Traders work on the floor of the New York Stock Exchange.
European and US stocks and oil prices recovered on Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession.
Stock markets tumbled across the globe and oil prices slumped Thursday after President Donald Trump banned all travel from mainland Europe to the United States for a month to fight the coronavirus pandemic, ramping up fears of worldwide recession.
Wall Street’s main indexes fell on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while a profit warning from Amazon added to the gloom.
Standard Chartered on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18 per cent, but set out underwhelming growth forecasts
Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund to help the incoming government repay billions in debt due this year, citing a Pakistani official.
The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region,