Copper drags on virus resurgence fears

Copper prices eased overnight on fears of a second wave of coronavirus infections in top metals consumer China and in South Korea. New infections have been reported in the last two weeks in Chinese cities including Wuhan, the epicentre of the first wave, and in South...

Gold gains as Fed signals more stimulus

Gold rose overnight after US Federal Reserve Chairman Jerome Powell pledged more stimulus measures, if required, to ease the economic blow from the novel coronavirus. Powell said the United States could face an “extended period” of weak growth and stagnant...

Oil falls despite US crude stock drawdown

Oil prices fell about 2 per cent overnight despite the first decline in US crude inventories since January, as the US Federal Reserve chairman stoked demand fears with a warning the economy would take many months to recover from the coronavirus pandemic. Oil had...

ASX poised to slip after Fed’s warning

Shares on the Australian market are expected to be down in early trade after the US Federal Reserve chairman warned of extended economic weakness from the coronavirus pandemic. The SPI 200 futures contract was down 58 points, or 1.07 per cent, to 5,366.0 at 0710 AEST...

Conde Nast lays off 100 employees in US

Conde Nast will lay off about 100 employees in the US and is putting another 100 on unpaid leave for several months as the COVID-19 crisis cuts into the media company’s business. The New York-based company, whose titles include the New Yorker, Wired, Vogue,...