Day: April 12, 2022

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Unemployment in OECD area drops to 5.2% in Feb

The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area decreased to 5.2% in February.

The figure dropped for the first time below the pre-pandemic rate recorded in Feb. 2020 and saw the lowest level since the start of this data series in 2001.

“The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level,” the data indicated.

“The latest drop in unemployment is a continuation of a positive trend and welcome news for OECD countries. However, with increasing global uncertainty and geopolitical tensions, we will continue to monitor the situation closely,” said OECD Chief Statistician Paul Schreyer.

The unemployment rate fell markedly in Canada, Korea, Sweden, and Turkiye, but just modestly in Australia, the US and Japan.

Colombia, the Czech Republic, and Mexico, in contrast, saw an increase.

Source: Anadolu Agency

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US stocks open higher with hopes inflation has peaked

Major indices in the US stock market opened higher Tuesday as investors are hoping that record-high inflation has peaked and could fall in the coming months.

The Dow Jones industrial average was up 128 points, or 0.37%, to 34,436 at 9.33 a.m. EDT. The S&P 500 added 27 points, or 0.62%, to reach 4,440.

The tech-heavy Nasdaq increased 144 points, or 1.1%, to 13,558.

Annual consumer inflation in the US rose 8.5% in March — the largest 12-month increase since December 1981, according to the US Department of Labor.

While annual prices for energy and gasoline soared 32% and 48%, respectively, prices for natural gas and electricity jumped 21.6% and 11.1% year-on-year, according to the Labor Department.

Investors are hoping that consumer prices in the US have reached their highest levels, mostly due to the soaring commodity prices and Russia’s war on Ukraine, and hoping that they would begin their decline next month.

The yield on 10-year US Treasury notes jumped to 2.836% at 0800 GMT, its highest since December 2018.

The dollar index was unchanged at 99.93 at 9.36 a.m. EDT, while the VIX volatility index, known as the fear index, was down 4.3% to 23.33.

Precious metals were up, with gold adding 0.75% to $1,968 per ounce and silver rising 0.8% to $25.3.

Crude oil prices jumped more than 5%.

Global oil benchmark Brent crude was trading at $104.02, up 5.6%, while US benchmark West Texas Intermediate (WTI) was at $99.48 with a 5.5% gain.

Source: Anadolu Agency

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Man City, Liverpool share points in Premier League as title race heats up in Serie A

Manchester City and Liverpool drew 2-2 in a highly-anticipated English Premier League weekend clash as the title race heated up in the league.

AC Milan, Paris Saint-Germain (PSG), Real Madrid, Manchester City and Bayern Munich remain at the top of their leagues.

English Premier League

Manchester City remained one point clear of Liverpool after they drew 2-2 at Etihad Stadium.

The third-placed Chelsea hammered Southampton 6-0 at St Mary’s.

Tottenham Hotspur sealed a comfortable 4-0 win over Aston Villa to sit in fourth place.

Manchester City, which has 74 points in the Premier League, was followed by Liverpool with 73 points and Chelsea with 62 points.

Spanish La Liga

Real Madrid, which are currently at the top of the Spanish La Liga, beat Getafe 2-0 at home.

Having placed second, Barcelona beat Levante 3-2 in an away clash.

The third-placed Sevilla beat Granada 4-2 at home.

Real Madrid are comfortable at the top of the table with 72 points while Barcelona and Sevilla each have 60 points.

Italian Serie A

Starting week 32 of the Italian Serie A as the leader, AC Milan was held to a goalless draw with Torino while the title race intensifies in the league.

Still having one more match to play in the league, Inter Milan defeated Hellas Verona 2-0 at home.

Napoli suffered a shock 3-2 loss to Fiorentina and Juventus beat Cagliari 2-1.

Milan are now at the top of Serie A with 68 points, followed by Inter Milan and Napoli, which have each collected 66 points.

German Bundesliga

Bayern Munich, the reigning champions of the last nine years, at the top of the German Bundesliga sealed a hard-fought 1-0 win over Augsburg at home.

Borussia Dortmund beat Stuttgart 2-0 and Bayer Leverkusen drew 0-0 with Bochum.

Bayern Munich lead the Bundesliga with 69 points.

Borussia Dortmund are second with 60 points and Bayer Leverkusen have 52 points.

French Ligue 1

PSG thrashed Clermont 6-1 in the French Ligue 1.

Olympic Marseille defeated Saint-Etienne 2-0 for their fourth straight win.

PSG consolidated their lead in the league with 71 points, 12 points ahead of second-placed Olympic Marseille.

Rennes increased their points to 56 after beating Reims 3-2 in an away match.

Source: Anadolu Agency

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Turkish economy’s total turnover soars 105.4% in February

The Turkish economy’s total turnover surged by 105.4% on an annual basis in February, the country’s statistical authority reported on Tuesday.

This was driven by significant growth in the industry, construction, trade, and services sectors, according to the Turkish Statistical Institute (TurkStat).

The largest annual increase in turnover — 123.6% — was in the industry sector, followed by services with a rise of 119.6%.

Turnover in the trade and construction sectors increased by 94.1% and 55.2%, respectively, in February.

On a monthly basis, the seasonally and calendar-adjusted total turnover index was up by 7.9%.

“Industry increased by 7.3%, construction increased by 2.7%, trade increased by 9.4%, and services increased by 6.1% on monthly basis in February 2022,” read a statement by TurkStat.

Source: Anadolu Agency

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Lakers sack head coach Frank Vogel after disappointing season

The Los Angeles Lakers fired head coach Frank Vogel on Monday after they failed to qualify for the playoffs.

Having finished the regular season with a 33-49 win/loss record in 11th spot, the Lakers were eliminated from play-in tournament contention after their loss to the Phoenix Suns on Tuesday.

“I have a tremendous amount of respect for Frank both on and off the court,” said Rob Pelinka, the Lakers Vice President of Basketball Operations and General Manager.

“Frank is a great coach and a good man. We will forever be grateful to him for his work in guiding us to the 2019-20 NBA championship. This is an incredibly difficult decision to make but one we feel is necessary at this point.”

Vogel, 48, who led the Lakers to the NBA title in 2020, signed a three-year deal in 2019 and got a one-year extension through 2022-23 this past offseason.

Source: Anadolu Agency