For U.S. economy, the bottom may be here, but the rebound is slow so far
The U.S. economy may have hit its low point in the coronavirus crash but the rebound so far remains tepid, according to both broad indexes of activity and higher frequency counts of cellphone data and employee time information.
Tech stocks boost Nasdaq as recovery optimism prevails
A rally in tech shares drove the Nasdaq index higher on Thursday, with weekly jobless claims dipping below 2 million for the first time since mid-March bolstering optimism around an economic rebound from the coronavirus-driven slump.
Tech stocks have been a winning bet, but investors worry it will fade
A bet on tech companies has been a solid one in the aftermath of the coronavirus-induced market crash, but some investors are questioning whether those stocks can maintain their momentum if jobs do not recover soon.
HKEX says many U.S.-listed Chinese firms plan Hong Kong listings
Many U.S.-listed Chinese firms will likely list on the Hong Kong exchange this year, in part because of U.S. political pressure following China’s new national security legislation on Hong Kong, the head of the exchange said on Thursday.
U.S. jobless claims dip below 2 million, road to recovery rocky
The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.
Intesa CEO says state-backed FCA loan crucial to protect Italy’s economy
A 6.3 billion euro ($7 billion) state-backed loan for Fiat Chrysler (FCA) financed by Intesa Sanpaolo is crucial to safeguard Italy’s economy, the head of the country’s biggest bank said.
Bank of America to pay $7.23 million for mutual fund overcharges: FINRA
Bank of America Corp agreed to pay $7.23 million in restitution and interest to settle a U.S. regulator’s accusations that it overcharged customers on mutual funds.
ECB sends euro higher, stocks struggle with fatigue
World markets swung between hope and caution on Thursday as a another shot of European Central Bank stimulus was offset by still-troublesome U.S. data and general fatigue after a weeks-long rebound in risk appetites
U.S. Labor secretary: Jobless rate can dip below 10% by year’s end
The U.S. unemployment rate, which economists expect hit 19.8% in May, should be able to drop below 10% by the end of 2020 now that workers side-lined by coronavirus-related shutdowns are returning to work, U.S. Labor Secretary Eugene Scalia said on Thu…
American Airlines to boost U.S. flights in July as economy reopens
American Airlines Group Inc said Thursday it will boost its U.S. flight schedule next month over dramatic reductions since the coronavirus pandemic, planning to fly more than 55% of its July 2019 domestic capacity.
