Prominent economic institutes said that the German economy may shrink 1.8% on a quarterly basis in the first three months of this year due to the restrictions of Covid-19, a revision of their joint forecast of growth in Europe’s largest economy. Institutes now expect GDP growth of 3.7% this year, …
Read More »Reuters: Investors in Aramco Pipelines Will Refinance Bond Loans Next Year
Saudi Aramco will reduce its shipments of medium and heavy crude for August to at least six Asian buyers, sources familiar with the matter said. The Kingdom of Saudi Arabia, the largest oil producer and exporter in OPEC, to cut production and exports in compliance with the OPEC agreement, reducing …
Read More »Gold Rises as Dollar And Yields Fall And All Eyes on US Economic Data
Gold prices rose Thursday, April 15th, supported by the weak dollar and declining US bond yields, while investors awaited the weekly US jobless claims report and March retail sales data for more clarity on the recovery of the world’s largest economy. Spot gold rose 0.5% to $1744.60 an ounce. US …
Read More »European Stocks Rising to Record Levels Thanks to Corporate Earnings
European stocks hit a record high Thursday (April 15th) as rising commodity prices lifted mining companies’ shares, while some positive earnings reports dispelled concerns about the pace of immunization from COVID-19 on the continent. The European Stoxx600 index rose 0.3%, gaining for the third session, while mining and travel stocks …
Read More »Oil Settled Near Highest Level in a Month
Oil prices stabilized Thursday, April 15th, to hold near the highest level in a month after jumping about 5% in the previous session after the International Energy Agency and OPEC raised oil demand forecasts as major economies recovered from the pandemic. Brent crude rose 4 cents to 66.62 dollars a …
Read More »Nikkei Closed Almost Unchanged as Technology Stocks Capped Gains
Japanese stocks closed slightly higher Thursday, April 15th, led by cycle-related companies that will benefit from the global economic recovery and banks that have tracked their US counterparts, while a decline in technology shares curbed gains. The Nikkei index rose 0.07% to 29,642.69 points, after briefly retreating after a major …
Read More »NYSE Mixed at Close but S&P 500 Scores Another Record High
The New York Stock Exchange (NYSE) finished Wednesday trading session on a mixed note. A rise in Treasury bond yields and the release of the Federal Reserve’s Beige Book, which lowered expectations for economic growth this spring, pressured stocks, especially the tech sector. Moreover, the Beige Book expected a rise …
Read More »Oil Closes at Highest Level in a Month
Oil prices continued to rise in Wednesday, supported by the improved outlook demand from the International Energy Agency (IEA), which raised expectations for global demand for crude this year by 230,000. The IEA expects a 5.7 million-barrel a day growth in the global demand for oil in 2021 compared with …
Read More »Germany’s Economic Growth Forecasts to Be Revised Lower
Forecasts for Germany’s economic growth for this year are expected to be revised lower to 3.7% from 4.7%, Reuters reported citing sources in German economic institutes. The move comes amid preventive measures against the coronavirus pandemic and lockdowns taking longer than previously expected. Meanwhile, the estimated growth rate for 2022 …
Read More »Russian Central Bank Expecting Easing Inflation
The Central Bank of Russia said on Wednesday that it expects inflation rate to gradually decline from its 5.8% peak this month. Last month, consumer prices in Russia recorded their biggest increase since 2016. Accordingly, the Russian central bank decided in March to raise its main interest rate to 4.5%.
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