Market Update

Oil prices surged on Thursday, amid anticipation for the outcomes of the OPEC+ ministerial meeting, which is expected to announce tomorrow its decision on output policy for August and beyond. The decision has now been delayed twice from Wednesday to Friday, amid discussion about easing production cuts by about 400,000 …

Gold prices rose on Thursday for the second consecutive session, amid the U.S. Dollar (USD) continued rise to its highest level in about three months, on the back of positive economic data. Gold futures for August delivery increased by $5.20, or 0.30%, to close at $1,776.80 per ounce. Over the …

The OPEC+ alliance ministerial meeting decided to delay the decision on output policy until Friday, according to recent media reports. It was reported that the alliance was near an agreement on raising production levels by about two million barrels per day between August and December through an increase of about …

Construction spending in the United States declined last month against market expectations, despite the increasing private homebuilding activity, amid decline in public and nonresidential, data showed on Thursday. Construction spending fell by 0.3% in May, following a slight increase of 0.1% in April, according to the U.S. Department of Commerce. …

Manufacturing activity in the U.S. expanded last month, however, employment declined for the first time in seven months, data showed on Thursday. The manufacturing purchasing managers’ index (PMI) leveled down to 60.6 in June, from 61.2 in May, according to the Institute for Supply Management (ISM). The PMI reached its …

Manufacturing activity in the United States stabilized in June, according to recent data. The seasonally adjusted IHS Markit U.S. Manufacturing Purchasing Managers’ Index (PMI) registered 62.1 in June, maintaining its reading in May. However, the reading came below the previous flash estimate of 62.6. Operating conditions registered its best improvement, …

The S&P 500 index started the second half of the year at record levels on Thursday after data showed that the number of weekly applications for unemployment benefits came in less than expected, while Walgreens shares gained after the company raised its forecast for annual profits. The S&P 500 index …

There were 364,000 initial claims for unemployment benefits in the US during the week ending June 26, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading came in better than the market expectation of 393,000 and followed the previous print of 415,000.

Citing two sources with the knowledge of the matter, Reuters reported on Thursday that the OPEC+ is likely to ease oil output cuts by around 2 million barrels per day between August and December. Crude oil jumped on the news and was seen at its highest level since October 2018 …

Manufacturing activity in the Eurozone increased in June at the fastest pace on record, a survey showed on Thursday, July 1 also showed that factories faced the largest increase in raw material costs in well over two decades. The final reading of the IHS Markit Manufacturing Purchasing Managers’ Index rose …