Market Update

Novatek, Russia’s largest liquefied natural gas producer, said Wednesday, July 28, that its net profit more than doubled to 99.3 billion rubles ($1.35 billion), citing a recovery in oil and gas prices and production volumes. Revenue jumped 83.7% to 264.5 billion rubles.

Facebook’s earnings in the three months ended June 30 beat expectations and posted the fastest revenue growth since 2016. But Facebook shares fell 5% in after-hours trading after the social media company said it expects revenue growth to slow in the coming quarters. And earnings per share came to $3.61, …

The New York Stock Exchange (NYSE) showed a mixed performance on Wednesday, after the Federal Reserve kept interest rates unchanged at a historically low level near 0%, vowing to continue to use its full range of tools to support the economy on the road to recovery from the coronavirus crisis. …

Oil prices rose on Wednesday to their highest level in about two weeks, on the back of positive expectations following the drop in crude inventories in the United States. The inventories draw eased concerns over a slump in demand resulting from the spread of the coronavirus Delta variant. Brent crude …

Gold prices finished Wednesday down ahead of the U.S. Federal Reserve rate decision and moved lower after the release of the Fed’s policy statement amid a brief rise for the U.S. Dollar (USD). Taper talks had an immediate impact on the zero-yielding yellow metal, which remains relatively supported by inflation …

The U.S. Dollar (USD) showed a fluctuating performance on Wednesday, with the markets focusing on the Federal Reserve policy decision and statement. The greenback began moving downwards in early trades in the American session, erasing most of its daily gains during the European session that also saw some fluctuations, but …

The United States Federal Reserve announced on Wednesday that it has decided to maintain interest rates unchanged at a 0-0.25% range, and the current pace of asset purchases at $120 billion a month. The Fed will continue to increase its holdings of Treasury securities by $80 billion per month and …

European stocks finished higher on Wednesday, after declining for two days in a row, to hit a new record-high closing level, supported by positive earnings reports. The STOXX Europe 600 index added 0.66% to close at a record 461.70 points. The tech sector rebounded and led the gains, adding about …

The U.S. Dollar (USD) is on a downwards trend ahead of the release of the Federal Reserve policy statement, as the Federal Open Market Committee (FOMC) meeting concludes. The Dollar Index (DXY) that measures the greenback against a basket of six major international currencies remains in the positive territory but …

Oil prices rose on Wednesday after official data showed a decline in crude inventories in the United States last week. Crude inventories declined by 4.1 million barrels for the week ended July 23, according to the U.S. Energy Information Administration (EIA). Gasoline stockpiles fell by 2.3 million barrels and distillate …