Market Update

Bitcoin rose on Friday, extending its recent rally of new surges to unprecedented record high levels. The biggest cryptocurrency rose by 6.78% over the next 24 hours to $55,584.60. The digital currency has extended its gains over the past seven days to around 17.20%. In addition, Bitcoin reassured its position …

Oil prices declined on Friday, amid expectations that major crude producers forming the OPEC+ alliance could decide to raise output next month. The fall in oil prices comes despite the continuity of cold weather conditions, due to a strong winter storm that led to the shutdown of major oil facilities, …

Gold prices rose on Friday for the second consecutive session, narrowing their weekly losses that remained the biggest since the first week of the year. A decline by the U.S. Dollar (USD) across the board against major international currencies helped the rise of the yellow metal, which still scored weekly …

The number of active oil rigs in the United States declined this week, seeing their first weekly decrease since November 2020, according to data by Baker Hughes. Oil rigs in the U.S. decreased by one to a total of 305 this week, while rigs drilling for natural gas increased by …

European stocks rose on Friday, extending their gains for the third consecutive week, amid improved investors’ sentiment that was supported by positive earnings reports by leading listed companies and positive economic data that fueled hopes for recovery from the Coronavirus pandemic. The STOXX Europe 600 index finished higher by 0.5%, …

Retail sales in Canada declined by 3.4% in December to CAD 53.38 billion ($42.37 billion), data by Statistics Canada showed on Friday. This marked the biggest monthly decline in Canadian retail sales since April, as renewed lockdown measures against the Coronavirus vaccines led to the shutdown of many outlets and …

Sales of existing homes in the United States increased during January by 0.6% compared with their level in December, data by the National Association of Realtors showed on Friday. Last month, sales reached a seasonally adjusted annual rate of 6.69 million units, rising by 23.7% on an annual basis, and …

Businesses in the United States showed their strongest monthly output expansion in about six years this month, data showed on Friday. As the American economy is recovering from the impact of the Coronavirus pandemic, the service sector activity expanded and the manufacturing sector maintained output growth at a slightly slower …

Goldman Sachs said in a note that a wave of freezing weather in Texas caused blackouts and disruptions to refineries and pipelines that would have a limited and only temporary impact on the global oil market. Oil prices fell by up to 2% on Friday, due to fears that the …

The data from the UK showed on Friday that the CBI’s Manufacturing Order Book Balance rose to -24 in February from -38 in January and surpassed the market expectation of -35.  Furthermore, the Manufacturing Output Expectations Balance jumped to -2 from -24 in January.