Market Update

Retail Sales in the US rose by 0.6% to $621.3 billion in June following May’s contraction of 1.7% (revised from -1.3%), the data published by the US Census Bureau revealed on Friday. This reading came in better than the market expectation for a decline of 0.4%.

The number of people killed in floods in western Germany jumped to 103, from 93, bringing the total number of flood victims in western Europe to at least 117, the authorities said on Friday, while Germany’s largest electricity distribution company (SE:5110) said that 114 were out of power. A house …

Oil prices rose on Friday but were still heading for their biggest weekly decline since at least May, as expectations of increased supplies spooked investors. Brent crude rose 37 cents, or 0.5%, to $73.84 a barrel, and is set to lose 2.3% this week, the biggest weekly decline since May. …

Official data on Friday confirmed a slowdown in eurozone inflation in June after a steady acceleration in the first months of 2021, while the bloc’s trade surplus narrowed in May due to a decline in exports. The European Union statistics office Eurostat said consumer prices in the 19-nation currency bloc …

The Turkish lira rose to its highest level in a month on Friday, buoyed by fading fears of an imminent interest rate cut as well as increasing optimism over emerging market currencies. The lira rose 0.6% to 8.5 per dollar, extending its recovery from a record low of 8.88 in …

Gold prices fell on Friday, July 16, but remained on track to achieve gains for the fourth consecutive week, supported by the confirmation of the US Federal Reserve Chairman to stick to the accommodative monetary policy of the economic recovery. And the price of gold in spot transactions fell 0.3% …

European shares rose on Friday, July 16, after travel stocks rebounded, following sharp losses earlier in the week, while a slew of positive business results overshadowed concerns about the rising delta strain cases on the continent. The European STOXX 600 index rose 0.3%, making it destined to end the week …

Oil prices fell Friday, July 16, heading for their biggest weekly drop since at least May. Expectations of an increase in supply raised investor concerns, as OPEC is likely to raise production in line with a possible recovery in demand as more countries recover from the Covid-19 pandemic. The price …

The U.S. Treasury Secretary, Janet Yellen, is worried about housing costs, expecting high inflation to remain for several months before easing. The housing market remains in a better position compared to the time prior to the 2008 market crash, Yellen told CNBC “It’s a very different phenomenon but I do worry …

New business applications in the United States decreased by 9.8% to a seasonally adjusted 448,553 in June, official data showed on Thursday. This marked the first time for applications to start a new business in the U.S. to decline since February. A seasonally adjusted 51,543 applications were received from corporations, …