Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

3 Jan 2022

European Stocks Kick Off 2022 with Record High Surge

The Index Today

Global stock markets rang in the New Year by setting a record high growth on Monday, yielding double-digit earnings for the third consecutive year. Additionally, oil and government bond yields have also made initial market gains.

The STOXX 600 index edged significantly higher following favorable data from Eastern Europe and euro zone.

Despite the recent spike in COVID-19 cases, the Manufacturing Purchasing Managers’ Index (PMI) has lived up to a preliminary “flash” gauge following its drop to 58.0 in December from November’s 58.4.

According to Joe Hayes, a Senior IHS Markit Economist, there are “some tentative but very welcome signs that the supply chain crisis which has plagued production lines all across Europe is beginning to recede." He also added that "easing inflation rates are again a welcome sign, but we're still in hot territory."

Oil surged on Monday with each barrel being priced at $79 spurred on by limited supplies as well as the positive atmosphere posited by the global economic recovery anticipated this year. The OPEC+ are set to meet this Tuesday and are expected to adhere to their original plans of progressively increasing production for the year.

Clay pottery with table linens