Market Update

The European Union is moving closer to an agreement on its upcoming budget and stimulus package against the impacts of the COVID-19 pandemic, Reuters reported. The new EUR 1.8 trillion budget will be for the six-year period between 2021 and 2027.

The New York Stock Exchange (NYSE) opened higher on Thursday, amid anticipation for the results of the United States presidential elections. The Dow Jones Industrial Average is up by 1.45%, while the S&P 500 gained 1.75%, and the Nasdaq Composite is up by 2.07%.

The Canadian Dollar (CAD) rose against its US counterpart (USD) on Thursday to its highest level in eight weeks. This comes as the USD declined across the board amid the continued uncertainty surrounding the outcomes of the presidential elections. The CAD is up by 0.56% against the USD, with the …

The British Ministry of Finance is pumping GBP 200 billion in economic stimulus, Finance Minister Rishi Sunak announced on Thursday. This comes after the Bank of England announced that it has expanded its asset purchase program by GBP 150 billion. The move to purchase government debt will help the cabinet …

US President Donald Trump has 50.5% and former Vice President Joe Biden has 48.2% in the battleground state of Pennsylvania with 89% of votes tallied so far, Reuters reported, citing the latest data from Edison Research.

Unit Labor Costs in the US’ nonfarm business sector declined by 8.9% on a yearly basis in the third quarter, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed an 8.5% (revised from 9%) increase in the previous quarter and came in better …

There were 751,000 initial claims for unemployment benefits in the US during the week ending October 31st, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 758,000 (revised from 751,000) and came in worse than the market expectation of …

Planned job cuts in the US-based employers declined to 80,666 in October from 118,804 in September, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday. “October’s total is 32% lower than the 118,804 cuts announced in September,” the publication read. “It is 60% higher than the 50,275 …

Oil prices fell Thursday, November 5, as Democratic candidate Joe Biden approaches victory in the exciting US presidential election, but Republicans are likely to retain control of the Senate, reducing the chances of implementing any major easing package from the repercussions of the Covid-19 pandemic. By 07:56 GMT, WTI futures …

US President Donald Trump has 49.6% and former Vice President Joe Biden has 49.2% in the battleground state of Georgia with 96% of votes tallied so far, Reuters reported, citing the latest data from Edison Research.