Market Update

Oil fell by more than 2% on Monday, March 29th, after news from the Suez Canal that rescue crews managed to move the giant container ship that has been blocking the vital global trade corridor for nearly a week. Brent crude fell $1.38, equivalent to 2.1%, to $63.19 a barrel. …

Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority, announced that the Panamanian container ship Ever Given had successfully floated after the ship responded to the tension and towing maneuvers, whereby the ship’s course was significantly modified by 80% and the stern of the ship moved away from the shore …

The New York Stock Exchange (NYSE) finished Friday with large gains, supported by the rise of many sectors led by tech, healthcare, and financial services, amid positive expectations for economic recovery that reflected positively on Wall Street. The Dow Jones Industrial Average gained 453.4 points, or 1.39%, to close at …

Oil futures rose on Friday, as a stranded ship continues to block the Suez Canal, one of the world’s major trade routes, thus disrupting the flow of large crude supplies. However, crude prices finished the week in losses, amid concerns about the resurgence of the Coronavirus pandemic through a third …

Gold prices rose on Friday, despite the stability shown by the U.S. Dollar (USD), amid increased demand from investors for safe havens. However, the yellow metal was unable to recover its weekly losses, most of which resulted from the rise of the USD and the high Treasury bond yields. Gold …

The U.S. Dollar (USD) maintained some of its gains on Friday, despite the rise of the Euro and the Sterling Pound, supported by positive expectations for economic recovery in the United States. Large gains against the Japanese Yen (JPY) and the Australian Dollar (AUD) balanced off losses against the Euro …

The number of active rigs drilling for crude oil and natural gas in the United States increased by six this week to 417, data by Baker Hughes showed on Friday. The rig count is now lower by 311 rigs compared with the same time of last year. It is worth …

European stocks finished Friday higher, supported by an improved investors’ sentiment amid positive expectations for the distribution of vaccines and recovering economies. The pan-European index STOXX 600 gained 0.91% and finished at 426.95 points, nearing its all-time high as it ended the week in gains for the fourth consecutive week, …

The United Kingdom (UK) and the European Union (EU) are said to have reached an agreement to coordinate financial markets regulation following the Brexit, Bloomberg reported. The agreed upon Memorandum of Understanding (MoU) has been finalized and is pending the official procedures of approval and ratification. The agreement identifies the …

Consumer sentiment in the United States continued to rise in March, reaching its highest level in a year, data by the University of Michigan showed on Friday. The Index of Consumer Sentiment improved by 10.5% to 84.9 in March, from 76.8 in February. However, it declined on an annual basis …