The Turkish lira lost more than 1% of its value on Monday, March 29, continuing its sharp decline since President Recep Tayyip Erdogan changed the central bank governor this month, leading to expectations of a loose monetary policy. The lira was at 8.14 per dollar, down from 8.0775 at the …
Read More »European Stocks Near Record Levels Amid Hopes of Recovery
European stocks approached record highs Monday, March 29, thanks to optimism about the global economic recovery, while Credit Suisse plunged following a warning of “significant” losses due to exit from positions after a US-based hedge fund defaulted on margin calls. Swiss bank shares lost 9.5% after it said an unnamed …
Read More »US Bond Yields Are Colored in Red
The yield on the benchmark 10-year Treasury note fell to 1.64% on Monday, remaining below 14-month highs of 1.75% reached early in the month as the bond market appears to be flat. Investors have digested mixed economic data and tame inflation, the outlook for a brighter economic outlook for the …
Read More »Currencies Overview: The Dollar Rises Supported by Stumbling of The Euro
The dollar started the week strongly, as it moved in a peak direction against the euro on Monday, March 29th, at a time when a tendency of caution in the market pushes investors to safe havens, and the rapid distribution of vaccines adds to the attractiveness of the currency. The …
Read More »Merkel Presses German States to Get Tough With COVID Curbs
Chancellor Angela Merkel pressed German states today, Sunday, to intensify efforts to curb the increasing number of infections with the Coronavirus, and raised the possibility of a curfew in an attempt to control the third wave. “We have our emergency brakes … unfortunately they are not respected everywhere. I hope …
Read More »Oil Decline as The Stuck Ship Ship Begins Moving in the Suez Canal
Oil fell by more than 2% on Monday, March 29th, after news from the Suez Canal that rescue crews managed to move the giant container ship that has been blocking the vital global trade corridor for nearly a week. Brent crude fell $1.38, equivalent to 2.1%, to $63.19 a barrel. …
Read More »Successful Floatation of The Panamanian Container Vessel EverGiven
Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority, announced that the Panamanian container ship Ever Given had successfully floated after the ship responded to the tension and towing maneuvers, whereby the ship’s course was significantly modified by 80% and the stern of the ship moved away from the shore …
Read More »US: Annual Core PCE Price Index Edges Lower in February
The Personal Consumption Expenditures (PCE) Price Index in February edged lower to 0.2% on a monthly basis and came in lower than the market expectation of 0.5%, the data published by the US Bureau of Economic Analysis showed on Friday. On a yearly basis, the PCE Price Index rose to …
Read More »US: Personal Income Falls by 7.1% in February, Personal Spending Drops
The US Bureau of Economic Analysis reported on Friday that Personal Income in February declined 7.1% on a monthly basis. This reading followed January’s impressive increase of 10.1% and came in slightly better than the market expectation for a decrease of 7.3%. Further details of the publication showed that Personal …
Read More »Oil Rose Due to Fears That Navigation in The Suez Canal May be Suspended For Weeks
Oil prices rose today by about 2%, to rebound due to fears that the float of a giant, stranded container tanker, impeding the movement of navigation in the Suez Canal, may take weeks, which may put pressure on the supplies of crude and refined products. But prices are still heading …
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