Market Update

President of the Federal Reserve Bank of San Francisco, Mary Daly, said on Thursday that in order for the monetary policy objective of achieving economic recovery, extra stimulus by the government is needed, Reuters reported. “These two things need to come together or else we will have an incomplete solution,”

The President of the United States, Donald Trump, said on Thursday that he could support a new stimulus package worth more than the $1.8 trillion he offered last week, which was rejected by the Democrats. This comes after the US Treasury Secretary, Steven Mnuchin, said he does not expect a …

European stocks saw huge losses on Thursday, amid increasing concerns about the second wave of COVID-19 across the old continent. The Stoxx Europe 600 index closed lower by 2.10% at 362.83 points, its worst daily performance in more than three weeks. The German DAX index finished lower by about 2.5%, …

The Turkish Lira (TRY) hit another record low on Thursday as the USD/TRY pair reached 7.95, getting close to an unprecedented level of 8. Ankara’s monetary policy has been heavily criticized as it is failing to stop the local currency’s wounds. USD/TRY is currently trading at 7.9323, up by 0.28% …

The European Central Bank (ECB) is expected not to expand emergency stimulus despite the increasing number of Coronavirus (COVID-19) cases, which is set to lead to renewed lockdowns. Nonetheless, the ECB is not expected to expand its bond purchases this month, according to a recent report by Bloomberg. It is …

President of the European Central Bank (ECB), Christine Lagarde, said on Thursday that financial stability risks are rising in the Eurozone due to an increase in debt levels, Reuters reported. “The euro area economy will continue to be supported by very accommodative monetary and fiscal policies along with an expected …

There were 898,000 initial claims for unemployment benefits in the US during the week ending October 10th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 845,000 (revised from 840,000) and came in worse than the market expectation of …

The headline General Business Conditions Index of the NY Fed’s Empire State Manufacturing Survey declined to 10.5 in October from 17 in September. This reading missed analysts’ estimate of 15. “36% of respondents reported that conditions had improved over the month, while 25% reported that conditions had worsened.” “The new …

Employment in Canada decreased by 240,800 from August to September, the monthly data published by the ADP Research Institue revealed on Thursday. This reading followed August’s print of -770, 600 (revised from -205,400).

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey rose to 32.3 in October from 15. This reading beat analysts’ estimate of 14 by a wide margin.