Market Update

Oil prices rose on Monday, supported by an improved outlook for demand recovery after it was reported that a vaccine against the Coronavirus is showing success, as announced by Pfizer earlier today. Brent crude futures for January delivery surged by $2.95, or 7.5%, to settle at $42.40 per barrel. This …

Gold prices declined on Monday, opening the week with its biggest daily drop in more than seven years. Demand for safe havens decreased with news about positive trials for a new vaccine against the Coronavirus. Earlier today, Pfizer and BioNTech announced that a vaccine that they are developing is 90% …

The British Pound (GBP) declined against the US Dollar (USD) on Monday, after it was reported that a new vaccine against the Coronavirus disease (COVID-19) has proved effective in more than 90% of the tested cases. The GBP/USD pair is trading lower for the day by 0.21% at 1.3129. The …

Significant progress has been achieved in trade talks between the United Kingdom (UK) and the European Union (EU), according to the British Minister of Finance, Rishi Sunak. “Prime Minister Boris Johnson recently spoke with European Commission President Ursula von der Leyen. “The prime minister set out that, while some progress …

European stocks surged on Monday, supported by news about Pfizer and BioNTech successfully developing a vaccine against the Coronavirus disease (COVID-19), as well as the United States presidential election results. The pan-European STOXX 600 index is up by 3.9%, after rising earlier by more than 4%, achieving its best daily …

The European Union (EU) and its member countries plan to reset trade relations with the next administration in the United States, German Economy Minister Peter Altmaier said on Monday, as reported by Reuters. “We will try to get a new start in trade policy between the United States and all …

The United Kingdom expects to receive about 10 million doses of the newly-developed Pfizer and BioNTech vaccine for COVID-19 by the end of the year, Reuters reported. The spokesman of the British Prime Minister Boris Johnson announced on Monday that the deal is pending regulatory approvals. Pharmaceutical giant Pfizer has …

Investment banks are expecting the Chinese Yuan to be among the gainers from the change of leadership in the United States, Reuters reported. A Joe Biden presidency is set to see efforts to calm the rising trade tensions with China, which is expected to allow Beijing to let the value …

The European Union (EU) is close to signing an agreement to purchase millions of doses of the new COVID-19 vaccine, which is being developed by Pfizer and BioNTech. It was announced earlier today that the vaccine has proved more than 90% efficient. Hours after the announcement was made, European lawmaker, …

Chief economist of the Bank of England (BoE), Andy Haldane, expressed on Monday hopes that news about a new successful COVID-19 vaccination would deliver a quick boost of confidence in the economy, Reuters reported. “I’m not close enough to know how credible today’s Pfizer announcement is, but let’s hope it …