The International Energy Agency said that the permanent shutdowns of refining capacity expected in 2020-2021 rose to about 1.7 million barrels per day in light of the Covid-19 pandemic striking demand for oil products. The agency added that the past few months have witnessed the announcement of the closure of …
Read More »IEA Cuts 2020 Global Demand Forecast
The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on …
Read More »Industrial Production in Eurozone Declined in September
Industrial production for the Eurozone fell unexpectedly in September due to factors most importantly a sharp decline in the production of consumer durables, which is a negative indication of a quarter that has begun to strong. The European Union’s statistics office said industrial output in 19 eurozone countries fell 0.4% …
Read More »Bitcoin Smashes $16,000 Hurdle
Bitcoin has topped the critical $16,000 after the first attempt failed to make significant progress on Wednesday. The flagship cryptocurrency appears to be on steroids, with the price action having lifted above $16,100. The Relative Strength Index also supports the breakout after bouncing off support at the midline.
Read More »Oil is Rising With Potential Supply Cuts to Offset Weak Demand
Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US …
Read More »European Stocks Drop Due to Fears of The Second Wave of Corona
European stocks fell on Thursday (November 12th) from their highest in eight months, as a surge in coronavirus cases raised doubts about a faster economic recovery and overshadowed positive quarterly earnings reports. The Stoxx600 index of European shares fell 0.7% by 08:04 GMT, erasing some of the shine of the …
Read More »US Dollar Holds on to Its Gains as Investors’ Enthusiasm For Covid-19 Vaccine Wanes
The dollar held on to its gains in general Thursday, November 12, as investors trimmed their optimistic expectations about the Covid-19 vaccine, which is unlikely to prevent a bleak winter in Europe and the United States with the escalation of the second wave of the pandemic. The dollar index rose …
Read More »Gold Rises After Coronavirus Fears Outweighed Optimism About Vaccine
Gold prices rose Thursday, November 12th, after falling by more than 1% in the previous session, after the impact of fears of the economic repercussions of the increase in cases of Covid-19 outweighed positive developments regarding a vaccine for the disease. By 05:49 GMT, spot gold prices rose 0.2% to …
Read More »Nikkei Closed at a 29-Year High
The Nikkei index closed Thursday, November 12th, near its 29-and-a-half year high as technology stocks tracked their US counterparts, but gains were capped by profit-taking selling following a surge fueled by optimism about developments related to a Covid-19 vaccine. The Nikkei index rose 0.68% to 25,520.88 points, after reaching its …
Read More »UK GDP Rebounds 15.5% QoQ in Q3
The preliminary reading of the third quarter 2020 UK GDP came in at 15.5% QoQ vs. 15.8% expected and -19.8% last while on an annualized basis the figure stood at -9.6% vs. -9.4% expected and -21.5% seen previously.
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