Market Update

Japan shares closed lower on Wednesday, hurt by chip-related stocks, as concerns about rising COVID-19 cases ahead of the Olympics dampened sentiment. The Nikkei index fell 0.96% to close at 28366.95 points, while the broader Topix index fell 0.86% to 1937.68 points. Chip-related stocks tracked the decline in the Philadelphia …

German industrial production fell 0.3% in May for the second month in a row, according to data released Wednesday, July 7, in a new indication of supply bottlenecks slowing the recovery in Europe’s largest economy. The German Federal Statistical Office said industrial output fell by 0.3%, unlike Reuters polls that …

Gold prices consolidated on Wednesday, July 7th, near the psychologically important $1,800 an ounce level, supported by lower US Treasury yields, while investors awaited the minutes of the Federal Reserve’s June meeting for more indications on its monetary policy outlook. Spot gold rose 0.1% to $1,797.84 an ounce, after hitting …

The U.S. Treasury Secretary, Janet Yellen, plans to discuss with her G20 peers raising the global minimum corporate tax rate above the 15% level, which was recently agreed by 130 countries. G20 Finance Ministers and Central Bank Governors are meeting at a two-day summit in Venice, Italy on July 9-10. …

The New York Stock Exchange (NYSE) began the week with a mixed performance, following a long weekend at Wall Street due to the Independence Day holiday. While the Dow and the S&P indices finished lower, th Nasdaq achieved modest gains to close at a new record high. The Dow Jones …

The U.S. Dollar (USD) showed a fluctuating performance on Tuesday but maintained the positive trend for almost all of the American session after data showed the U.S. services sector maintained growth last month but at a relatively slower pace compared with the record level seen in May, as shown by …

Oil prices dropped on Tuesday, finishing with huge losses, amid uncertainty about the outlook for production policies by major crude producers. Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies could not reach an agreement on the output policy starting August. Brent crude futures for September …

Gold prices finished higher on Tuesday after PMI data showed continuous expansion in the U.S. services sector but at a slower pace in June after recording a new high in May. A drop in the U.S. Treasury bond yields also provided support for the yellow metal, as the 10-year and …

European stocks closed lower on Tuesday after the release of mixed economic data and on the regional and local levels. Eurozone retail sales increased more than expected in May, by 4.6%, according to data by Eurostat. Meanwhile, industrial orders in German unexpectedly dropped by 3.7% in May, marking its biggest …

The seasonally adjusted final IHS Markit U.S. Services Purchasing Managers’ Index (PMI) Business Activity Index registered 64.6 in June, down from 70.4 in May, data showed on Tuesday. The reading comes slightly below the earlier flash estimate of 64.8, according to IHS Markit. The latest expansion in output was the …