Market Update

Nokia disclosed in an official statement on Wednesday that it is not aware of the exact reason behind the recent surge in its share price, Reuters reported. The Finland-based technology giant saw its share price rise by an astonishing 41% on Wednesday. “Nokia is not aware of any material, undisclosed …

The U.S. Dollar (USD) is maintaining its gains against the Canadian Dollar (CAD) on Wednesday, despite the latter being supported by a rise in oil prices on the back of a large drop in crude stockpiles in the United States. The USD/CAD pair is up for the day by 0.55% …

Crude oil inventories in the United States declined more than expected last week, the weekly report by the U.S. Energy Information Adminstration (EIA) showed on Wednesday. Oil stockpiles in the U.S. fell by 9.91 million barrels, against market expectations of a 400,000-barrel increase. Gasoline inventories increased by 2.47 million barrels …

European stocks declined on Wednesday, amid reduced risk appetite among investors in anticipation of the United States Federal Reserve policy decision. The pan-European STOXX 600 index fell by 1.20%, with the telecom sector leading the decline and falling by 2.9%. The French CAC40 plummeted by 1.29%, while the German DAX …

The German government revised its expectations for economic growth in 2021 downwards to 3%, down from a previously estimated growth rate of 4.4%. Another lockdown as part of the preventive measures against the spread of the Coronavirus pandemic has left its toll on the biggest economy in Europe, as shown …

The U.S. Dollar (USD) rose on Wednesday, following the release of positive economic data that showed a rise in durable goods orders in December. The rise of the USD also comes amid anticipation for the outcomes of the Federal Reserve policy meeting, which is expected maintain interest rates unchanged near …

Durable Goods Orders in the United States rose by 0.2%, or $0.4 billion, to $254.3 billion in December, the data published by the US Census Bureau showed on Wednesday. This reading followed November’s increase of 1.2% and missed the market expectation of 0.9%.

GBP/USD continued its corrective slide from several-month highs, and reached its daily low, with a target of 1.3700. After optimism about the launch of Covid 19 vaccines and hopes for a global economic recovery faded, along with doubts about the timing of the US stimulus plan, all this affected the …

Germany, Europe’s largest economy probably contracted by 3% in the January to March period, the latest forecasts published by Germany’s economic institute DIW showed on Wednesday.

AstraZeneca has pulled out from the meeting with the European Union officials on coronavirus vaccine supplies that was scheduled to take place on Wednesday, Reuters reported, citing an EU official familiar with the matter.