Market Update

Oil prices showed a mixed performance on Tuesday, as the market awaits a firm commitment from the OPEC+ alliance towards the output cuts. Brent crude futures for January delivery fell by 7 cents, or 0.2%, to finish at $43.75 per barrel. Meanwhile, the West Texas Intermediate (WTI) futures for December …

Gold prices closed lower on Tuesday, posting its first decline in four sessions, amid news about positive results by COVID-19 vaccines. Gold futures for December delivery declined by $2.70, or 0.1%, and settled at $1,885.10 per ounce. Meanwhile, silver futures for December delivery decreased by 15 cents, or 0.6%, and …

President of the Federal Reserve Bank of Atlanta, Raphael Bostic, said on Tuesday that weak October retail sales are showing short-term risk to economic recovery in the United States from the impact of the Coronavirus pandemic, Reuters reported. “We have short-term and immediate-term concerns with the spike in the virus …

The President of the European Central Bank (ECB), Christine Lagarde, said on Tuesday that an effective Coronavirus vaccine will not change the bank’s economic projections. “I’m not sure that is going to be a major game-changer for our forecasts, simply because what we had anticipated in our baseline was that …

Housing starts in Canada increased in October by 3% on a monthly basis, data showed on Tuesday. The seasonally adjusted annual rate of housing starts went up to 214,875 units from a revised reading of 208,715 units in September, according to the Canadian Mortgage and Housing Corporation (CMHC).

Wholesale sales in Canada increased by 0.9% to $66.2 billion in September, data by Statistics Canada showed on Tuesday. Sales of food, beverage, and tobacco grew by 3.6% to $12.4 billion, with the food industry sales increasing by 4.2%. This is the best reading for the food, beverage, and tobacco …

European stocks closed lower on Tuesday, returning to losses despite positive news about a Coronavirus vaccine being developed by Moderna. The STOXX Europe 600 index finished lower by 0.2%, while the UK’s FTSE100 plunged by 0.87%. Meanwhile, the French index CAC40 added 0.21%, and the German index closed marginally lower …

Business inventories in the United States grew during the month of September by more than expected, data by the US Department of Commerce showed on Tuesday. Business inventories increased by 0.7% in September after rising by 0.3% in August. Meanwhile, retail inventories increased by 1.7% in September, up from an …

Industrial Production in the United States expanded by 1.1% on a monthly basis in October, the US Federal Reserve reported on Tuesday. This reading came in slightly better than the market expectation of 1% and followed September’s 0.4% contraction.

The Turkish lira fell by more than 1% on Tuesday, November 17t, against the dollar, after rising by as much as 12% last week thanks to expectations of a more conservative economic policy when President Erdogan pledged a new economic model. The lira had stabilized at 7.80, after touching 7.7110 …