Market Update

Oil prices rose in today’s trading by about 3% after a container ship ran aground in the Egyptian Suez Canal and other ships accumulated inside the canal. Brent crude prices rose by about 3% to $62.7 a barrel, and Texas crude prices rose by more than 3% to about $59 …

The UK manufacturing and services sector activities continue to improve in March, the preliminary report from IHS Markit showed this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) jumped to 40-month highs of 57.9 in March versus 55.0 expected and 55.1 – February’s final reading.

Official figures showed that UK consumer price inflation fell to 0.4% in February from 0.7% in January, reflecting unusual patterns of discounts on clothing. This came against expectations in a Reuters poll for a rise to 0.8%.

Gold prices rose on Wednesday, March 24th, as US Treasury yields stabilized near their lowest level in a week, while the metal ignored the dollar’s ​​rise in the wake of the US Federal Reserve’s assertion that the inflation rate will not get out of control. Gold rose in the spot …

The Turkish lira rose more than 1% on Wednesday, March 24, to offset some of the losses it incurred after President Recep Tayyip Erdogan’s surprise decision at the weekend to change the central bank governor to the last opponent of tightening fiscal policy. The lira reached 7.8650 dollars against the …

Elon Musk announced, through his Twitter account, that his company accepted Bitcoin in exchange for buying cars produced by the company, which led to a rise in Bitcoin prices by more than 3%. The CEO of Tesla added that the Bitcoin purchase will be available to customers from outside America …

The New York Stock Exchange (NYSE) finished Tuesday lower amid expectations of a tax increase by the Biden administration to fund spending on infrastructure, combating climate change, investing in renewable energy, and job creation, as well as the $1.9 trillion stimulus package. The Dow Jones Industrial Average dropped by 308.05 …

Oil prices dropped on Tuesday and entered into a correction wave amid selling pressures and concerns about the outlook for the recovery of the global demand. A third wave of the Coronavirus pandemic and imposing new lockdown measures in Europe are diminishing hopes of a quick economic recovery and a …

Gold prices declined on Tuesday to their lowest level in more than a week, amid a rise by the U.S. Dollar (USD). The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.67% at 92.36. Gold futures for April delivery …

President of the Federal Reserve Bank of Atlanta, Raphael Bostic, said that although huge stimulus spending and easing monetary policies could lead to a rise in consumer prices, he does not expect a surge in inflation similar to what the United States witnessed in the 1970. “There is a lot …