European stocks closed higher on Wednesday, despite uncertainty about the rising number of COVID-19 cases. The rise of European stock markets came after the release of preliminary data that showed an expansion in the composite PMI index, even though it came below expectations. The Stoxx Europe 600 index added 0.7% …

President of the Federal Reserve Bank of Boston, Eric Rosengren, said on Wednesday that economic recovery could be slower in case the number of novel coronavirus (COVID-19) cases increased. “Recent economic data have been encouraging, but I believe the most difficult part of the recovery is still ahead of us.” …

President of the Federal Reserve Bank of Chicago, Charles Evans, said on Wednesday that he does not fear stronger accommodation in the pursuit of clearly overshooting the 2% inflation target, even reaching above 2.5%. The Fed needs to maintain interest rates close to zero to sustainably maintain inflation at 2% …

The IHS Markit Flash U.S. Composite PMI Output Index posted 54.4 at the end of the third quarter (Q3) of 2020, down from 54.6 in August, adjusted for seasonal factors. However, the index’s quarterly average was the highest since the opening three months of 2019. The seasonally adjusted IHS Markit …

The Federal Reserve Chair Jerome Powell said on Wednesday in his testimony to the House of Representatives Select Subcommittee on the Coronavirus that companies have made only modest use of the Fed’s Main Street Lending Program. However, the Fed is not planning any major changes to its lending policy. “If …

The United States Congress and the Federal Reserve need to work in order to help the American economy recover from the impacts of the COVID-19 crisis, said the Federal Reserve Chair Jerome Powell on Wednesday. Powell noted in his testimony in front of the House Select Subcommittee on the Coronavirus …

Crude oil inventories in the United States declined by 1.6 million barrels last week, according to data by the US Energy Information Administration’s (EIA) weekly report. The decline came below experts’ expectations of a 2.3 million barrel decrease in crude stockpiles.

President of the Federal Reserve Bank of Richmond Tom Barkin said on Tuesday that the US labor market and economic activity may not fully recover until a vaccine and treatments for the novel Coronavirus are developed. “If this rate of initial claims continues, you have to imagine the recent improvements …

Manufacturers in the United Kingdom saw the highest decline in orders in three months during September, according to data by the Confederation of British Industry (CBI) on Tuesday. The CBI monthly industrial order book balance decreased to -48 in September from -44 in August. It is worth noting that UK …

European stocks closed higher on Tuesday, despite concerns about the rising number of COVID-19 cases across the continent and the prospects of renewed lockdown measurements. The STOXX Europe 600 index closed higher by 0.46%. The UK’s FTSE100 gained 0.43%, while the French index CAC40 levelled up by 0.40%. Meanwhile, the …