Market Update

New home sales in the United States increased last month, as the housing market continues to show signs of strength, data showed on Tuesday. The sales of new single-family homes increased by 6.6% to a seasonally adjusted annual rate of 708,000 units in July, according to the U.S. Department of …

The Federal Reserve Bank of Philadelphia’s business activity index declined to 39.1 in August from 53.8 in July. Further details of the publication showed that the Firm-level Business Activity Index declined to 37.2 from 44.8 and the Full-time Employment Index declined to 8.2 from 24.8.

Home sales in Britain during the month of July decreased by about 63%, after reducing a tax exemption aimed at encouraging home purchases during the Coronavirus crisis. The British Tax Office said Tuesday, August 24, that the number of homes sold in July, after adjusting for seasonal factors, was 73,740, …

The British pound maintained its gains against the US dollar and the euro, although it fell slightly in early trading on Tuesday. It maintained its gains that exceeded 1% during Monday’s trading, in conjunction with the recovery of risk appetite in global markets and the recovery witnessed in stock markets …

Gold prices fell on Tuesday, August 24th but hovered above the psychologically important $1800 level, as the growing threat from increased delta cases fueled expectations that the Federal Reserve may delay easing its accommodative stance. Spot gold fell 0.1% to $1,803.53 an ounce, after jumping about 1.4% on Monday. And …

European shares continued to recover on Tuesday, August 24, after a full US approval of a vaccine to prevent Covid-19 boosted Wall Street to record highs, while the latest data showed a stronger-than-expected economic recovery in Germany. The STOXX 600 index of European shares rose 0.3% by 07:11 GMT, after …

Oil prices rose on Tuesday, August 24 after the US Food and Drug Administration granted full approval for the use of the Pfizer-BioNTech vaccine against Covid-19, raising investors’ hopes of higher fuel demand due to a possible increase in US vaccination rates. Brent crude futures rose 46 cents, or 0.7%, …

The German Federal Statistics Office said in a revision of an earlier estimate that private consumption and government spending led to a stronger-than-expected economic recovery in Germany in the second quarter, following the easing of anti-Covid-19 restrictions. The bureau added that gross domestic product grew 1.6% in the April-June quarter, …

The main indices of the New York Stock Exchange (NYSE) finished higher on Monday, with the Nasdaq hitting a new all-time closing high and the S&P 500 nearing its record high. Meanwhile, Wall Street investors seemed more optimistic about efforts to combat the coronavirus pandemic, after the Food and Drug …

The British Pound (GBP) rose on Monday against the U.S. Dollar (USD) recovering some of its recent losses last week. The GBP/USD pair gained 0.70% to reach 1.3722, in its biggest rise in a single session since July 9. The Sterling was able to snap a two-session losing streak, but …