Market Update

US investment bank Goldman Sachs lowered its forecast for China’s oil demand in the next two months, citing mounting concerns about the impact of the next wave of COVID-19 infections. The US bank, which already trimmed its forecast last month for emerging market demand due to the delta mutant strain, …

The US dollar settled at a level slightly less than this year’s peak against the euro and touched a five-week peak against the yen before US inflation data, with a high inflation rate likely to pressure the Federal Reserve to reduce stimulus policies. The dollar received a boost from strong …

Auto sales in China declined by 11.9% in July, compared to the same month last year. Data from the China Automobile Manufacturers Association revealed that total sales in the world’s largest auto market amounted to 1.86 million vehicles in July. Sales of new energy vehicles, including battery-electric cars, gasoline-electric hybrid …

The US Labor Department said on Tuesday that labor productivity growth in the United States slowed in the second quarter, while labor costs were much weaker than expected in the first quarter. Non-farm productivity, which measures hourly output per worker, rose 2.3% on-year in the past quarter. The data for …

Gold prices rose, as fears of a rise in covid-19 cases with the mutated strain of the Coronavirus outweighed pressures from the rise in the dollar and bond yields, while investors awaited inflation data in the United States due to being released later today. Spot gold rose 0.2% to $1,732.61 …

Oil prices closed higher on Tuesday for the first time in three sessions, amid improved expectations for demand recovery after the U.S. Senate passed a huge infrastructure package. Brent crude oil futures for October delivery gained $1.59, or 2.30%, to close at $70.63 per barrel. The West Texas Intermediate futures …

Gold prices rose on Tuesday, despite the rise of the U.S. Dollar (USD) across the board, with investors tempted by the relatively low levels that the yellow metal has reached following recent declines. Gold front-month futures closed higher by $5.40, or 0.31%, at $1,728.8 per ounce. This market the largest …

U.S. stocks rose on Tuesday with the Dow and S&P 500 indices closing at new record highs after the Senate passed a $1 trillion infrastructure bill. Wall Street investors are seemingly optimistic about the prospects for increased public expenditure on infrastructure and public services, as it could create many jobs …

Robinhood announced that it has agreed to purchase Say Technologies shares in a $140 million deal. The trading platform company’s stock is down for the day by about 4.72% at $54.15. The acquired communication platform provides investors with engaging features such as voting, viewing documents, management, and follow-up tools. The …

European stocks finished higher on Tuesday, logging another record-high closing level and maintaining an upward record-breaking rally for the seventh consecutive session. The STOXX Europe 600 index added 1.64 points or 0.35% and hit a record 472.32 points. The UK’s FTSE100 gained 0.40%, the German DAX rose by 0.16%, while …