Market Update

The main indices of the New York Stock Exchange (NYSE) finished mostly higher on Wednesday, with Wall Street investors digesting the Federal Reserve Chairman Jerome Powell’s testimony before lawmakers, in which he vowed patience and no rush in raising interest rates in response to the rising inflation. Powell expects inflationary …

Oil prices closed lower on Wednesday after news reports pointed to expectations of an agreement between major producers about output policy in the coming months. Sources reportedly told Bloomberg that the OPEC+ alliance is planning another meeting soon to close the deal, while other media reports said that an agreement …

Gold prices rose on Wednesday to finish at their best level in about a month, supported the decline of the U.S. Dollar (USD) and Treasury bond yields after the Federal Reserve Chairman Jerome Powell assured Congress that the high inflation will eventually ease. This means that the Fed will be …

Stocks in Europe closed lower on Wednesday, with investors reacting to the recent surges in inflation rates in both the U.S. and the U.K, with June’s readings of the consumer prices index (CPI) in both countries exceeding market expectations. STOXX Europe 600 lost 0.40 points, or 0.09%, to close to …

The U.S. Energy Information Administration (EIA) on Wednesday reported another decline in crude oil inventories for the eighth consecutive week. Crude oil inventories decreased by 7.9 million barrels for the week ended July 9. The eighth consecutive weekly fall in oil supplies, despite being expected, has exceeded most market expectations. …

The Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following the July policy meeting as expected. However, the BoC decided to reduce the target of weekly net asset purchases of the government of Canada bonds to C$2 billion from C$3 billion.

The Producer Price Index (PPI) in the US for final demand rose to 7.3% on a yearly basis in June from 6.6% in May, the data published by the US Bureau of Labor Statistics showed on Wednesday. This reading beat the market expectation of 6.8% by a wide margin. On …

Manufacturing Sales in Canada contracted by 0.6% on a monthly basis in May, the data published by Statistics Canada revealed on Wednesday. This reading followed April’s decline of 2.1% and came in worse than the market expectation for an increase of 1%.

Gold prices rose on Wednesday, July 14th, after receiving a boost from falling US Treasury yields and the dollar Gold touches a high of 1825 as we mentioned in our morning report after it got the bullish momentum at 1797 taking advantage of falling USD. The yellow metal rose after …

Markets are looking forward to Wednesday’s decision on interest rates by Bank of Canada, and it is widely expected that the Bank of Canada will leave the interest rate unchanged (0.25%). reduce weekly asset purchases to $2 billion Here are the expectations as forecast by the economists and researchers of …