Indonesia exits recession with 7% GDP growth in Q2, but virus clouds recovery
Indonesia pulled out of recession in the second quarter, reporting its strongest annual growth rate in 17 years, but analysts warned its economic recovery will suffer a setback due to a recent surge in COVID-19 infections.
Singapore’s DBS bets on post-pandemic recovery, profit up on lower credit costs
Singapore’s DBS Group Holdings (DBSM.SI) flagged strong loan growth and lower credit costs ahead after a rebound in its mainstay home market fuelled a better-than-expected 37% jump in quarterly net profit for Southeast Asia’s biggest lender.
UK mortgage lending booms but consumers stay wary about debt
British mortgage lending showed a record surge in June as home-buyers rushed to qualify for a tax break before it was scaled back, but other data added to signs that a rise in COVID-19 cases in recent weeks slowed the broader economic recovery from lockdown.
Fed says economic recovery remains on track despite COVID-19 surge
The U.S. economic recovery is still on track despite a rise in coronavirus infections, the Federal Reserve said on Wednesday in a new policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support.
China’s industrial profit growth slows in June on high raw material prices
Profit growth at China’s industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories’ margins, pointing to some weakness in the recovery of the world’s second-biggest economy.
EXCLUSIVE BHP delivers final offer to workers at Chile’s Escondida copper mine -memo
Labor contract negotiation at Chile’s Escondida mine, the world’s largest copper deposit, entered into a critical phase on Monday with the delivery of a final offer by operator BHP (BHP.AX), according to an internal memo sent by the company to workers and seen by Reuters.
Wall Street reverses losing streak on renewed hopes of economic revival
Wall Street rebounded on Tuesday, snapping a multi-day losing streak as a string of upbeat earnings and revived economic optimism fueled a risk-on rally.
U.S. recession ended in April 2020, making it shortest on record
The U.S. recession touched off by the coronavirus lasted only two months, ending with a low point reached in April 2020 after thestart of a sharp drop in economic activity in March of that year, the U.S. Business Cycle Dating Committee announced Monday.
Biden says inflation temporary; Fed should do what it deems necessary for recovery
U.S. President Joe Biden on Monday said an increase in prices was expected to be temporary, but his administration understood that unchecked inflation over the longer term would pose a “real challenge” to the economy and would remain vigilant.
Wall Street ends sharply lower as Delta variant sparks new lockdown fears
A surge in Delta variant infections sparked a broad sell-off on Wall Street on Monday as investors feared renewed COVID-19 shutdowns and a protracted economic recovery.
