Market Update

Saudi Arabia is reportedly proposing more output cuts during the month of February during the OPEC+ summit, Reuters reported. The Kingdom believes maintaining production curbs is essential to restoring the global oil market balance, despite an improved outlook due to the rollout of Coronavirus vaccines. This comes as worries about …

The International Monetary Fund (IMF) is seeing the global economy beginning 2021 in a better position compared to what was expected in 2020 due to the Coronavirus pandemic. The IMG chief economist Gita Gopinath told CNBC on Tuesday that the world’s economy is starting the New Year at a somewhat …

General Motors (GM), which is listed on the New York Stock Exchange (NYSE) on Tuesday reported a 4.8% rise in sales across the United States during the fourth quarter (Q4) of 2020, Reuters reported. The rise in sales is supported by increased demand for new motor vehicles during the Coronavirus …

Factory activity in the United States expanded to its highest level in nearly two and a half years during December, with the American economy recovering from the impact of the Coronavirus pandemic. The pandemic is reportedly leading to increased demand for goods compared with services, however, the rising number of …

European stocks closed lower on Tuesday, after a mixed performance and fluctuating through the second session of 2021. The STOXX Europe 600 index finished down by 0.2%. In the UK. The FTSE100 index rose by 0.61%, showing a positive performance supported by an improved sentiment after the completion of the …

The US Dollar (USD) continues to decline on Tuesday, amid improved risk sentiment among investors supporting other currencies. The Dollar Index (DXY), which measures the greenback performance against a basket of six major international currencies, is down by 0.17% at 89.72. The index has been moving today in a range …

Oil prices rose nearly a dollar on Tuesday as tensions escalated after Iran seized a South Korean ship and as OPEC+ considers a possible production cut in February. Brent crude for March delivery increased 96 cents to $52.05 a barrel, while US West Texas Intermediate crude for February delivery was …

The British government has recommended giving a second dose of the vaccine with a gap of 12 weeks instead of two weeks, in an effort to give more people a first dose and some initial protection against Covid-19. Accordingly, BioNTech and Pfizer responded to the decision, saying that there is …

The dollar fell against a basket of major currencies on Tuesday after China raised the official exchange rate of the yuan to its highest level in 30 months, boosting demand for other currencies. The Bank of China set the official midpoint of the yuan at more than 6 per dollar …

According to data from the Turkish Ministry of Trade, Tuesday, Turkey’s trade deficit increased by more than 69% to about $ 50 billion last year, according to the general trade system. Ministry data showed that imports increased by more than 4% to more than $ 21 billion in 2020, while …