Market Update

Crude oil inventories in the United States increased by about 7.4 million barrels last week, according to data by the American Petroleum Institute (API) on Tuesday. Gasoline inventories declined by 9.9 million barrels, while distillate stockpiles fell by 9.1 million barrels. Earlier today, Brent crude futures for May delivery fell …

Gold prices rose on Tuesday, after declining for five straight sessions, amid a decline in Treasury yields that also pushed the U.S. Dollar (USD) lower. The yellow metal futures for April delivery gained $10.60, or 0.6%, to close at $1,733.60 per ounce. Gold settled on Monday at its lowest level …

European stocks closed higher on Tuesday, amid a decline in Treasury yields leading to an improvement in investors’ sentiment. The pan-continental STOXX Europe 600 index finished higher by 0.19% at 413.23 points, following its strong performance on Monday. The French CAC40 index rose by 0.29%, while the German DAX gained …

The Canadian Dollar (CAD) rose against its U.S. counterpart despite the decline of crude oil prices, after data showed that Canada’s real Gross Domestic Product (GDP) expanded by 0.1% in December, which came below market expectations. Figures published by Statistics Canada showed on Tuesday that the November reading was revised …

The U.S. Dollar (USD) gave up all of the gains that it recorded earlier today during the European session and turned to the negative territory earlier in the American session as U.S. Treasury yields continued to decrease from its record levels. The Dollar Index (DXY), which measures the greenback’s performance …

The ISM-New York current business conditions index decreased by 15.7 points to a nine-month low of 35.5 in February, according to the ISM-New York Monthly Report on Business. This reading showed a decline from the January level of 51.2, a level that represented a loss of 10.1 points. The Six-Month …

The producer price index (PPI) in Brazil registered its second highest increase on record since 2014, according to official data by IBGE released on Tuesday. The PPI increased by 3.36% in January compared with its level in December 2020. It is worth noting that the highest level for the index …

Canada’s Real Gross Domestic Product (GDP) expanded by 0.1% in December, the data published by Statistics Canada showed on Tuesday. This reading came in weaker than the market expectation of 0.3%. On a positive note, November’s reading got revised up to 0.8% from 0.7%.

Trade Ministry data showed that Turkey’s trade deficit amounted to $3.36 billion in February, an increase of 10.7% over the previous year, while exports jumped 9.6%, hitting a record high on a monthly basis. Exports increased to $16.012 billion last month, while imports increased 9.8% to $19.37 billion, according to …

The unemployment rate in Germany rose during the month of February for the first time since last June, according to data released today, Tuesday, which dashed expectations of a decrease in the number of measures aimed at curbing the Coronavirus. For its part, the Labor Office said that the number …