Market Update

Investors have pulled around $994 million out of stock funds in the United States last week, Reuters reported, citing data by Lipper. Money mark funds declined by $50.5 billion during the week that ended on Wednesday. Meanwhile, emerging market equity funds lost about $525 million.

Oil prices closed higher on Thursday, after OPEC+ expressed the importance of commitment to the output cuts. Brent crude futures for November delivery increased by $1.08, or 2.6%, and settled at $43.30 per barrel. The West Texas Intermediate (WTI) futures for October delivery finished higher by 81 cents, or 2%, …

Gold prices declined on Thursday after the Federal Reserve expressed intentions to maintain interest rates near 0% until 2023. Gold futures for December delivery declined by $20.60, or 1.1%, and finished at $1,949.90 per ounce. Meanwhile, silver futures for December delivery closed lower by 38 cents, or 1.4%, at $27.10 …

European stocks closed lower on Thursday, one day after the US Federal Reserve vowed to maintain interest rates near 0% for around three years. The pan-European STOXX 600 index closed lower by 0.40%. Meanwhile, the UK’s FTSE100 declined by 0.47%, and the French CAC40 index fell by 0.69%. Likewise, the …

The US Dollar (USD) is declining on Thursday, one day after the release of the latest Federal Reserve policy statement. The Dollar index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.13% for the day at 93.10. The index …

Employment in Canada decreased by 205,400 July to August, the monthly data published by the ADP Research Institue revealed on Thursday. This reading missed the market expectation for an increase of 901,800 by a wide margin. Meanwhile, July’s print got revised from 1,149,800 to -523,000. Commenting on the data, “in …

The number of Americans filing for new unemployment benefits fell last week but remains stuck at extremely high levels as the labor market recovery slows and consumer spending slows down as the fiscal stimulus fades. The US Labor Department said that the total number of new applications for unemployment benefits, …

Russian Energy Minister Alexander Novak said in an opening speech to an OPEC + committee meeting via the Internet that he urged participants in the group’s oil production cut agreement to fully adhere to the pledged cuts. He also said that the monitoring committee should discuss the impact of the …

In a statement published on Thursday, the UK government said that it will ask parliament to use powers in the Internal Market Bill if the European Union engages in a material breach of its duties of good faith or other obligations. “Examples of that would be an insistence that Great …

The chief economist at the World Bank, Carmen Reinhart, said that the global economy’s recovery from the crisis caused by the Corona pandemic may take five years. “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but full recovery will take as …