Market Update

Applications for new claims of unemployment benefits in the United States declined below 500,000 last week, data showed on Thursday. The initial claims for state unemployment benefits decreased by 34,000 to a seasonally adjusted 444,000 for the week ended May 15, according to the U.S. Department of Labor. This marked …

The new leader of the Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has warned against overconfidence in the banking sector, calling for caution. Michael Hsu, pointed to the recent Archegos Capital fund crisis, which negatively impacted a number …

The Financial Stability Review by the European Central Bank (ECB) showed on Wednesday that the low interest rates are adding to the challenge of zombie companies, noting that recovery will reveal the extent of the problem. According to the report, risks of financial stability are increasing in Europe, especially with …

The main indices of the New York Stock Exchange (NYSE) finished lower on Wednesday, following the release of the United States Federal Reserve’s April meeting minutes, which showed an intention to discuss the future of the large asset purchases in upcoming meetings. Recent mixed economic data and the Fed’s remarks …

Gold prices increased on Wednesday, extending their gains to reach a fresh level that is the highest in four months, and logging its fifth consecutive daily rise. The yellow metal gains come before the release of the United States Federal Reserve’s April meeting minutes. Gold is gaining ground on the …

The U.S. Dollar (USD) leveled up on Wednesday, to near logging its first daily rise in four sessions, after the release of the Federal Reserve’s April meeting minutes. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.48% at …

Cryptocurrencies are witnessing a correction wave with continuous declines, following recent surges to new record highs. Bitcoin is extending its losses, with the largest digital currency in terms of market capitalization, down by about 11% over the past 24 hours, trading near $38,300, extending its losses over the past seven …

Oil prices fell on Wednesday, following the release of the weekly inventories report from the United States Energy Information Administration (EIA). Data by the EIA showed an increase in U.S. crude stockpile, which prompted a decline in oil prices to their lowest level in roughly three weeks, despite the decline …

Gold prices rose on Wednesday, recovering from earlier losses on the back of a decline in the U.S. Dollar (USD) nearing its fifth consecutive daily rise. The yellow metal futures remain near their highest level in about four months ahead of the release of the U.S. Federal Reserve’s April meeting …

Annual inflation in Canada, as measured by the Consumer Price Index (CPI), rose to 3.4% in April from 2.2% in March, the data published by Statistics Canada revealed on Wednesday. This reading came in higher than the market expectation of 3.2%. On a monthly basis, the CPI arrived at 0.5% …