Market Update

New Home Sales in the US rebounded sharply in May. The data published by the US Census Bureau showed on Friday that New Home Sales in the US rose by 10.7% in May to a seasonally-adjusted rate of 696,000 following April’s shrinkage of 12% (revised from -16.6%). “The median sales …

Oil prices rose by more than $1 a barrel on Friday, boosted by tight supply, although crude is heading lower for a second week amid concerns that higher interest rates could push the global economy into recession. On Thursday, Federal Reserve Chairman Jerome Powell said the Fed’s focus on curbing …

The UK retail sales arrived at -0.5% over the month in May vs. -0.7% expected and 1.4% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.7% MoM vs. -1.0% expected and 1.4% previous. On an annualized basis, the UK retail sales plunged 4.7% in May …

The headline German IFO Business Climate Index dropped sharply to 92.3 in June versus last month’s 93.0 and the consensus estimates of 92.9. Meanwhile, the Current Economic Assessment eased to 99.3 points in the reported month as compared to May’s 99.5 and 99.1 anticipated. The IFO Expectations Index – indicating firms’ projections …

The US dollar fell against major currencies on Friday, on track for its first weekly loss this month, as investors continue to assess Federal Reserve policy and whether large interest rate increases will lead to a recession. The safe-haven US currency also lost support amid improving market sentiment, rising regional …

European shares rose on Friday, boosted by the utilities and healthcare sectors after hitting their lowest level in 2022, as investors turned to safer bets amid growing fears of tight monetary policies and rising inflation that could result in a global recession. At the end of a week that witnessed …

Japanese stocks rose on Friday, with the technology sector leading the gains following big gains on Wall Street in the evening, and sentiment was supported by the Bank of Japan’s accommodative monetary policies. The Nikkei index rose 1.23 percent to 2,6419.97 points at the close. The index achieved a weekly …

US companies Cisco Systems and Nike told Reuters on Thursday that they will exit the Russian market entirely, as the pace of Western companies’ exit from Russia accelerates after its invasion of Ukraine in February. Cisco, the maker of telecom equipment, said it was ending its business in Russia and …

Gold prices stabilized on Friday, but they are heading to record the second weekly decline in a row, as the demand for the yellow metal was affected by fears that the major central banks might raise interest rates significantly to confront hyperinflation. And gold rose in immediate transactions 0.1 percent …

On Friday, oil prices moved in a narrow range after briefly rising around $1 a barrel, as the market weighed fears of slowing demand due to lower economic activity in the United States and uncertainty surrounding supplies. Brent crude futures fell five cents, or 0.1 percent, to $110 a barrel …