal

‘Lemon’ or not, Trump is stuck with Phase 1 China trade deal
WASHINGTON (Reuters) – U.S. President Donald Trump has little choice but to stick with his Phase 1 China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration’s deliberations say. FILE PHOTO: U.S. President Donald Trump shakes hands with... Read More

Europe’s factories starting to recover, Asia’s pain worsens

Europe’s factories starting to recover, Asia’s pain worsens
LONDON/TOKYO (Reuters) – European manufacturers may be over the worst of a coronavirus-driven downturn, but Asia’s pain deepened in May due to a slump in global trade, with export powerhouses Japan and South Korea seeing the sharpest falls in activity in over a decade, surveys showed. FILE PHOTO: Employees wearing protective face masks and face guards work on the automobile... Read More

Asia’s factory pain worsens as China’s recovery fails to lift demand

Asia’s factory pain worsens as China’s recovery fails to lift demand
TOKYO (Reuters) – Asia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade. FILE PHOTO: Employees wearing protective face masks and face guards work on the automobile assembly line as the maker ramps... Read More

Coronavirus sinks U.S. consumer spending; savings hit record high

Coronavirus sinks U.S. consumer spending; savings hit record high
WASHINGTON (Reuters) – U.S. consumers cut spending by the most on record for the second straight month in April while boosting savings to an all-time high, and the growing frugality reinforced expectations the economy could take years to recover from the COVID-19 pandemic. The report from the Commerce Department on Friday also showed an economy highly reliant on the government,... Read More