The business activity in the US service sector continued to expand at a strong pace in June but lost momentum compared to May with the Markit Services PMI declining to 64.8 from 70.4 70 figure was expected. The Composite PMI fell to 64.9 in June from 68.7 in May.
Read More »U.S. Manufacturing PMI Jumps to 62.6 in June
The IHS Markit’s Manufacturing PMI for the US rose to 62.6 in June from 62.1 in May to a record high. This reading came in better than the market forecast of 61.4 and revaled that the business activity in the manufacturing sector continued to expand at an unprecedented pace.
Read More »OPEC+ Considering Boosting Output by 500K bPD When They Meet Next Week
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering boosting the group’s collective output by some 500,000 barrels per day when they meet next week, the Wall Street Journal reported on Wednesday, according to Reuters
Read More »Canada: Retail Sales Decline by 5.7% in April
Retail Sales in Canada fell by 5.7% on a monthly basis in April, the data published by Statistics Canada showed on Wednesday. This reading followed March’s increase of 3.6% and came in worse than the market expectation for a contraction of 5%.
Read More »BoE Preview: Forecasts From Three Major Banks
The Bank of England announces its latest decision at 11:00 GMT on Thursday, June 24 here are the expectations forecast of three major banks. Wells Fargo “We expect policymakers to provide an update on how the economy is evolving and if the renewed spread of COVID-19 is disrupting economic activity. …
Read More »Gold Gains After Powell Calms Interest Rate Fears
Gold prices rose on Wednesday, June 23, after US Federal Reserve Chairman Jerome Powell pledged to keep interest rates near zero for some time, bringing the dollar to near its lowest level in a week. Spot gold rose 0.2% to $1,782.46 an ounce, and gold futures in the United States …
Read More »Oil Hits More Than Two-Year High Thanks to US Inventories
Oil topped $75 a barrel on Wednesday, hitting its highest since late 2018 after an industry report on crude inventories in the United States bolstered views of tight supplies in the market as travel grew in Europe and North America. Two market sources told Reuters that the American Petroleum Institute …
Read More »Eurozone Business Activity Grows at Fastest Pace in 15 Years Thanks to Demand
A survey showed that business activities in the eurozone grew at the fastest pace in 15 years this month, as the easing of public isolation measures and the release of demand led to a boom in the services sector that dominates the bloc. The preliminary reading of the IHS Markit …
Read More »Nikkei Stable, Chip Gains Offset Pharmaceutical Losses
The Japanese Nikkei index weakened on Wednesday, June 23rd, as gains in chip-related heavyweights, which tracked Wall Street yesterday, offset losses in the pharmaceutical industry. Nikkei rose 0.03% to close at 28,874.89 points, after witnessing the largest increase since 2021 on Tuesday, while the broader Topix index fell 0.53% to …
Read More »German Dax Settled Support Floor
The German DAX index found a strong resistance level around 15,640, which we mentioned during the previous analysis as a basic and important condition for the continuation of the rise. On the technical side today, and carefully looking at the 60-minute chart, we find that the index is stable above …
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