Market Update

The number of rigs drilling for crude oil and natural gas in the United States remained unchanged this week, data showed on Friday. The rig count stood at 470 for the week ending June 25, according to the weekly report by Baker Hughes. The number of oil rigs decreased by …

The Australian Dollar (AUD) rose on Friday against its U.S. counterpart, as the U.S. Dollar (USD) continues to fluctuate with markets yet to clearly understand the future path of inflation and the the subsequent changes in interest rates and the broader monetary policy. The AUD/USD pair rose in earlier trades …

U.S. consumer confidence declined in late June, according to data by the University of Michigan released on Friday. The Index of Consumer Sentiment eased to 85.5 from an initial reading of 86.4 earlier this month. Compared with its reading in May at 82.9, consumer sentiment maintained an improvement.               The current …

Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, was 0.4% in May, the US Bureau of Economic Analysis reported on Friday. On a yearly basis, the PCE Price Index edged higher to 3.9% from 3.6%, compared to analysts’ estimate of 4%. Stock market futures …

European Central Bank President Christine Lagarde told European Union leaders that the Eurozone is recovering faster than previously expected, but still needs continued fiscal and monetary support so that the coronavirus pandemic does not leave a permanent scar. “Continued support of fiscal and monetary policy will be needed to avoid …

The dollar retracted in Asia Friday, June 25 as a deal on infrastructure spending in the US boosted appetite for riskier currencies, but the cautious mood ahead of key US inflation data kept losses to a minimum. The risk-sensitive Australian and New Zealand dollars rose slightly, while the euro gained …

The US Food and Drug Administration said it has authorized emergency use of Actemra to treat adult and pediatric COVID-19 patients in hospitals, and an emergency use authorization has been issued to Genentech, a unit of Roche Holdings Inc. The Food and Drug Administration said the drug could be used …

A survey showed that German consumer sentiment improved more than expected as July approached as consumers became more optimistic and wanted to buy after Europe’s largest economy lifted public isolation measures amid a significant drop in coronavirus infections. The GFK institute said its consumer sentiment index, based on a survey …

European shares approached record highs Friday, June 25, as construction-related shares tracked a jump on Wall Street on the back of a bill on infrastructure spending, while Credit Suisse rose after Reuters reported that the bank is considering a possible merger with UBS. Shares of the scandal-hit Swiss bank surged …

Japanese stocks closed higher on Friday, June 25, as cyclical and technology-related stocks followed the strong shutdown of Wall Street, but gains were capped by concerns about the country’s economic recovery as well as a cautious outlook for US stocks. The benchmark Nikkei index rose 0.66% to 29,066.18 points, while …