Market Update

The main indices of the New York Stock Exchange (NYSE) closed lower on Friday, amid concerns about the hawkish tone by the Federal Reserve, with Wall Street worrying about raising interest rated sooner than expected. The Dow Jones Industrial Average declined by 533.37 points, or 1.58%, and closed at 33,290 …

Oil prices rebounded on Friday, with crude futures recovering on the back of positive expectations for demand recovery despite the U.S. Dollar (USD) surge after the hawkish change in tone by the Federal Reserve. Brent crude futures for August delivery increased by 43 cents, or 0.6%, and closed at the …

Gold prices declined on Friday for the second session in a row, as the U.S. Dollar (USD) continued to rise against major currencies, extending the downward trend for the third consecutive week. The yellow metal’s most active contract finished the week at its lowest closing level in about seven weeks. …

The Prime Minister of Italy, Mario Draghi, has called for more stimulus in Europe to restore pre-pandemic economic growth. The former President of the European Central Bank (ECB) believes the lingering uncertainty provides ground for more monetary and fiscal stimulus, calling for extra efforts. Draghi says that after protecting the …

European stocks maintained a downward trend on Friday, with the banking and energy stocks leading the losses following the hawkish change in tone by the U.S. Federal Reserve, which prompted concerns about raising interest rates sooner than expected. The STOXX Europe 600 index plunged by 1.58% as it closed at …

The Bank of England (BoE) is expected to begin raising interest rates in the second or third quarter of next year, according to recent forecasts by a number of major banks, Bloomberg reported. The Bank of America Merrill Lynch (BofA) and Credit Suisse previously ruled out a rate hike before …

The European Central Bank (ECB) has extended a EUR 70 billion capital relief measures for Eurozone banks for another nine months. ECB will allow 39 banks to continue excluding holdings at central banks in calculating the mandatory leverage ratios. The measure which helps lenders supply credit amid recovery from the …

OPEC sources said that OPEC officials have heard from industry experts that US oil production growth will likely remain limited in 2021 despite higher prices, giving the organization more leverage to manage the market in the short term before a possible strong increase in shale crude production in 2022. Officials …

Gold prices rose today, Friday, by 1%, as the pause in the dollar’s rise to catch its breath compensated for some of its large losses driven by the US Federal Reserve’s shift towards a monetary tightening tone. Spot gold rose 1.1% to $1,792 an ounce but fell 4.5% for the …

Data from the Public Health Authority in Britain revealed a significant new increase in weekly infections with the Delta strain of the Coronavirus after Prime Minister Boris Johnson decided to postpone the final lifting of the restrictions on the general closure. The Public Health Authority detected 33,630 new infections with …