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NEW YORK: Asian stocks were set to track an upbeat Wall Street session on Thursday after the Federal Reserve kept interest rates at ultra-low levels, while the U.S. dollar fell to a two-year low.
WASHINGTON: The surge in U.S. coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, and he promised the U.S. central bank would "do what we can, and for as long as it takes," to limit damage and boost growth
NEW YORK/BOSTON: U.S. stocks gained further and the U.S. dollar fell on Wednesday as investors reacted to the Federal Reserve's decision to keep interest rates at ultra-low levels.
NEW YORK: Wall Street closed lower on Tuesday as investors fretted about weakening consumer confidence, disappointing financial results and as investors worried about wrangling in the U.S. Congress over a coronavirus aid plan.
KUALA LUMPUR: The ringgit held steady at the 4.25 level against the US dollar at the close yesterday, ahead of the US Federal Reserve’s (Fed) monetary policy decision later this week.
SPOT gold blasted past its longstanding record as the dollar plunged and concerns about the global economy boosted demand for havens. Silver rode on its coattails, jumping to the highest in nearly seven years.
Message behind rally: The world economy is in trouble
DATA pipeline this week includes balance of trade, exports and imports data for the month of June as well as producer price index (PPI). The Department of Statistics is expected to announce the external trade data tomorrow and PPI on Wednesday.
WASHINGTON: Former US treasury secretary Larry Summers said he’s never seen a more uncertain recovery, especially if Congress doesn’t act “strongly and quickly” to continue economic stimulus to offset the coronavirus pandemic.
NEW YORK: Signs of trepidation over the lasting impact of the U.S. coronavirus pandemic are growing on Wall Street, fanned by resurgent case numbers, the prospect of a slower rebound in growth and rising political uncertainty.