Markets
Services sector contracts for fourth month in June: PMI
Accordingly, the Composite PMI Output Index, which measures combined services and manufacturing output, rose to 37.8 in June, up from 14.8 in May but still below the crucial 50 level which separates growth from contraction. Businesses also reported "reduced intakes of new work from overseas clients" as travel restrictions continued to weigh on exports. While the data shows that weakening of dete... [Full Article...]
Saudi Oil Cuts Take Seven Supertankers a Day Off the Market
The kingdom then went a step further, pledging to pump 1 million barrels daily less than that in June . Iraq will reduce crude oil exports from its southern terminals in July, mainly its Basra Light flows, in order to comply with OPEC+ cuts after failing to meet its agreed quota in previous months, loading schedules from a shipping agent showed. [Full Article...]
Corporate corner: Qatar Airways adds flights to Toronto
Qatar will provide all passengers face shield (in two sizes, one for adults and another for children) at the gate when boarding an aircraft as part of a personal protection equipment kit (PPE). A face shield is a see-through plastic sheet that covers from the top of someone's head to the bottom of the neck. We have built a strong level of confidence with passengers, governments, trade partners, an... [Full Article...]
Dow Jones jumps at open as USA job growth accelerates
Australian shares are set to rise at the open following gains on Wall Street overnight. Later today retail trade figures for May will be released, which will show how badly the Australian economy has been hit by the pandemic at its peak. cents at 0800 AEST, lower from 69.29 USA cents at the close of trade on Thursday. Third-quarter earnings for S&P 500 companies are now expected to tumble 25%,... [Full Article...]
BioNTech and Pfizer's COVID-19 vaccine shows potential in trial
Pfizer stock also gained, rising 4.4% to $34.13. BioNTech said testing of two dosages of its BNT162b1 drug on 24 healthy volunteers showed that after 28 days they had developed higher levels of COVID-19 antibodies than typically seen in infected people. [Full Article...]
Morocco's trade deficit eases 12% in May
The median estimate of economists surveyed by Bloomberg called for a C$3 billion gap in May. The world's largest economy has pulled back sharply since the outbreak began amid a surge in USA unemployment, a slump in consumer demand and a slowdown in worldwide travel. [Full Article...]
Major Pizza Hut, Wendy's franchisee files for bankruptcy
According to NPC, its Pizza Hut restaurants saw "a substantial spike" in sales as the COVID-19 pandemic reduced options for food delivery and take-out but Wendy's has been hit by decreases in sales as a result of a "dramatic decline in foot and drive-thru traffic". [Full Article...]
Coronavirus: Oil prices gain on fall in crude stockpiles
Brent crude LCOc1 dropped 84 cents, or two per cent, to Sh4,240 ($40.18) a barrel, and U.S. crude CLc1 fell 72 cents, or 1.8 per cent, to Sh3,900 ($37.77). Gasoline stockpiles were higher, however, and the spike in cases in heavily populated U.S. Sun Belt states, among the country's biggest consumers of gasoline, could hit fuel demand headed into the July 4 holiday weekend, often a busy period fo... [Full Article...]