Market Update

European stocks closed higher on Wednesday after the European Commission increased its expectations for economic growth in the Eurozone. The European Union is now projecting the Eurozone gross domestic product (GDP) to grow by 4.8% in 2021 and 4.5% for 2022. The STOXX Europe 600 index rose by 3.55 points, …

U.S. consumer confidence declined this month, as the IBD/TIPP Economic Optimism Index dropped 3.7% from 56.4 in June to 54.3 in July. Nevertheless, the index remained in the positive territory, above 50.0, for the seventh consecutive month. The Presidential Leadership Index fell by 8% from 61.2 last month to 56.3, …

Economic activity in Canada expanded last month showing more signs of recovery, Ivey Purchasing Managers Index (PMI) data showed on Wednesday. The Canadian seasonally adjusted Ivey Purchasing Managers’ Index (PMI) increased in June to 71.9 from 64.7 in May. This marked the highest reading for the index since March. The …

Job openings in the United States increased to hit a new record high in May, data by the U.S. Department of Labor showed on Wednesday. The Job Openings and Labor Turnover Survey (JOLTS) monthly report showed that job openings rose by 16,000 to reach 9.2 million by the end of …

Japan is considering banning all spectators from participating in the Olympics, Reuters reported on Wednesday, with authorities expected to declare a state of emergency in Tokyo to contain coronavirus cases 16 days before the Olympic Games. In this regard, Prime Minister Yoshihide Suga said that his government will decide on …

According to Russian news agency TASS, OPEC+ producers will not be holding a meeting this week to break the impasse in the output strategy. “This week will be difficult. Negotiations are in progress, and there are no signs yet that the meeting will take place this week. The problem remains …

The Suez Canal Authority signed an agreement with the company that owns the Panamanian container ship EverGiven on secret terms that were not disclosed, during a meeting held by the authority on Wednesday, July 7, in the presence of the Authority’s Chairman Osama Rabie and representatives of the Japanese company …

German Finance Minister Olaf Scholz said on Wednesday said that the global tax reform will happen “very quickly “and become a practice in 2023. “Do not expect hurdles to moving ahead with a planned global tax reform at a G20 meeting in Venice.”

The European Commission is out with its latest quarterly economic projections, raising the Eurozone growth and inflation estimates for this year while warning about the risks posed by new variants of the coronavirus. Raises forecast for Eurozone GDP growth to 4.8% in 2021 from 4.3%, to 4.5% in 2022 from …

The euro traded near a three-month low against the dollar on Wednesday after German data raised doubts about the strength of the economic recovery, while the US currency awaited the minutes of the Federal Reserve’s latest meeting. The single European currency was trading at $1.1820, after touching a three-month low …