Market Update

Oil prices rose on Wednesday, after data showed a big drop in U.S. crude inventories last week, and on the back of the recent OPEC+ agreement to reduce production levels. Brent crude futures for March delivery rose by 70 cents, or 1.3%, to finish at $54.30 per barrel. Meanwhile, the …

Gold prices dropped on Wednesday, due to the surge in Treasury bond yields in the United States to their highest level since March of last year. The yellow metal futures for February delivery declined by $45.80, or 2.3%, to close at $1,908.60 per ounce. Meanwhile, silver futures for March delivery …

New factory orders in the United States rose strongly during November, data by the U.S. Department of Commerce showed on Wednesday. Factory orders increased by 1% in November, after rising by 1.3% in October, exceeding market expectations. On an annual basis, orders declined by 7.3%. In addition, orders for non-defense …

Crude oil inventories in the United States declined last week by more than expected, data showed on Wednesday. The U.S. Energy Information Administration (EIA) weekly reported showed that crude oil stockpiles decreased by 8 million barrels in the week ending on January 1 to a total of 485.5 million barrels. …

European stocks closed Wednesday higher amid an improved investors’ sentiment supported by the rollout of new Coronavirus vaccines. The STOXX Europe 600 gained 1.6% on the back of strong gains by the banking sector. In the United Kingdom (UK), the FTSE100 index surged by 3.47%. Meanwhile, the French CAC40 and …

Inflation in Germany, as measured by the Consumer Price Index (CPI), was 0.5% in December, Destatis reported in its flash estimate on Wednesday. This reading followed a 0.8% decline in November but missed the market expectation of 0.5%. The annual CPI stayed unchanged at -0.3%.

Employment in the US’ private sector decreased by 123,000 in December, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday.

Gold prices hit a two-month high on Wednesday, with the dollar retreating due to growing expectations that Democrats will win the run-off in the US Senate elections in Georgia, which is likely to support the adoption of additional fiscal stimulus packages. During the session, gold rose in spot transactions to …

The dollar fell on Wednesday as Democrats advanced in the run-off election that will determine who will control the US Senate and could pave the way for lavish spending under the administration of President-elect Joe Biden. The euro crossed a major resistance level, reaching a 32-month high, while the US …

A survey showed that economic activity in the Eurozone recorded a more severe contraction than previously thought at the end of 2020 and may deteriorate further with the renewal of the general isolation restrictions imposed to contain the Coronavirus, which has affected the services sector that dominates the bloc. With …