There were many important events that affected the markets over the past week, such as the European Central Bank and Bank of Canada meeting with Brexit talks reaching a dead-end last week and the developments of the Corona vaccine as tensions continued between the United States and China. At its …
Read More »WSJ: US Economy Recovering Faster than Expected
The United States economy is recovering at a pace that is faster than initially expected, a recent survey by The Wall Street Journal suggested. Participating economists and market experts are expecting the US gross domestic product (GDP) will achieve a growth rate of 23.9% during the third quarter (Q3) of …
Read More »UK, Japan Reach New Trade Agreement
The United Kingdom (UK) has reached a trade agreement with Japan for the post-Brexit stage, which is the first of its kind for London, Reuters reported. Under the new deal with Japan, around 99% of British exports will be exempted from tariffs. Bilateral trade reached GBP 29.5 billion in 2018, …
Read More »US Budget Deficit Nearly Triples in August
The United States federal government’s budget deficit exceeded $3 trillion during the first 11 months of fiscal year 2020. Deficit in August amounted to $200 billion, Reuters reported. Year-to-date, the deficit reached $3.007 trillion nearly triple that of the same period last year.
Read More »Oil Futures Down More than 6% for the Week
Oil prices declined on Friday, logging their second consecutive weekly decline amid a mostly negative outlook for global demand. Brent crude futures for November delivery closed lower by 23 cents, or 0.6%, at $39.83 per barrel losing 6.6% for the week. Meanwhile, the West Texas Intermediate (WTI) futures for October …
Read More »Gold Finishes Lower but Adds 0.7% for the Week
Gold prices declined on Friday, limiting its weekly gains, amid recent fluctuations by the US Dollar (USD). Gold futures for December delivery closed lower by $16.40, or 0.8%, at $1,947.90 per ounce, adding 0.7% for the week. Meanwhile, silver December futures decreased by 43 cents, or 1.6%, and finished at …
Read More »France Not Planning Another COVID-19 Lockdown
The Prime Minister of France, Jean Castex, said on Friday that there are currently no plans by his government to impose a lockdown to combat the outbreak of the coronavirus (COVID-19), despite a recent surge in new confirmed cases, Reuters reported. “The virus is with us for several more months …
Read More »US Oil Rigs Decline in Week
Data by Baker Hughes showed on Friday that active oil rigs in the United States declined by one rig to a total of 180 last week. Meanwhile, total active oil and gas drilling rigs decreased by two rigs to 254.
Read More »European Stocks Register Small Gains
European stocks closed marginally higher on Friday, amid anticipation for the results of Brexit talks between the European Union and Britain. The Stoxx Europe 600 index added 0.1% and closed the week at the level of 368.41 points. The UK’s FTSE100 increased by 0.48%, while the French CAC40 gained 0.20%. …
Read More »Europe Challenged by Private Crypto Assets
Europe needs to address the challenges imposed by private sector global digital assets, warned the Governor of the Bank of France, Coin Telegraph reported. “We in Europe face urgent and strategic choices on payments that will have implications for our financial sovereignty for decades to come.” “Our European ecosystem has …
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