Market Update

The United States services sector expanded with a relatively slower pace in April, data showed on Wednesday. The Institute for Supply Management (ISM) non-manufacturing activity index declined to 62.7 in April from a reading of 63.7 in March, which was a new record high. The services sector’s new orders index …

Business activity accelerated in the euro area last month, as the dominant service sector in the region ignored renewed lockdown measures and resumed growth, according to a survey on Wednesday that also indicated that companies are facing rising raw material costs. Europe is facing a third wave of the Coronavirus, …

European stocks recovered on Wednesday May 5th from a sharp sell-off in the previous session, as higher commodity prices contributed to the rise in mining companies’ shares, while the business results season maintained positive momentum, improving sentiment in the markets. The European Stoxx600 index rose 0.8% in early trade, the …

The dollar tried to extend its gains Wednesday May 5th amid talk of a possible US interest rate hike and a wave of tech stocks selling undermining risk appetite. Yesterday’s recovery in the dollar pressured the euro, which fell to $1.2021 and threatens to break an important support range between …

The head of the medical sector in the Canadian province of Alberta said in a statement that the province witnessed the first death related to the AstraZeneca vaccine against Covid-19 disease. Late on Tuesday, he said that a woman in her 50s had died after being injected with the vaccine. …

Gold prices rose on Wednesday, May 5, supported by the dollar’s decline, but the gains were limited after US Treasury Secretary Janet Yellen said interest rates may need to be raised. Spot gold rose 0.2% to 1,781.13 dollars an ounce. US gold futures rose 0.3% to $1781.50. The dollar index …

Oil prices rose on Wednesday, May 5, continuing the gains from the previous session after industry data indicated that US crude inventories fell by much more than expected last week, reinforcing positive views of fuel demand in the world’s largest economies. US West Texas Intermediate crude futures rose 48 cents, …

Oil prices rose on Tuesday for the second consecutive session, supported by positive expectations about easing preventive measures against the Coronavirus pandemic. Brent crude futures for July delivery gained $1.32, or 2%, to close at $68.88 per barrel. Meanwhile, the U.S. West Texas Intermediate (WTI) June futures increased by $1.20, …

Gold closed lower on Tuesday, after remarks by the U.S. Treasury Secretary, Janet Yellen, pointed to a possible interest rate hike to prevent the economy from overheating. Recent remarks by Fed officials indicated that despite recovery signs the economy is yet to achieve the central bank’s employment and price stability …

The United States Secretary of the Treasury, Janet Yellen, suggested on Tuesday that raising interest rates might be necessary in order to avoid the economy overheating amid increased government stimulus spending and investment plans. “It may be that interest rates will have to rise somewhat to make sure that our …