Market Update

The United States Federal Reserve has decided as expected to maintain interest rates near 0% during its two-day meeting that concluded on Wednesday. The Fed policy statement noted that policymakers are committed to maintaining asset purchases at at least $120 billion per month.

Crude oil inventories in the United States decreased by 3.1 million barrels last week to stand at 500 million barrels, according to the weekly report by the U.S. Energy Information Administration (EIA) released on Wednesday. Meanwhile, gasoline stockpiles rose by 1 million barrels to 238.9 million barrels and distillate stockpiles …

Business inventories in the United States grew during October by 0.7%, after rising by 0.8% in September, data by the US Department of Commerce showed on Wednesday. On an annual basis, inventories declined by 4% compared with their level in October 2019. Retail inventories increased by 0.9% in October, up …

Bitcoin exceeded the $20,000 price tag for the first time in history earlier today, marking a new milestone for the world’s largest cryptocurrency. Bitcoin is trading higher for the day by around 6.6% at $20,653.75. The biggest digital currency has seen gains of around 12.4% over the next seven days.

The United States National Association of Home Builders (NAHB) Housing Market Index (HMI) declined by four points in December to a reading of 86, compared with 90 in November. However, this is the second-highest level on record for the index. It is worth noting that any reading above 50 indicates …

Retail sales in the United States declined by more than expected during November, data by the US Department of Commerce showed on Wednesday. Last month, retail sales decreased by 1.1%, while the October reading was revised down to show a decline of 0.1% instead of an increase of 0.3% as …

European stocks closed higher on Wednesday, supported by an improved investors’ sentiment regarding the rollout of new Coronavirus vaccines. The pan-European STOXX 600 index finished higher by 0.8%, supported by gains by the majority of market sectors, except for the baking stocks, with the insurance index heading the gains. The …

Oil prices rose today, Wednesday, due to the decline of the dollar and the progress in the distribution of Covid-19 vaccines, but the gains were limited due to a sudden increase in crude oil inventories in the United States and the tightening of measures to combat Coronavirus in Europe. Brent …

Data revealed that the Eurozone’s unadjusted trade surplus jumped year on year in October as exports performed better than imports amid the economic slowdown caused by the COVID-19 pandemic. The European Union statistics office said the commodity trade surplus in 19 countries in the Eurozone amounted to 30.0 billion euros, …

Oil prices fell on Wednesday, December 16, due to a sudden increase in crude oil inventories in the United States and due to continuing investor concerns about the decline in fuel demand in light of tightening public isolation measures in Europe to combat the virus pandemic. Brent crude futures fell …