Page 62 - Global Economy

Japan's rebounding July machinery orders tempered by fragile biz outlook

Corporate Japan is facing strains from steep declines in earnings, discouraging business investment as the economy grapples with its worst postwar slump

Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch

Fitch Ratings projected global GDP to contract 4.4 per cent in the current year but revised upwards China's growth estimate to 2.7 per cent for 2020

Global economy seeing V-shaped recovery, inflation may rise: Morgan Stanley

The global economy is likely to recover to pre-pandemic levels by early next quarter, about three months earlier than previously expected, economists at Morgan Stanley said

Japan's economy shrinks 28% in second quarter, worse than 1st estimate

Japan's economy shrank at a record, even worse rate in the April-June quarter than initially estimated

World Coronavirus Dispatch: First vaccine results likely by mid-September

New app to link testing centres across Africa, two in China jailed for not quarantining themselves, Softbank unmasked as 'Nasdaq whale' and other pandemic-related news across the globe

Rates to stay low for 'however long it takes': US Fed Chair Jerome Powell

Jerome Powell said the US jobs report for August was "a good one," but noted that with gains likely to slow, the central bank is planning to keep its foot on the monetary policy gas pedal for years

World Coronavirus Dispatch: Why the death rate in Africa is so low

German manufacturing continues to recover, France could extend emergency furlough, Thailand to close national parks every year, and other pandemic-related news across the globe

Greece suffers huge economic output loss but sticks to 2020 forecast

Tourism-dependent Greece suffered a huge drop in economic output in Q2 of the year, plummeting 15.2% on an annual basis, but the govt insisted that figures did not worsen the country's annual outlook

World Coronavirus Dispatch: Despair forces Asian girls into child marriage

US orders halt on home evictions, older patients drive South Korean surge in critical cases, Hong Kong to reopen gyms, massage parlours and other pandemic-related news across the globe

Gold ticks up on weaker dollar; solid US manufacturing data caps gains

Gold prices edged higher on Wednesday as the dollar weakened, although upbeat US manufacturing data lifted hopes about global economic recovery and curbed demand for the safe-haven metal

Factories worldwide shake off coronavirus gloom but outlook shaky

Surveys showing an expansion in manufacturing activity may reduce pressure on policymakers to take bolder steps to avert a deeper recession

RBI intent to check yields, bat for stronger rupee sparks bond market rally

Rupee closes at 72.87 a dollar, up 1.03% from previous close of 73.62. The 10-year bond yields shed 18 bps to close at 5.942 per cent from previous close of 6.117 per cent

Germany sees economy recovering faster than expected in 2020 amid pandemic

By Michael Nienaber and Christian Kraemer

Global Economy: Asian factories shaking off Covid-19 gloom, China shines

Manufacturing activity in China expanded at the fastest clip in nearly a decade in August, as factories ramped up output to meet rebounding demand

Markets higher as Fed chair says interest rates to stay low

Asian markets were mostly higher on Friday after the Federal Reserve said it might keep interest rates low even if inflation rises, in a major overhaul to its strategy. Shares rose in Japan, South Korea, Shanghai and Hong Kong but fell in Sydney. Overnight, the S&P 500 ticked 0.2% higher, further into record territory and closing at 3,484.55, after Federal Reserve chair Jerome Powell said in a speech that it might keep interest rates low to help prop up the pandemic ravaged economy even if inflation rises above its target level of 2%. The hoped for change in the Fed's strategy is a huge deal for markets that have been rescued by central banks slashing short-term interest rates and buying all kinds of bonds. Japan's consumer price index rose 0.3% in July, the government reported, down from 0.6% the month before. The Bank of Japan has kept interest rates near or even below zero for most of the past decade, seeking to spur inflation and entice companies and consumers to spend more. .

S Korea central bank holds rates, but cuts GDP forecast on Covid concerns

The Bank of Korea kept the seven-day repurchase rate at a record low 0.50%

Job losses loom as Vanguard Group closes Hong Kong, Japan operations

The largest mutual fund company, with roughly $6 trillion in assets under management, said in a statement its Hong Kong business mostly served institutional clients and not retail investors

Global dividend plunge to be worst since financial crisis; may drop by 23%

Global dividend payments plunged $108 billion to $382 billion in the second quarter of the year

India likely to recover sooner than other economies, says JK Paper Chairman

Bharat Hari Singhania says people in 170 countries are likely to face a decline in average income.

World Coronavirus Dispatch: US share buybacks cut in half by pandemic

German rail slammed for withholding data, UK govt faces more heat after latest school exam problem, How Indonesia failed to control coronavirus and other pandemic-related news across the globe