Interfax news agency reported, citing sources, that senior managers of Russian oil companies discussed with Energy Minister Alexander Novak a possible extension of the current oil production cuts to include the first quarter of 2021. Interfax, citing a source, said that oil companies favor an extension of the existing cuts …
Read More »Goldman Sachs Cuts Its European Growth Forecast For Q4 2020
US investment bank Goldman Sachs sharply cut its economic forecast for Europe in Q4 of the year after a jump in COVID-19 cases prompted major countries to announce partial closures in November. The bank said it expected real GDP in the euro area to shrink 2.3% in Q4, a major …
Read More »Gold is Rising Amid a State of Caution Ahead of The US Elections
Gold prices rose on Monday, November 2, as investors continued to worry about the US presidential elections and an increase in COVID-19 cases, as well as economic concerns exacerbated by renewed isolation measures in some countries. Spot gold rose 0.5% to $ 1886.66 an ounce by 10:18 GMT, while US …
Read More »Volatility For Euro And Yen Increased to Highest Level Since April Ahead of US Elections
Weekly fluctuations in the euro and the yen increased to their highest levels since the beginning of April, Monday, November 2, indicating concern among dealers ahead of the US presidential elections scheduled for Tuesday. The dollar rose as investors prepared for the presidential elections, while a rise in global coronavirus …
Read More »Japanese Factory Activity Declined For The 18th Consecutive Month
Japanese factory activities declined for the eighteenth consecutive month in October, an unprecedented period due to weak production, new projects, and employment, but export orders grew for the first time in two years, in an encouraging indicator of the economy ravaged by the coronavirus pandemic. The world’s third-largest economy is …
Read More »Strong Chinese Data Raises German stocks And London Drops on Lockdown Fears
Most of the European markets started trading in November on a positive note, as the acceleration of Chinese factory activities helped ease concerns about a second wave of the outbreak of Covid-19 that caused the re-imposition of closures in major economies. The German DAX index, which is based on trade, …
Read More »The Chinese Manufacturing Sector Shows Expansion For The Sixth Consecutive Month
A survey showed that factory activity in China expanded for the sixth consecutive month in October, as business confidence grew to its strongest levels in years. The Caixin / Markit PMI for Chinese manufacturing came in at 53.6 for the month of October, better than analysts’ expectations of 53.0 in …
Read More »Turkish Lira at Fresh Lows Against USD
The Turkish lira weakened against the US dollar to a new record low on Monday, November 2nd, as investors looked at the impact of geopolitical tensions and political interference on monetary policy. The lira was at 8.3840 against the dollar by 04:28 GMT, approaching the record low of 8.3850 it …
Read More »FX Option Expiries For Nov 2 NY cut
FX option expiries for Nov 2 NY cut at 10:00 Eastern Time, via DTCC, can be found below. EUR/USD: EUR amounts 1.1750 574m1.1795 733m GBP/USD: GBP amounts 1.2960 239m1.3000 223m1.3100 1.2bn USD/JPY: USD amounts 104.50 440m USD/CAD: USD amounts 1.3300 662m NZD/USD: NZD amounts 0.6600 265m EUR/GBP: EUR amounts 0.8900 …
Read More »Oil is Down by More Than 3% on Concerns About Fuel Demand
Oil prices fell more than 3% Monday, November 2, due to fears that widening the scope of anti-Corona virus closures in Europe may weaken fuel demand, while dealers brace for unrest in conjunction with the US presidential elections this week. By 04:10 GMT, Brent crude futures for January delivery were …
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