Market Update

Amazon announced Tuesday that Jeff Bezos, the CEO, will step down later this year, turning the helm over to Andy Gacy, the company’s cloud chief executive. Bezos will move to take over the position of CEO of the Amazon Board of Directors. Bezos founded Amazon in 1994 and has since …

According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at 0.9% in the first month of 2021, above expectations of 0.5% and -0.3% previous. The core figures came in at 1.4% in January when compared to 0.9% expected and 0.2% recorded in December.

The UK services sector activity contracted less-than-expected in January, the final report from IHS Markit confirmed this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 39.5 in January versus 38.8 expected and a 38.8 – last month’s flash reading.

Oil prices increased, after reaching their highest levels in nearly a year in the previous session, supported by an unexpected drop in crude and gasoline inventories in the United States, which fueled hopes for a recovery in demand at a time when OPEC+ expects the market to record a deficit …

European stocks rose for the third session in a row on Wednesday, while focus remained on a day filled with earnings announcements, as positive sentiment extends from Asian markets thanks to hopes for a faster global economic recovery. Siemens’ shares rose 1.8% after the German engineering firm raised its forecast …

Japanese shares closed higher on Wednesday, while carrier stocks led the gains, as market sentiment was supported by a rally led by technology companies on Wall Street last night and expectations of strong profits for local companies. The benchmark Nikkei index rose 1% to 28,646.50 points, while the broader Topix …

Oil prices scored high gains on Tuesday, supported by the commitment of major producers to output curbs. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, an alliance known as OPEC+ agreed last month on extending the output cuts during February, with Saudi Arabia vowing …

Gold prices decline on Tuesday, as the U.S. Dollar (USD) rose across the board against major currencies. The yellow metal futures for April delivery lost $30.50, or 1.6%, to close at the level of $1,833.40 per ounce. Meanwhile, silver futures lost all of their Monday gains, which helped it rise …

The Canadian Dollar (CAD) rose on Tuesday against major currencies on Tuesday, supported by the rise of crude oil prices to their highest level in a bout to a year. Today, the CAD topped the G10 currencies performance against the U.S. Dollar (USD). The CAD is up against its U.S. …

Bitcoin could surge to new unprecedented highs, amid increased interest from institutional investors. The world’s largest cryptocurrency in terms of market capitalization could go as high as $535,000 if corporate buyers convert 10% of their cash reserves to Bitcoin, according to a recent report by Ark Invest cited by CoinTelegraph. …