Market Update

European stocks closed lower on Wednesday, but in the UK stocks closed higher on news about the approval of a Coronavirus vaccine. The STOXX Europe 600 index finished lower by 0.1%. The French index CAC40 edged up by 0.03%, while the German DAX decline by 0.52%. Last month was the …

After rising earlier in the day, the US Dollar (USD) is declining across the board of Wednesday. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is down by 0.15% at 91.18. The index has been moving throughout the day in a …

The dollar tumbled to a new level, its lowest in two and a half years, on Wednesday, under the weight of renewed expectations for a US fiscal stimulus. The market’s appetite for risk increased, bringing the dollar to its lowest level since April 2018, due to a proposed economic stimulus …

US inventories of crude oil decreased while gasoline and distillate inventories rose, the US Energy Information Administration said Wednesday. Crude stocks fell by 679,000 barrels over the week ending November 27 to 488 million barrels, while analysts in a Reuters poll expected a drop of 2.4 million barrels. Crude stocks …

Canadian labor productivity plunged by 10.3% in the third quarter, where working hours rebounded faster than production business. This was the largest quarterly decline recorded. Labor productivity declined 10.3% on a seasonally-adjusted basis in the third quarter, Statistics Canada said Wednesday, following 10%-plus gain in the previous three-month period. In …

Employment in the US’ private sector increased by 307,000 in November, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.  This reading followed October’s increase of 404,000 (revised from 365,000) and missed the market expectation of 410,000.

Gold rose Wednesday, December 2, to its highest level in more than a week, supported by the dollar’s decline, while signs of progress in discussions on a new US stimulus package to mitigate the repercussions of the Covid-19 pandemic boosted the appetite for the precious metal as a hedge against …

The dollar settled near its lowest level in two and a half years Wednesday, December 2, as investors assess the prospects for further fiscal stimulus in the United States, while riskier currencies held onto their gains as investor confidence improved. The Chinese yuan lost some of its gains in Asian …

The seasonally-adjusted Unemployment Rate in the euro area ticked down to 8.4% in October from 8.5% in September, the data published by the Eurostat showed on Wednesday. This reading came in line with analysts’ estimates.

German retail sales rebounded more than expected in October, data reported Wednesday, December 2, indicating that consumers supported overall growth in Europe’s largest economy ahead of partial lockdown measures to contain the second wave of the coronavirus pandemic. The Federal Statistics Office said retail sales rose 2.6% in October on …