Latest Economic outlook News

Workers wearing masks walk by the New York Stock Exchange during the coronavirus pandemic, Thursday, July 9, 2020, in New York. (AP Photo/Mark Lennihan)

Wall Street rallies as optimism returns to cap erratic week

Jul. 10, 2020 4:33 PM EDT

NEW YORK (AP) — Optimism returned to Wall Street on Friday, and stocks rallied to cap a shaky week dogged by worries that rising coronavirus counts may halt the economy’s recent upswing. The S&P 500 climbed 1%, and the biggest gains came from cruise ship operators, airlines, banks and other...

FILE - In this Aug. 27, 2013, file photo, workers load large containers of nectarines for sorting at Eastern ProPak Farmers Cooperative in Glassboro, N.J. U.S. wholesale prices fell 0.6% in February 2020, the biggest decline in five years, led by a sharp drop in energy costs. The Labor Department said the decline in its producer price index, which measures price pressures before they reach the consumer, followed a 0.5% rise in January. It was the sharpest decline since a similar 0.6% drop in January 2015. (AP Photo/Mel Evans, File)

US wholesale prices fell 0.2% in June as food costs plunged

Jul. 10, 2020 9:16 AM EDT

WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a 0.4% gain in May, the Labor Department reported Friday....

A man walks in the rain past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, July 10, 2020. Asian stock markets followed Wall Street lower Friday on worries economic improvements might fade as coronavirus cases increase in the United States and some other countries. (AP Photo/Eugene Hoshiko)

Asian stocks sink after Wall St losses on economy worries

Jul. 9, 2020 11:43 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street lower Friday on worries economic recoveries might fade as coronavirus cases increase in the United States and some other countries. Benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia retreated a day after strong gains driven by the rise of...

A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 9, 2020. Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks. (AP Photo/Ahn Young-joon)

Asian stocks follow Wall Street higher after tech gains

Jul. 8, 2020 11:09 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher on Thursday following gains for major U.S. tech stocks. Benchmarks in Shanghai, Tokyo, Hong Kong and Australia rose. U.S. stocks have recovered most of this year’s losses, helping to push up global prices, despite rising numbers of...

Singapore Prime Minister and Secretary-General of the People's Action Party Lee Hsien Loong, second left, wears a face mask while talking to food vendors at a local market at Yio Chu Kang while on the campaign trail in Singapore July 3, 2020. Singaporeans go to the polls on July 10 in Southeast Asia's first election since the coronavirus pandemic began, with the health crisis and an economic recession expected to bolster Prime Minister Lee's party and extend its unbroken rule. (AP Photo/Ee Ming Toh)

Singapore governing party set to extend power in elections

Jul. 8, 2020 8:57 PM EDT

SINGAPORE (AP) — Singaporeans vote Friday in Southeast Asia’s first election since the coronavirus pandemic began, with the health crisis and a grim economy expected to bolster Prime Minister Lee Hsien Loong’s party and extend its unbroken rule. While victory seems secure for Lee’s...

Prime Minister Justin Trudeau arrives for a news conference on the COVID-19 pandemic outside his residence at Rideau Cottage in Ottawa, Thursday, June 18, 2020. (Justin Tang/The Canadian Press via AP)

Canada predicts historic deficit due to pandemic spending

Jul. 8, 2020 4:41 PM EDT

OTTAWA (AP) — The Canadian government is predicting a historic CDN$343 billion (US$254 billion) deficit for 2020-21 resulting from its economic and stimulus plans to battle COVID-19. The amount, included in a fiscal “snapshot” the Liberal government released Wednesday, is a huge jump from the...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 8, 2020. Asian shares were mostly lower Wednesday as uncertainty over the pandemic sapped the buying enthusiasm that has been driving prices higher. (AP Photo/Ahn Young-joon)

Asian shares mixed as pandemic saps buying momentum

Jul. 7, 2020 11:37 PM EDT

TOKYO (AP) — Shares were mixed in Asia on Wednesday as uncertainty over the pandemic sapped the buying enthusiasm that has been driving prices higher. The selling followed a deeper pullback on Wall Street and in France, Germany and elsewhere after the European Union’s executive arm said this...

Italy's Prime Minister Giuseppe Conte is received by Portugal's Prime Minister Antonio Costa, right, at the Sao Bento palace in Lisbon, Tuesday, July 7, 2020. Southern European countries are mounting a show of strength as negotiations over how much money they get from the EU, and in what form, comes to a crunch. (AP Photo/Armando Franca)

Italy, Portugal say economic forecasts show need for EU help

Jul. 7, 2020 4:23 PM EDT

LISBON, Portugal (AP) — New forecasts predicting the European Union’s economy is headed for a steep decline underscore the need for quick approval of a proposed recovery fund to help its 27 member countries, the leaders of Italy and Portugal said Tuesday. “The figures demonstrate the urgency...

European Commissioner for Economy Paolo Gentiloni speaks during a media conference on the summer 2020 economic forecast at EU headquarters in Brussels, Tuesday, July 7, 2020. (AP Photo/Virginia Mayo, Pool)

EU forecasts deeper economic hit from pandemic

Jul. 7, 2020 5:54 AM EDT

BRUSSELS (AP) — The European Union's executive arm forecasts that the bloc's economy will contract more than previously expected because of the coronavirus pandemic, which has caused lockdowns on business and public life that are only slowly being eased. The 27-nation EU economy will contract by 8.3% this...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, July 7, 2020. Asian shares were mixed Tuesday, as some benchmarks were buoyed by an ongoing worldwide rally as investors bet on a dramatic economic turnaround amid ongoing challenges of the coronavirus outbreak. (AP Photo/Vincent Yu)

Asia markets slip as virus outbreaks mute hopes for rebound

Jul. 7, 2020 12:42 AM EDT

TOKYO (AP) — Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery, despite an overnight rally in tech shares that pushed the Nasdaq composite to another record high. Japan's benchmark Nikkei 225 dropped 0.6% to 22,577.65 and South Korea's Kospi...