Market Update

Oil prices rose on Tuesday as weather conditions are expected to once again affect production in the Gulf of Mexico, On the other hand, a gloomy outlook for global demand amid another surge in COVID-19 cases limited crude gains. Brent crude futures for December delivery increased by 74 cents, or …

Gold prices closed higher on Tuesday, as the US Dollar (USD) declined across the board amid selling pressures, while demand for safe havens remained high amid worries about another wave of the COVID-19 pandemic. Gold futures for December delivery rose by $6.20, or 0.3%, and finished at $1,911.90 per ounce. …

Goldman Sachs expects the board of the European Central Bank (ECB) to lower their inflation projections for 2020-2021. This comes in light of the large downside surprise in August inflation and the appreciation of the Euro (EUR). As for inflation expectations for 2022, they are forecasted to remain unchanged. Moreover, …

Bond yields in the Eurozone declined on Tuesday, as German yields fell to its lowest level in a week, amid increased demand for safe havens due to the rising number of COVID-19 cases. This comes ahead of the upcoming meeting by the European Central Bank (ECB). In Germany, the return …

The US Dollar declined on Tuesday amid selling pressures for profit making and concerns about the rising number of COVID-19 cases. The Dollar Index (DXY), which measures the performance of the USD against a basket of six international currencies, is down by 0.22% at 92.84. The index has been moving …

The CEO of Pfizer said on Tuesday that the pharmaceuticals company is yet to confirm progress on the making of a COVID-19 vaccine. The confirmation could take a week or more, Reuters reported. “In case of a conclusive readout, positive or negative, we will inform the public as soon as …

European stock markets closed lower on Tuesday, due to the surge in the number of COVID-19 cases amid a second wave of the pandemic. The STOXX Europe 600 index fell by 0.75%, while the UK’s FTSE100 finished lower by 0.85%. Germany’s DAX plummeted by 0.78%, while the French CAC40 index …

The Bank of England (BoE) is expected to expand its huge bond-buying stimulus program next week, for the third time since the beginning of the Coronavirus (COVID-19) pandemic, Reuters reported. The asset purchase program is set to be increased by GBP 100 billion to a total of GBP 845 billion, …

Consumer confidence in the US weakened sharply in October with the Conference Board’s Consumer Confidence Index edging lower to 100.9 from 101.3 (revised from 101.8) in September. This reading came in worse than Reuters’ estimate of 102. Further details of the publication showed that the Consumer President Situation Index climbed …

Durable Goods Orders in the United States expanded by 19% on a monthly basis in September. The reading was well above the 0.5% rise anticipated and the 0.4% growth recorded in the previous month. Excluding transportation, new orders increased by 0.8% as against 0.4% anticipated, and the previous month’s upwardly …