Gold prices finished higher on Tuesday after PMI data showed continuous expansion in the U.S. services sector but at a slower pace in June after recording a new high in May. A drop in the U.S. Treasury bond yields also provided support for the yellow metal, as the 10-year and …
Read More »European Stocks Fall on Mixed Economic Data
European stocks closed lower on Tuesday after the release of mixed economic data and on the regional and local levels. Eurozone retail sales increased more than expected in May, by 4.6%, according to data by Eurostat. Meanwhile, industrial orders in German unexpectedly dropped by 3.7% in May, marking its biggest …
Read More »IHS Markit U.S. Services PMI Slightly Below Estimates in June
The seasonally adjusted final IHS Markit U.S. Services Purchasing Managers’ Index (PMI) Business Activity Index registered 64.6 in June, down from 70.4 in May, data showed on Tuesday. The reading comes slightly below the earlier flash estimate of 64.8, according to IHS Markit. The latest expansion in output was the …
Read More »U.S. Services PMI Slows but Maintains Growth in June
Economic activity in the United States services sector expanded last month for the thirteenth consecutive month, data by the Institute for Supply Management (ISM) showed on Tuesday. The Services Sectors Purchasing Managers’ Index (PMI) declined by 3.9% points to 60.1% in June compared with its reading in May, which was at an …
Read More »U.S. Treasury Bond Yields Drop and Curve Further Flattens
U.S. Treasury bond yields declined on Tuesday, on the first day of the week, following a long weekend celebrating Independence Day. The benchmark 10-year Treasury bond yield is down by about 7 basis points at 1.363%, near its lowest level in more than two weeks. The 30-year note yield also …
Read More »Saudi Arabia Raises Official Selling Prices For Oil to Asia in August
Saudi Arabia decided to raise the official selling prices for the month of August for all oil crudes designated to be sold to Asia. Saudi Arabia, the world’s largest oil exporter, set the August official selling price for its Arab Light crude at $2.70 a barrel, above the Oman/Dubai average …
Read More »OPEC: Still no Agreement
After talks that lasted for two days, the OPEC+ meetings ended without an agreement, as the group’s ministers canceled talks related to production after a dispute that erupted last week when the UAE objected to a proposed extension of production restrictions for an additional eight months, but in return it …
Read More »Russia: There Are no Current Plans For Contacts Between Putin And Senior OPEC+ Officials
The Kremlin spokesman said that Russian President Vladimir Putin has no plans for the time being to hold contacts with top OPEC+ officials after another round of talks between major world oil producers collapsed on Monday. “The work is continuing. It is necessary to make a decision,” Dmitry Peskov told …
Read More »German ZEW Economic Sentiment Index Slumps to 63.3 in July
The German ZEW headline numbers for July showed that the Economic Sentiment Index worsened more than expected to 63.3 from 79.8 previous while missing estimates of 75.2. The Current Conditions sub-index firmly recovered to 21.9 in July as against -9.1 recorded in the previous month and 5.0 expectations.
Read More »Gold is consolidating above $1800
Gold prices rose 1% on Tuesday after it crossed the $1,800 barrier, supported once again by a weak dollar, as investors’ eyes turned to the minutes of the Federal Reserve’s June meeting to elicit more indications about the monetary policy decision. Spot gold rose 0.8 percent to $1,805.51 an ounce …
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