Oil prices fell on Wednesday on concerns over how quickly fuel demand will recover even as lockdowns ease in many countries with falling coronavirus cases, with U.S.-China tensions adding to pressure.
Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.
Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative sentiment.
Amazon.com Inc is in advanced talks to buy self-driving startup Zoox Inc, in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology, the Wall Street Journal reported https://on.wsj.com/36wXJUV on Tuesday.
The dollar edged higher on Wednesday as worries about the U.S. response to China's proposed security law for Hong Kong supported safe-haven demand for the greenback.
Boeing Co is expected to announce U.S. job cuts this week after disclosing last month it planned to shed 10% of its worldwide workforce of 160,000 employees, people briefed on the plans and a union said.
U.S. electric vehicle maker Tesla Inc said on Wednesday it will cut prices in North America, as the firm ramps up car production in its Fremont, California, factory after the easing of coronavirus lockdowns.
The dollar edged higher on Wednesday as worries about the U.S. response to China's proposed security law for Hong Kong supported safe-haven demand for the greenback.
Chinese automaker GAC , which has partnered with Toyota , Honda and FCA , will stick to an annual target of 3% in sales growth this year despite fallout from the coronavirus pandemic, its chairman said.
Asian shares slipped on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.
U.S. automaker Ford has set May 28 as a provisional date for the gradual restart of its plant in Hermosillo, Mexico, according to a letter to workers seen by Reuters.
Stocks edged higher on Monday after a survey showed German business morale rebounded in May, boosting optimism around economic re-openings, although caution prompted the dollar to snap a rare losing streak.
A German federal court judge ruled that Volkswagen has to pay compensation to motorists who purchased vehicles with manipulated diesel engines, a major blow for the carmaker in its home market as it continues to reel from the emissions scandal.
Japanese Prime Minister Shinzo Abe said on Monday that Japan will lift a state of emergency for Tokyo and four remaining areas later in the day but that it could be reimposed if the pace of infections picked up.
The German government and the management of flagship carrier Lufthansa , which has been hit hard by the coronavirus pandemic, have reached an agreement on state aid worth billions of euros, a source close to the matter said.