Oil prices fell by more than 1% today, Friday, to continue declines recorded overnight, due to fears that refineries will take time to resume operations after a wave of freezing weather in the American South, causing a gap in demand, while OPEC+ supplies are expected to rise. Brent crude futures …
Read More »German Services Sector Records Its Biggest Contraction in 9 Months
The preliminary reading for service PMI in Germany showed a drop to 45.9 in February 2021 versus 46.7 last and below expectations of 46.5. Soft figures indicated the fastest decline in service production since May of last year, As isolation measures due to Coronavirus continue to weigh on service activity
Read More »German Preliminary Manufacturing PMI Came at 60.6 in Feb
The German manufacturing sector expanded more-than-expected in February, the preliminary manufacturing activity report from IHS/Markit research showed this Friday. The Manufacturing PMI in Eurozone’s economic power house came in 60.6 at this month vs. 56.5 expected and 57.1 prior.
Read More »UK Retail Sales Miss Estimates With 8.2% MoM in January
The UK retail sales came in at -8.2% over the month in January vs. -2.5% expected and 0.3% last. The core retail sales, excluding the auto motor fuel sales, stood at -8.8% MoM vs. -2.6% expected and 0.4% last. On an annualized basis, the UK retail sales dropped by 5.9% …
Read More »Eurozone Preliminary Manufacturing PMI Arrives at 57.7 in Feb
The Eurozone manufacturing sector activity improved more-than-expected this month, the latest manufacturing activity survey from IHS/Markit research showed on Friday. The Eurozone Manufacturing purchasing managers index (PMI) improved from 54.8 in January to 57.7 in February and beat 54.4 expectations while the Services PMI dropped to 44.7 in Feb vs. …
Read More »European Shares Rise on Positive Earnings From Hermes
European stocks rose as a positive earnings report from Hermes bolstered confidence in a broader economic recovery, but the benchmark STOXX is set to end a two-week winning streak on concerns about rising inflation. The European index rose 0.1%, while Hermes shares jumped 5.7%, as the manufacturer of Birkin bags …
Read More »Gold is at Lowest Level in More Than 7 Months as US Yields Rise
Gold recouped some of its losses after falling to its lowest levels in more than seven months, but it remains on the path of recording its worst weekly performance since the end of November, as the attractiveness of the yellow metal, which does not yield a return, has decreased due …
Read More »Nikkei Index Falls on Profit-Taking But Makes weekly Gains
Japan’s Nikkei index fell on Friday, as the pre-weekend profit-taking sell-off outperformed optimism about a general economic recovery, but the index gained for the third week in a row. The Nikkei fell 0.72% to 30,017.92 points, further moving away from its 30-year-and-a-half high of 30,714.52 points it touched on Monday. …
Read More »NYSE Indices Close in Red on Negative Data
The main indices of the New York Stock Exchange (NYSE) closed lower on Thursday, amid a mixed performance by the Treasury bond yields that remained at high levels. In addition, negative economic data led to a negative sentiment regarding the pace of economic recovery from the impacts of the Coronavirus …
Read More »USD Declines Ending Two-Day Rinsing Streak
The U.S. Dollar (USD) declined on Thursday, after rising for two consecutive sessions, on the back of negative economic data. The Dollar Index (DXY), which measures the performance of the greenback against a basket of six major international currencies, is down by 0.42% to 90.57. The index has been moving …
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