Market Update

Oil prices rose on Friday, extending its weekly gains, supported by a positive reaction to the OPEC+ move, which is seen as an indicator of market recovery signs. Brent crude futures for February delivery rose by 54 cents, or 1.1%, to finish at $49.25 per barrel. For the week, the …

Active crude oil and natural gas rigs in the United States rose this week, for the eleventh time in 12 weeks. Oil and gas rig count increased by three to 323 in the week that ended on December 4, according to the Baker Hughes weekly report. Oil rigs alone increased …

Gold prices declined on Friday, despite the decline of the US Dollar (USD), amid improved investors’ sentiment on Coronavirus vaccine progress. Gold futures for February delivery decreased by $1.10, or 0.1%, and closed at $1,840 per ounce. For the week, the yellow metal contracts gained 2.9%. On the other hand, …

The President of the Federal Reserve Bank of Chicago, Charles Evans, said on Friday that he is comfortable with the current pace of the bond-buying program by the Fed, Reuters reported. “I am not opposed to more accommodation – I’m just not exactly sure what the right timing is.”“I don’t …

S&P Global expects global debt to reach $200 trillion, amounting to 265% of the world’s GDP, by the end of 2020, Reuters reported. The 14% increase in the global debt-to-GDP ratio comes amid increased borrowing to face the economic consequences of the Coronavirus crisis. The ratings agency does not see …

New factory orders in the United States grew by 1% in October, compared with a previous estimate of 1.3%, data by the US Department of Commerce showed on Friday. Orders for non-defense capital goods, excluding aircrafts, went up by a revised reading of 0.8% in October instead of 0.7% as …

European stocks closed higher on Friday, supported by hopes for a new stimulus package in the United States and a post-Brexit trade agreement. The pan-European STOXX 600 index finished higher by 0.40% at 391.31 points. Meanwhile, the UK’s FTSE100 surged by 0.88%. The French CAC40 increased by 0.37%, while the …

Trade deficit in the United States increased by 1.7% during October to $63.1 billion, data by the US Department of Commerce showed on Friday. The September reading was revised to $62.1 billion instead of an initially estimated $63.9 billion deficit. Imports grew by 2.1% to $245.1 billion, while exports went …

The Unemployment Rate in Canada declined to 8.5% in November from 8.9% in October, the data published by Statistics Canada showed on Friday. This reading beat analysts’ estimate of 8.9%.

Nonfarm Payrolls (NFP) in the US rose by 245,000 in November, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed October’s increase of 610,000 and missed the market expectation of 469,000 by a wide margin.