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  • German GDP Posts Historic Rebound in 3Q -- Update

    --Germany's third-quarter GDP grew 8.2% on quarter and fell 4.3% on year. --GDP data for 2 Q was revised down to a 9.8% on quarter contraction. --German government upwardly revises 2020 GDP forecasts.

  • BP to Close Kwimana Refinery in Australia Due to Low Margins

    BP PLC (BP) said Friday that it will cease producing fuels at its Kwimana refinery in Western Australia as the operation is no longer economically viable, and that it plans to convert it into an import terminal. The FTSE 100 oil major said a higher number of large-scale refineries in Asia and the Middle East have disrupted the Australian market, causing regional oversupply and sustained low margins. Kwimana has the capacity to produce 152,000 barrels a day.

  • Eurozone Economy Soars but Covid-19 Resurgence Leaves It the Global Weak Spot

    The eurozone economy grew at a record pace in the third quarter, but has already stalled in the face of a resurgence of coronavirus infections and tough new restrictions, leaving Europe lagging even further behind the U.S. and Asia in its recovery from the crisis. Figures released by the European Union's statistics agency Friday showed the combined gross domestic product of the eurozone's 19 members was 12.7% higher in the three months through September than in the previous...

  • Italian Unemployment Rate Ticked Lower in September

    Italy's unemployment rate decreased slightly in September and employment levels remained steady, data from the country's statistics office Istat showed Friday. The country's unemployment rate, which includes only active job-seekers, stood at 9.6% in September, down 0.1 percentage points from the 9.7% reading the prior month. Istat said 6,000 jobs were created in September.

  • U.S. Household Income, Spending Likely Picked up Last Month

    Households likely boosted spending last month as incomes rose, forecasters say, another sign the U.S. economy continued recovering into the fall from the damage inflicted by the coronavirus pandemic. Economists surveyed by The Wall Street Journal expect the Commerce Department to report Friday that personal- consumption expenditures-- a measure of household spending on goods and services-- rose 1% in September, the same increase as in the previous month. Household spending has...

  • BOC Hong Kong's Nine-Month Operating Profit Fell

    BOC Hong Kong Ltd. said operating profit before impairments fell 3.9% in the first three quarters as the Covid-19 pandemic cut into business activity. Operating profit before impairments was 31.32 billion Hong Kong dollars, the bank said Friday. The group's net charge of impairment allowances was HK $1.93 billion.

  • Italian Economy Rebounds Strongly in 3Q, Beating Forecasts

    Italy's economy posted a strong rebound in the third quarter, following a sharp contraction in the second quarter due to the coronavirus pandemic. The eurozone's third-biggest economy grew 16.1% during the third quarter compared with the previous quarter, the Italian statistics agency Istat said Friday in a first estimate for the period. Economists polled by The Wall Street Journal had forecast a 10.6% expansion.

  • German GDP Posts Historic Rebound in 3Q

    The German economy posted a record expansion in the third quarter in output, the German statistics office Destatis said Friday. The country's gross domestic product grew 8.2% compared with the previous quarter, according to Destatis. Economists polled by The Wall Street Journal forecast a 6.8% expansion.

  • Hong Kong's GDP Shrank 3.4% in Third Quarter, Advance Data Show

    SINGAPORE--Hong Kong's economy contracted at a slower pace in the third quarter than in the second quarter, partly due to the gradual improvement in domestic and external demand. Gross domestic product in the third quarter shrank 3.4% in real terms from a year earlier, preliminary data from the government showed Friday. That compared with a 9.0% contraction in the second quarter.

  • U.S. Stock Futures and Global Markets Fall

    U.S. stock futures fell alongside international shares, suggesting American markets could come under fresh pressure when they open later Friday. Markets have grown more volatile in recent sessions, ahead of next week's American presidential election and as investor concerns have built that increases in Covid-19 cases in Europe and the U.S. will prompt restrictions that could curb economic growth. On Thursday, major U.S. indexes advanced, with the Dow Jones Industrial Average...

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