Market Update

The economic activity of the United States services sector expanded during January for the eighth consecutive month, according to the latest Services ISM Report on Business, which was released on Wednesday. The report of the Institute for Supply Management (ISM) Services Business Survey showed that the Services purchasing managers’ index …

The United States services sector’s purchasing managers’ index (PMI) expanded in January, showing that the U.S. economy is recovering from the impact of the Coronavirus pandemic, data by IHS Markit showed on Wednesday. The seasonally adjusted final IHS Markit US Services PMI Business Activity Index rose to 58.3 in January …

The United States private sector output last month witnessed its first broad-based upturn since October 2020, according to data by IHS Markit on Wednesday. The Sector Purchasing Managers’ Index (PMI) showed that all seven categories monitored by the series registered an expansion of business activity during January. Healthcare maintained a …

The dollar rose to a two-month high against the euro on Tuesday as markets believed the United States’ recovery from the coronavirus pandemic would likely be faster than Europe. This view was reinforced by moves in Washington towards more stimulus spending, in contrast to European closures and expectations of a …

Employment in the US’ private sector increased by 174,000 in January, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading beat the market expectation of 49,000 by a wide margin. Furthermore, December’s reading got revised up to -78,000 from -123,000.

Inflation in the Eurozone rose well above expectations last month, driven by rising energy costs and a tax increase in Germany, to pose a potential challenge to the European Central Bank. Inflation has been below the European Central’s target of nearly 2% for most of the past 10 years. The …

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 …