In comparison to the financial crisis of 2008-2009, when a deep decrease in demand (and subsequently prices) for all commodities was observed, the effect of the COVID-19 pandemic on many commodities was distinct, the World Bank says in its new report. Although prices of energy goods are predicted to decline by a third at the end of the year, with a subsequent rebound of 10%, metal prices have...

The U.S. government budget deficit rose 3.2-fold to a record $3.132 trillion for the 2020 fiscal year (ended 30 September), the country's Ministry of Finance said. This figure hit 15.2 percent in terms of GDP - the highest amount since 1945. By contrast, the deficit in the US in 2009 was 9.8 percent during the financial crisis, that is, 4.6 percent of GDP last year. This dramatic rise in the US...

The economic recovery in the world may unfold according to a W-scenario because of the second wave of COVID-19 and newly introduced restrictions, warned analysts at Barclays. The recovery of the world’s economy may unfold according to a W-shaped scenario. If it happens, a new recession can start after a recovery is noted, and growth of the economy is not expected until 2021, says an analytical...

The aggregate market value of companies listed on China's stock exchanges reached $ 10.08 trillion on Wednesday, the Financial Times reported. This is a record high for the Chinese stock market. The previous record of $ 10.05 trillion was set in 2015. However, then it was followed by a protracted fall in the stock market caused by the restrictions imposed by the authorities on trading using...

Bitcoin rate returned to the marks of one and a half months ago, exceeding $ 11.7 thousand. Over the week, the most famous cryptocurrency has added almost 8% in price. The bitcoin rate renewed its 1.5-month high on October 13. According to Bloomberg, at the beginning of the day, the value of the most popular virtual currency rose by 1.4% compared to the close of the previous day, to $ 11.73...

The French government will provide € 21 million (about $ 25 million) to support projects for the reuse of used electronics, Bloomberg reports. French Minister for Digital Technologies Cédric O said that the government discussed several options for implementing a program to reduce the negative environmental impact of manufacturers of electronic devices.  The idea of introducing an...

The demand for oil in the world will stop growing only at the end of the 2030s, after which it will remain stable until at least 2045, according to the OPEC annual analytical report. This is a kind of the oil cartel’s response to the numerous estimates that have emerged recently, according to which the historical peak in oil demand was passed in 2019. OPEC also expects the oil market to fully...

The US economy is recovering from the coronavirus pandemic faster than expected, but the virus is still causing extreme uncertainty about the outlook, said Jerome Powell, head of the US Federal Reserve on Tuesday. "The recovery is moving faster than expected. The latest forecasts from the Federal Open Market Committee participants at our September meeting showed that the recovery continues at a...

China's automotive manufacturing sector has recovered significantly in the first eight months of 2020, Xinhua reports. Profit in China's automotive sector grew 1.5% year on year to 308.48 billion yuan (about $45.3 billion) from January to August this year against a 5.9% decline from January to July, according to the China Automobile Manufacturers Association, citing data from the National Bureau...