Market Update

The United States Senate is developing a plan that will require foreign visitors to be fully vaccinated against the coronavirus (COVID-19), Reuters reported on Wednesday, citing a White House official. The move comes in line with the preventive measures taken with the expected easing of travel restrictions. The CDC recently …

The New York Stock Exchange (NYSE) closed mostly lower on Wednesday, with Wall Street investors reacting to a weaker than expected jobs data and remarks by the Federal Reserve Vice Chairman Richard Clarida on recovery from the pandemic. The Dow Jones Industrial Average lost 323.73 points, or 0.9%, to close …

Oil prices extended losses on Wednesday for the third consecutive session, after data showed an increase in crude inventories in the United States against market expectations, coupled with a weaker than expected ADP jobs report. Pandemic-related concerns and fears surrounding demand recovery from the coronavirus crisis with the spread of …

Gold futures finished nearly unchanged on Wednesday amid a rebound by the U.S. Dollar (USD) and an improved investors’ sentiment. The yellow metal maintained modest gains, with front month futures gaining 40 cents, or 0.02%, to close at $1,810.50 per ounce. A weaker than expected ADP jobs report in the …

Europe’s stocks logged another all-time high closing level on Wednesday, supported by an improved investors’ sentiment pushed by the recent positive earnings reports. Pandemic-related concerns with the spread of the Delta variant had a lesser impact on European exchanges today, with positive economic data easing worries about economic recovery. Business …

Crude oil inventories in the United States increased by 3.6 million barrels last week, the Energy Information Administration (EIA) reported on Wednesday. Meanwhile, gasoline inventories declined by 5.3 million barrels in the week ended July 30, and distillate stockpiles rose by 800,000 barrels. The rise in crude supplies comes against …

The Vice Chairman of the United States Federal Reserve, Richard Clarida, said on Wednesday that an interest rates hike could be suitable by the end of next year. With the economy continuing to grow, the labor market recovering, and inflation remaining above 2% in line with the Fed’s new guidelines, …

The economic activity in the US services sector continued to expand in July, albeit at a softer pace than it did in June, with the Markit Services PMI declining to 59.9 (final) from 64.6. Further details of the publication showed that the Composite PMI edged lower to 59.9 from 63.7 …

General Motors made a profit less than Wall Street’s second-quarter earnings expectations despite posting solid profits and raising year-on-year guidance. GM’s second-quarter profit fell by about $1.3 billion due to warranty recovery costs, including $800 million related to the Chevrolet Bolt EV. The electric vehicle was recalled twice in the …

Employment in the US’ private sector increased by 330,000 in July, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. This reading followed June’s increase of 680,000 and missed the market expectation of 695,000 by a wide margin.