Regional & International Economy

The global economy is expected to contract 1.5 per cent in 2020 amid the ongoing COVID-19 outbreak, according to the forecast released by the Institute of International Finance (IIF) on Monday.

Shares in Asia have continued a global rally, as stock markets bounce back from major losses in recent days.

Will they or won’t they? On top of the massive economic damage, the coronavirus pandemic now is casting doubt over the pending merger between PSA Group and Fiat Chrysler (FCA), financial sources told AFP.

US President Donald Trump praised Federal Reserve Chairman Jerome Powell on Monday, ending his criticism of the central bank chief while also calling the strong dollar “good,” an unusual comment.

Financial markets in Europe and the US have continued to fall despite fresh action by the Federal Reserve to support the American economy.

Less than three months ago came the first reports of cases of pneumonia related to a virus first detected in Wuhan, China. The outbreak of the virus that causes COVID-19 has caused unprecedented disruptions that have brought an unparalleled shock to the global economy.

Factories in China, struggling to reopen after the coronavirus shut down the economy, face a new threat from U.S. anti-disease controls that might disrupt the flow of microchips and other components they need.

US stocks deepened their selloff on Wednesday and the Dow erased virtually the last of its gains since President Donald Trump’s 2017 inauguration, as the widening repercussions of the coronavirus pandemic threatened to cripple economic activity.

Wall Street’s main indexes looked set for a bounce on Tuesday, a day after its biggest drop since the 1987 crash, as efforts to contain the rapidly-spreading coronavirus upended parts of the economy and dampened business sentiment.

SINGAPORE, March 16, 2020 (BSS/AFP) – Oil prices extended the gloom on Monday after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.