Ruble Rallies Despite Interest Rate Cut by Bank of Russia
The Russian ruble gained against the US dollar for the third consecutive day to hit $74.1, as crude oil prices continued to appreciate. The ruble has gained in spite of rate cuts to six-year low by the central bank of
Read MoreIsrael Economy Expands 4.6% q-o-q in 4Q19
Israel economy grew at an annualized rate of 4.6% q-o-q in the December 2019 quarter, beating the 4.2% growth forecast in the second estimate. While private consumption increased 10.4%, compared with 9.5% in the second estimate, fixed investment rose 7.3%,
Read MoreChina Economy Contract in Q1 2020, Fundamentals Intact
China’s GDP (Gross Domestic Product) contracted 6.8% y-o-y in the quarter ended March, after recording a 6% expansion in the earlier period, and fared worse than economists’ expectation for a 6.5% drop. It was the first economic contraction since the
Read MoreChina March Trade Surplus Beats Forecasts
The Shanghai Composite index had a strong opening today, with the benchmark index beginning the day at 2,795, reflecting a gain of 0.4% from prior close. The market was also anticipating upbeat data related to overseas trade and trade surplus.
Read MoreRussian Ruble Strengthens on Oil Production Cut Deal with OPEC+
Since the beginning of this month, the Russian ruble has been strengthening, with the USD/RUB hitting 73.76 Friday, the highest level since 13th March. Last Thursday, Russia and Saudi Arabia entered into a deal to slash oil production by 10
Read MoreChina Inflation declines to 4.3% m-o-m in March
As coronavirus continues to jolt the world economy, China, where the virus originated, is facing a sharp economic slowdown. The number of virus infected cases has crossed 1.50 million, with 95 thousand deaths and almost 351,000 recoveries. In the US,
Read MoreJapan Core Machinery Orders Increase 2.3% m-o-m in February
Amid the gloomy business outlook across the globe due to coronavirus outbreak and poor economic activity, there was two positive economic data from Japan earlier today. First one was the core machinery orders that surprised economists and market as a
Read MoreSouth African Rand Hits New Historical Low Against US Dollar
The South African rand posted a new historical low of 18.278 against the greenback, with investors selling off most vulnerable assets and moving to safe haven assets as the outbreak of Covid-19 has increased worries about the currently feeble economy.
Read MoreSouth Korea Retail Sales Declines 6% in February
South Korea’s industrial production fell by a seasonally adjusted 3.8% m-o-m in February, as per data published by Statistics Korea. In the previous month, industrial production contracted by 1.3%. On y-o-y basis, industrial production increased 11.4%, after declining 2.6% in
Read MoreIndia Announces Rate Cut, Unveils $23bln. Stimulus Package to Nullify COVID-19 Impact on Economy
India’s central bank slashed its benchmark interest rate in an unanticipated manner and rolled out measures to enhance liquidity to fight the economic sluggishness sparked by COVID-19 outbreak and ensure financial resilience. The Monetary Policy Committee of the RBI (Reserve
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