Market Update

Gold prices rose on Monday amid a decline by the US Dollar and the Treasury Yields, and despite a rise in stock markets amid an improved risk appetite. Gold futures for December delivery finished higher by $15.80, or 0.8%, at $1,963.70 per ounce. As for silver futures, the December contracts increased by …

A recent report by Goldman Sachs suggested that the market is over reacting to concerns over a Brexit without a trade deal, noting that the British Pound (GBP) is currently trading at attractive levels. “For investors willing to look through some near-term volatility, current levels for sterling longs now look …

European stocks closed higher on Monday, opening the week on a positive note after some fluctuations. Positive news about COVID-19 vaccine trials helped boost investors’ sentiment and risk appetite. The Stoxx Europe 600 index closed up by 0.18% or 0.68 points at 368.64 points. The UK’s FTSE100 slipped by 0.10%, …

The United States Secretary of Treasury, Steven Mnuchin, said on Monday that he will continue to work to reach a deal with Congress for a new economic stimulus package. Speaker of the House, Nancy Pelosi, recently expressed hopes for a new deal to help the economy cope with the complications …

The German economy is expected to maintain recovery until the end of the year, according to Germany’s economy minister. The minister expects strong growth during the third quarter (Q3) of 2020. However, reaching pre-COVID-19 levels is not expected before 2022. “The German economy is continuing to pick up, albeit at …

The World Health Organization revealed a record number of daily infections with the Coronavirus around the world today, Sunday, reaching 307,930 cases in total within 24 hours. The organization reported on its website that India, the United States and Brazil recorded the largest increases. The daily number of deaths increased …

The European Union is planning to delay the decision on allowing the UK to continue clearing euro transactions for EU-based clients due to concerns over the UK’s intention to break the Withdrawal Agreement with the Internal Markets Bill, Reuters reported on Monday, citing a derivatives industry source. The EU is …

According to data, industrial output for the Eurozone rose as expected compared to the previous month in July thanks to increased production of capital goods and consumer durables, but it is still far below last year’s levels due to the Covid-19 pandemic. The European Union statistics office Eurostat said industrial …

OPEC Monthly Report: Reducing global economic growth forecasts to -4.1% in 2020 The economic growth forecast for 2021 was left unchanged at 4.7% Reducing Forecast for global oil demand growth by 0.4 million barrels per day in 2020 Raising Forecast of growth in non-OPEC supplies by 360 thousand barrels per …

Asian stocks closed the Asian period higher with the support of Japanese stocks after SoftBank announced that it wanted to sell the shares of this company for $ 40 billion, and Nvidia sought to acquire the shares of this company, which led to the rise in SoftBank shares during Today’s …