Market Update

Texas is home of the most vulnerable power grid across the United States. The state is preparing to be hit by a surge in demand for electricity that’s twice as much as the size of Austin’s.An army of cryptocurrency miners opted to head to Texas state to utilize cheap power …

Central banks in different countries can usefully share analysis and may adopt similar policies in response to common global shocks, but explicit coordination would likely do more harm than good, Federal Reserve Vice Chair Richard Clarida said on Friday.The Fed official signaled skepticism toward adopting coordinated interest-rate policies among major …

Renewed concerns about COVID-19 in the face of looming European lockdowns impacted a range of sectors Friday, pushing stocks and oil down. This latest news boosts the US dollar.Stocks have been shaken in morning trading on Wall Street Friday and major indexes were on track for a mixed finish to …

The House of Representatives on Friday passed the largest expansion of the social safety net in decades, a $1.75 trillion bill that funds universal pre-K, Medicare expansion, renewable energy credits and affordable housing. The final vote was 220-213, and only one Democrat, Jared Golden of Maine, voted against the bill. …

Federal Reserve Board of Governors member Christopher Waller said on Friday that the rapid improvement seen in the labour market and high inflation makes him favour faster taper and sooner rate increase. Inflationary pressures are becoming more extensive, and will last longer into 2022 than expected. Waller added that the …

US bond yields experienced a sharp drop on Friday, the primary catalyst for which was a continued ramp up in concerns about lockdowns in Europe where Covid-19 infection and hospitalization rates continue to surge. The drop in bond yields coinciding rally in bond prices reflects a broader outperformance of safe-haven …

Early Christmas shopping have pushed up shop sales in October as people spent more on clothing and on toys.Sales rose by 0.8% in October, following no growth in September, according to the Office for National Statistics. Clothing sales reached their highest level since the start of the pandemic.Second-hand stores, like …

French President Emmanuel Macron said, Friday, that the UK is playing with France’s nerves over fishing licenses. Macron also reaffirmed that the UK is not respecting post-Brexit fishing arrangements and reiterated that his government would continue to support the fishermen until they get their licenses. GBP has not reacted to …

US Treasury yields fell on Friday morning, with investors eyeing who would nominate the Fed chair, the benchmark 10-year Treasury yield fell by 3 basis points to 1.5565%, and the yield on the 30-year Treasury fell 3 basis points to 1.9405 %. President Joe Biden is expected to announce his …

Oil prices fell below $79 a barrel on Friday, as a new increase in Covid-19 cases in Europe threatened to slow the pace of economic recovery, while investors weighed the possibility of a move by the world’s major economies to withdraw from their strategic stocks of crude to calm energy …