Some Global Markets Follow U.S. Stocks Higher
Some international stock markets rose, and the dollar held near three-month lows, after a U.S. rally that pushed the S&P 500 into positive territory for the year.
German Exports Plunge
German exports fell 24% in April, their steepest monthly decline on record, as demand for goods collapsed due to the coronavirus.
UK Retail Sees Cautious Signs of Recovery
British retailers suffered a sales slump of 5.9% last month, marking the second worst decline on record, but an improvement over April.
Recession in U.S. Began in February, Official Arbiter Says
The U.S. officially entered a recession in February, marking the end of the 128-month expansion that was the longest in records reaching back to 1854.
Fed Makes Terms More Favorable for Main Street Lending Program
The central bank reduces minimum and raises maximum loan limits in an effort to reach more small and midsize businesses.
Hong Kong Dollar's Surge Spurs HKMA Intervention
The Hong Kong Monetary Authority intervened to defend the local currency's peg to the U.S. dollar, selling the Hong Kong dollar after it hit the strong end of the trading band against the greenback.
Australian Business Conditions, Confidence Improved in May
Australian business conditions and confidence improved in May from April, but still remained deeply negative, reflecting conditions encountered when the country last slid into recession in 1991.
World Bank Sees 5.2% Decline in Global Economy in 2020 From Coronavirus
The global economy is expected to shrink by about 5.2% in 2020 as a result of the coronavirus pandemic, making it one of the four most severe downturns in 150 years, the World Bank said Monday.
Oil Falters as Libyan, U.S. Production Threatens to Mute OPEC Cuts
Crude prices wobbled after a deal by OPEC and its allies to extend production cuts was offset by the prospect of increased output from Libya and U.S. shale producers.
Consumers 'More Optimistic' About Economy's Future in May, New York Fed Says
Americans are growing more upbeat about what lies ahead for the economy, even as they brace for what they see as a rise in inflationary pressure, a new report from the Federal Reserve Bank of New York said Monday.