Gold prices declined for the second consecutive day but were able to maintain the $1,800 level, near its highest in nearly nine years. The yellow metal futures for August delivery decreased marginally by $1.90 and settled at $1,801.90 per ounce. Gold prices increased by 0.7% for the week. This is …
Read More »Baker Hughes: US Oil Rigs Down in Week
The number of active US oil rigs decreased by four to 181 this week, according to data by Baker Hughes. It worth mentioning that the number of rigs drilling for crude oil in the US did not a single increased since mid-March.
Read More »European Stocks Up 0.5% for the Week
European stocks settled higher on Friday, supported by positive industrial data in France and Italy. The pan-European STOXX Europe 600 index closed up by 0.81% at 366.6 points, up by 0.50% for the week. In the London Stock Exchange (LSE), FTSE100 finished higher by 0.76%. Meanwhile, the French CAC40 index …
Read More »Kaplan: Face Masks Could Speed Economic Recovery
President of the Federal Reserve Bank of Dallas, Robert Kaplan, has called for increased use of face masks across the United States to combat the spread of the coronavirus disease (COVID-19). “While monetary and fiscal policy have a key role to play, the primary economic policy from here is broad …
Read More »IEA: COVID-19 Worst Impact on Oil Market Has Passed
The worst effects of the coronavirus pandemic on global oil demand may have passed, according to a report by the International Energy Agency (IEA) on Friday, the Wall Street Journal reported. However, the crisis will continue to leave its toll as markets slowly recover during the second half (H2) of …
Read More »Moody’s: British Economy to Contract by 10%
Moody’s Investors Services expects the British economy to contract by 10.1% in 2020, despite the UK government’s recently announced GBP 30 billion stimulus package. In addition, the rating agency forecasts the public debt-to-GDP ratio to increase by 24% or more. Moody’s also foresees a gradual recovery with an expected growth …
Read More »Federal Reserve Buys Apple and Ford Bonds
The US Federal Reserve has added $1.33 billion worth of bonds from individual companies on June 22-30, Reuters reported. The bond purchases included big company names, such as Apple, Walt Disney, and Ford Motor. The Fed has already bought $428 million worth of bonds bought as part of a large …
Read More »US is Considering imposing Tariffs on French goods
According to some news reports on Friday, the United States is considering imposing tariffs of 500 to 700M dollars on French goods after escalation on the French side, imposing a taxes on major technology companies, including huge American companies. Reports indicated that this decision will be announced soon, and it …
Read More »Canadian Unemployment Rate Falls to 12.3% in June
Net change in employment in Canada increased more than expected as Statistics Canada reported on Friday that net change in employment in Canada rose by 953,000 in June, bringing the unemployment rate down to 12.3% from 13.7% recorded in May. However, the unemployment rate came out worse than the market’s …
Read More »US: Annual Core PPI Arrives at 0.1% in June
Annual core PPI in the U.S. fell more than expected in June, as data published by the US Bureau of Labor Statistics on Friday showed that US PPI for final demand decreased to -0.2% in June from 0.4% in May, on an annual basis. The index remained unchanged at -0.8% …
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