Market Update

Gold futures finished nearly unchanged on Wednesday amid a rebound by the U.S. Dollar (USD) and an improved investors’ sentiment. The yellow metal maintained modest gains, with front month futures gaining 40 cents, or 0.02%, to close at $1,810.50 per ounce. A weaker than expected ADP jobs report in the …

Europe’s stocks logged another all-time high closing level on Wednesday, supported by an improved investors’ sentiment pushed by the recent positive earnings reports. Pandemic-related concerns with the spread of the Delta variant had a lesser impact on European exchanges today, with positive economic data easing worries about economic recovery. Business …

Crude oil inventories in the United States increased by 3.6 million barrels last week, the Energy Information Administration (EIA) reported on Wednesday. Meanwhile, gasoline inventories declined by 5.3 million barrels in the week ended July 30, and distillate stockpiles rose by 800,000 barrels. The rise in crude supplies comes against …

The Vice Chairman of the United States Federal Reserve, Richard Clarida, said on Wednesday that an interest rates hike could be suitable by the end of next year. With the economy continuing to grow, the labor market recovering, and inflation remaining above 2% in line with the Fed’s new guidelines, …

The economic activity in the US services sector continued to expand in July, albeit at a softer pace than it did in June, with the Markit Services PMI declining to 59.9 (final) from 64.6. Further details of the publication showed that the Composite PMI edged lower to 59.9 from 63.7 …

General Motors made a profit less than Wall Street’s second-quarter earnings expectations despite posting solid profits and raising year-on-year guidance. GM’s second-quarter profit fell by about $1.3 billion due to warranty recovery costs, including $800 million related to the Chevrolet Bolt EV. The electric vehicle was recalled twice in the …

Employment in the US’ private sector increased by 330,000 in July, the monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. This reading followed June’s increase of 680,000 and missed the market expectation of 695,000 by a wide margin.

Eurozone’s Retail Sales rose by 1.5% MoM in June versus 1.7% expected and 4.1% last, the official figures released by Eurostat showed on Wednesday. On an annualized basis, the bloc’s Retail Sales increased by 5.0% in June versus 8.6% booked in May and 4.5% estimated.

Saudi Aramco said on Wednesday that the kingdom, the world’s largest crude exporter, raised the official selling price of Arab Light crude to Asia in September to $3 a barrel above the average price of Oman and Dubai crudes. Aramco set the official selling price for its Arab Light crude …

The US dollar settled near its recent lows on Wednesday, August 4th as investors awaited US jobs data as an indicator of interest rate expectations, while the New Zealand dollar rose with the country’s unemployment rate falling and expectations that interest rates will start to rise within weeks. The spotlight …