U.S. Shifts Policy, Rejects Most Chinese Maritime Claims in South China Sea

The U.S. declared its formal opposition to a swath of Chinese claims in the South China Sea, in an unusually direct challenge to Beijing's efforts to assert control in the strategic waters. 


 
Stock Rally Loses Steam in Volatile Session

A rally in U.S. stocks fizzled after California rolled back its reopening plans and Los Angeles schools said they would start the year online, spurring worries about another coronavirus lockdown. 


 
China's June Exports in CNY Terms Rose 4.3%

China's exports in yuan terms in June rose 4.3% compared with the same period a year earlier, while imports in yuan terms also increased 6.2%. 


 
Fed's Kaplan Says Coronavirus Case Surge Has Slowed Pace of Recovery

Recent U.S. economic data points to a slowing recovery as the number of cases of illness related to the coronavirus pandemic surge across the country, Federal Reserve Bank of Dallas President Robert Kaplan said Monday. 


 
U.S. 12-Month Deficit Hits $3 Trillion as Virus Stimulus Spending Soars

The U.S. budget deficit reached $3 trillion in the 12 months through June as stimulus spending soared and tax revenue plunged, putting the federal government on pace to register the largest annual deficit as a share of the economy since World War II. 


 
Fed's Williams: SOFR Rate System Has Performed Well During Crisis

Federal Reserve Bank of New York President John Williams said that a replacement for the scandal-plagued Libor interest-rate reference regime has fared well amid the stresses seen in the financial system during the coronavirus pandemic. 


 
OPEC Was Under Pressure Even Before Covid-19

Even before the coronavirus pandemic upended global oil markets, the influence of OPEC-and the group's revenues-were under pressure from competitors and the declining value of its crude, new cartel data show. 


 
U.K. Retailers Reverse Negative Sales Trend in June

U.K. retailers enjoyed the first signs of sales recovery in June as coronavirus restrictions eased, but the end of the crisis remains far away, according to the latest report by KPMG and the British Retail Consortium. 


 
Silver Soars, Outpacing Recent Gains in S&P 500 and Gold

Silver prices climbed to their highest level in nearly three years, lifted by factory reopenings and soaring investor demand for precious metals. 


 
Singapore's Economy Contracts at Fastest-Ever Pace

Singapore's economy shrank at a record pace in the second quarter, owing to the circuit-breakers imposed during most of the period to contain the Covid-19 pandemic.