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Oil prices continued to plummet on Wednesday, amid uncertainty about the outlook for the OPEC+ agreement and output policies. Major producers are in disagreement about extending the current output cuts, which are gradually being eased, with recent talks about quotas and production levels not leading to a consensus. Brent crude …

Gold prices maintained an upwards trend for the fifth consecutive session on Wednesday, despite the rise of the U.S. Dollar (USD) across the board. However, the yellow metal was supported by the drop in U.S. Treasury bond yields to their lowest level since February, amid higher demand for safe-haven investments, …

European stocks closed higher on Wednesday after the European Commission increased its expectations for economic growth in the Eurozone. The European Union is now projecting the Eurozone gross domestic product (GDP) to grow by 4.8% in 2021 and 4.5% for 2022. The STOXX Europe 600 index rose by 3.55 points, …

Minutes of the Federal Open Market Committee (FOMC) June meeting showed participants focused on data showing lower employment growth and higher inflation readings than had been expected. The median expectation is that the Federal Reserve will begin tapering its asset purchases in the first quarter (Q1) of 2022, before ending …

U.S. consumer confidence declined this month, as the IBD/TIPP Economic Optimism Index dropped 3.7% from 56.4 in June to 54.3 in July. Nevertheless, the index remained in the positive territory, above 50.0, for the seventh consecutive month. The Presidential Leadership Index fell by 8% from 61.2 last month to 56.3, …

Economic activity in Canada expanded last month showing more signs of recovery, Ivey Purchasing Managers Index (PMI) data showed on Wednesday. The Canadian seasonally adjusted Ivey Purchasing Managers’ Index (PMI) increased in June to 71.9 from 64.7 in May. This marked the highest reading for the index since March. The …

Job openings in the United States increased to hit a new record high in May, data by the U.S. Department of Labor showed on Wednesday. The Job Openings and Labor Turnover Survey (JOLTS) monthly report showed that job openings rose by 16,000 to reach 9.2 million by the end of …

Japan is considering banning all spectators from participating in the Olympics, Reuters reported on Wednesday, with authorities expected to declare a state of emergency in Tokyo to contain coronavirus cases 16 days before the Olympic Games. In this regard, Prime Minister Yoshihide Suga said that his government will decide on …

According to Russian news agency TASS, OPEC+ producers will not be holding a meeting this week to break the impasse in the output strategy. “This week will be difficult. Negotiations are in progress, and there are no signs yet that the meeting will take place this week. The problem remains …

The Suez Canal Authority signed an agreement with the company that owns the Panamanian container ship EverGiven on secret terms that were not disclosed, during a meeting held by the authority on Wednesday, July 7, in the presence of the Authority’s Chairman Osama Rabie and representatives of the Japanese company …