Market Update

The President of the Federal Reserve Bank of Kansas City, Esther George, said on Friday that economic recovery in the United States could be challenges, due to the Coronavirus impact on the energy sector and reductions in crude oil production. “Large reserve funds can help to offset some of the …

Active rigs drilling for crude oil in the United States declined by five this week, according to the weekly report by Baker Hughes. Oil rigs now stand at 231, data showed on Friday, after recording their first weekly decline in about two months. Meanwhile, natural gas rigs increased by three, …

European stocks closed higher on Friday, supported by an improved sentiment on positive news about Coronavirus vaccines. The pan-European STOXX 600 index closed higher by 0.45% at 389.35, recording gains for the third consecutive week. Meanwhile, the UK’s FTSE100 added 0.27%, while the French index CAC40 and the German DAX …

The Canadian Dollar (CAD) rose against its US counterpart (USD) on Friday, supported by a more than expected increase. The USD/CAD is trading lower for the day by around 0.1% at 1.3061. The Canadian buck has now extended its weekly gain against the greenback to around 0.6%. Earlier today, data …

Bitcoin surged on Friday to its highest level in about three years, at $18,600. The largest cryptocurrency is re-approaching its all-time high a little over $19,783. On Friday, the digital currency rose by 4.5%, extending its weekly gains to 16%, the largest seen since June 2019. Year-to-Date, Bitcoin has gained …

The United States Secretary of Treasury, Steven Mnuchin, said on Friday that ending lending programs by the Federal Reserve on December 31 is necessary with the market now in need for grants more than loan. Mnuchin urged Congress to pass legislation to provide such grants. The move was reportedly criticized …

The President of the Federal Reserve Bank of Dallas, Robert Kaplan, said on Friday that the United States economy is in need for more fiscal support, Reuters reported. “If the savings from those do run out you are going to see consumer spending get weaker.”“This hasn’t felt as much like …

Canadian retail sales increased by 1.1% to $53.9 billion in September, data by Statistics Canada showed on Friday. This is the fifth consecutive monthly increase in Canadian retail sales. The surge in retail sales also exceeded market expectations of a 0.2% rise. Data further showed that retail sales rose across …

Retail Sales in Canada rose by 1.1% on a monthly basis in October to $ 53.9 billion, the data published by Statistics Canada showed on Friday. This reading followed August’s increase of 0.4% and came in slightly lower than the market expectation of 1%. “Rounding out the third quarter, retail …

Pfizer and BioNTech announced on Friday that they will be submitting an emergency use authorization request to the US Food and Drug Administration (FDA) on Friday. The shares of BioNTech and Pfizer increased by 6.3% and 1.5%, respectively, in the pre-opening trade on Wall Street. Today’s announcement came two days …