ACEA: 25 percent drop in car sales for this year expected


Car sales in Europe may be a quarter lower this year than initially thought. Due to the corona pandemic, the number of passenger car registrations dropped sharply between mid-March and May. After easing preventive measures against the coronavirus, sales are likely to pick up, but according to European industry association ACEA, that is nowhere near enough to make up for the previous year. For the...

Oil demand will not return back to normal at least until 2022

oil terminal

Global oil demand will not return to pre-corona crisis levels until 2022 at the earliest. This was reported by the International Energy Agency (IEA) in a new report on the oil market. Demand for oil has come under severe pressure from the crisis and measures to address the coronavirus outbreak. The organization says that the drop in oil demand was somewhat less than feared due to the lockdown...

Industrial production in China is increasing


Chinese industrial production increased in May compared to a year earlier, but less than expected. This was revealed on Monday from data from the national statistics office. Production grew 4.4 percent year-over-year, with economists generally expecting 5 percent growth. According to experts, the figures show that the Chinese economy is able to cautiously focus after the corona crisis, although...

German consumer confidence is still fluctuating near the lowest point


Consumer confidence in Germany is picking up somewhat from a previous historical decline due to the corona crisis, although German consumers still remain very pessimistic about the economy. Market researcher GfK announced it. The index, which reflects consumer confidence in Europe’s largest economy, stands at minus 18.9 from an all-time low of minus 23.1. In a previous measurement that was...

Christine Lagarde in self-quarantine


Christine Lagarde, president of the European Central Bank (ECB) went into temporary isolation last week after being in contact with a person infected with the corona virus. Insiders say it to the Bloomberg news agency. The ECB declined to comment, but said that Lagarde worked from her office this week. Lagarde is holding preliminary video conferences to discuss the ECB’s measures to tackle...

Fraport airport operator records 75 percent air traffic plunge


The number of passengers at Frankfurt airport has fallen sharply due to the crisis surrounding the corona virus. According to airport operator Fraport, the number of processed travelers at the airport plummeted by nearly 75 percent to 331,353 between March 16 and 22. The number of flight movements at Germany’s largest airport shrank by more than 58 percent to 3,960. In freight transport...

Macron: full support for ECB measures against corona crisis


French President Emmanuel Macron fully supports the new measures taken by the European Central Bank (ECB) to mitigate the economic damage caused by the corona crisis. Late after an emergency meeting, the ECB launched a new bond buying program worth € 750 billion late Wednesday evening. “Full support for the exceptional measures taken by the ECB,” Macron wrote on Twitter. “It is...

Saudi Arabia – Russia spat made oil 30 percent cheaper


Oil prices have fallen by almost 30 percent after Saudi Arabia decided to lower the asking price for its oil. Moreover, the country announced that it would be producing considerably more in April. The Saudis want to force Russia to agree with a production reduction proposed by the oil cartel OPEC. American oil was worth a little more than $ 30 a barrel, at $ 30.03 on Monday morning around 8:00 am...

Moody’s sees risk of recession due to the corona virus fears


The risks of a recession have increased due to the further spread of the new corona virus worldwide. Where the virus outbreak seemed to be primarily a Chinese issue, the disease is now spreading rapidly around the world. This disrupts both the demand for products and the supply, which, according to credit rating agency Moody’s, has increased the risk of economic contraction in many...

Russia willing to shrink oil production


Russia is willing to pump up less oil to counteract the fall in prices caused by the new corona virus. That is what Russian President Vladimir Putin has said. This increases the chance that oil-producing countries of the OPEC oil cartel and allies will decide on further production cuts later this week in Vienna. Putin did emphasize that Russia has no problem with current prices. Oil prices showed...

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