Market Update

US stocks closed higher on Friday, October 9th, as the S&P 500 and Nasdaq posted their biggest weekly percentage gains since July, amid growing optimism about more financial aid. Talks on a coronavirus-related stimulus package are expected to continue, even though House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin …

Oil prices fell on Friday (October 9th) by more than 1% after a strike by oil workers ended in Norway, which will raise crude production even though Hurricane Delta forced US energy companies to cut production. Brent futures fell 49 cents, or 1.1%, to settle at $ 42.85 a barrel, …

The number of active US oil rigs decreased by 4 to 193this week, according to data by Baker Hughes.  The total active U.S. rig count, meanwhile, was up 3 to 269, according to Baker Hughes. This week’s rig count was 587 rigs, or 69%, below this time last year. U.S. …

EU lawmakers have suspended their talks with representatives of EU governments over the budget and the € 1.8 trillion coronavirus recovery package.

European stocks recorded a second consecutive weekly gain Friday, October 9th, as positive expectations from Pandora and Novo Nordisk gave the Danish side a more optimistic character to the earnings season, as investors’ eyes continued to turn to indications of a new US stimulus. The pan-European STOXX 600 index closed …

Negotiators from the oil companies and trade unions in Norway Friday, October 9th, said that officials from the two parties have concluded an agreement on wages, thus ending a strike that had threatened to cut the country’s production of oil and gas by nearly 25% next week. Last Monday saw …

Gold rose about 2% on Friday, as the dollar fell to its lowest level in nearly three weeks and bets increased on new stimulus in the United States, prompting investors to buy the precious metal to hedge against potential inflation. Spot gold rose 1.8% to 1927.51 dollars an ounce by …

The Chinese central bank is issuing digital coins worth 10 million yuan ($ 1.5 million) to 500 users, who will be chosen at random, in a move that some see as the country’s first public test of the yuan’s digital payment system. The People’s Bank of China (central bank) campaign …

Wall Street’s major indexes rose at the open, putting the S&P 500 and the Dow on track for its second consecutive weekly gain on hopes of more financial aid and growing expectations for a Democratic victory in next month’s presidential election. The Dow Jones Industrial Average rose 108.10 points, or …

European stock markets posting gains thanks to positive earnings outlooks from Pandora and Zalando for retail as well as from pharmaceutical maker Novo Nordisk, as investors keep their sights on indications of a new stimulus release in the US. Danish jewelry maker Pandora’s shares jumped 10.6% and German online fashion …