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POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Hong Kong stocks post strong gains (Review)

Hong Kong stocks soared Thursday, in line with a global advance on hopes for a virus vaccine and despite concerns over a draconian security law imposed on the city by Beijing that raised questions about its future as a business hub. The Hang Seng Index climbed 2.85 percent, or 697.00 points, to 25,124.19. The benchmark Shanghai Composite Index added 2.13 percent, or 64.59 points, to 3,090.57 while the Shenzhen Composite Index on China's second exchange jumped 1.25 percent, or 24.94 points,...

Mnuchin Defends U.S. Fiscal Response to Pandemic, Seeks Payroll Loan Extension
Wednesday, 20 May 2020 02:20 WIB | FISCAL & MONETARY |The FedEkonomi AS

U.S. Treasury Secretary Steven Mnuchin on Tuesday defended the Trump administration™s fiscal response to the coronavirus pandemic and told senators he was willing to consider extending and modifying a payroll loan program for small businesses.

In a sometimes testy hearing before the Senate Banking Committee, Mnuchin and Federal Reserve Chair Jerome Powell said the nearly $3 trillion in coronavirus rescue programs rolled out by the federal government over the past two months were working to support an economy devastated by the novel coronavirus.

But the Treasury and Fed chiefs faced tough questions over whether the administration™s plans to quickly reopen the economy in the wake of lockdowns imposed in March and April would leave low-wage workers without adequate protections from the virus.

Congress is considering legislation that would free up trillions of dollars of additional aid to further bolster the economy, help states and increase pay for essential workers who are doing some of the most dangerous jobs.

President Donald Trump has been criticized for initially downplaying the pandemic, which has now killed more than 90,000 Americans, and not ensuring that enough medical supplies were in place to battle the virus.

œHow many workers should give their lives to increase the GDP or the Dow Jones by 1,000 points? asked Senator Sherrod Brown, the committee™s top Democrat.

œNo workers should give their lives to do that, senator, and I think your characterization is unfair. We have provided enormous amounts of equipment, Mnuchin replied.

Mnuchin said he wanted to thank œall the essential workers, but Brown interrupted him, adding, œThanking is great, but is it fair our economy pays the essential workers so little in such work conditions?

Powell said new Treasury-backed Fed lending programs aimed at mid-size companies and municipal bond markets would be up and running by the beginning of June. Only a œfairly modest amount of money has gone out through the Fed credit programs so far.

The U.S. central bank has slashed interest rates to near zero and set up a broad network of programs to ensure financial markets continue to function during the pandemic. It has also established precedent-setting lending facilities for companies and the first-ever corporate bond purchases.

Source : Reuters

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POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Hong Kong stocks post strong gains (Review)

Hong Kong stocks soared Thursday, in line with a global advance on hopes for a virus vaccine and despite concerns over a draconian security law imposed on the city by Beijing that raised questions about its future as a business hub. The Hang Seng Index climbed 2.85 percent, or 697.00 points, to 25,124.19. The benchmark Shanghai Composite Index added 2.13 percent, or 64.59 points, to 3,090.57 while the Shenzhen Composite Index on China's second exchange jumped 1.25 percent, or 24.94 points,...

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