Market Update

There were 778,000 initial claims for unemployment benefits in the US during the week ending November 21, the data published by the US Department of Labor (DOL) revealed on Wednesday. This reading followed last week’s print of 748,000 (revised from 742,000) and came in worse than the market expectation of …

The United States’ Real Gross Domestic Product (GDP) expanded at an annual rate of 33.1% in the third quarter, the US Bureau of Economic Analysis’ second estimate showed on Wednesday. This reading matched the initial estimate but came in lower than the market expectation of 33.2%.

Durable Goods Orders in the United States expanded by 1.3%, or $3 billion, on a monthly basis to $240.8 billion in October following September’s increase of 2.1% (revised from 1.9%), the US Census Bureau reported on Wednesday. This reading beat the market expectation of 0.9%.

British Prime Minister Boris Johnson reiterated on Wednesday that the UK’s position on fisheries hasn’t changed. “We’ll only be able to make progress in the European Union accepts we need to control waters,” Johnson added. “The government is taking tough decisions now to allow the economy to bounce back.” Johnson …

The European Central Bank warned in its latest review of financial stability that European banks will not see profits return to pre-pandemic levels before 2022. Euro-zone lenders have struggled to make big profits over the past decade in the wake of the 2008 global financial crisis, with stronger regulatory scrutiny …

Russia and Saudi Arabia continued to lead suppliers of crude oil to China in October, but the quantities received from the two countries decreased compared to September levels as Chinese refineries curbed purchases of crude. According to data from the General Administration of Customs of China today, Wednesday, imports from …

The dollar suffered losses on Wednesday, November 25, due to progress in developing a vaccine for the Coronavirus and expectations of financial support from the new US government that led to the transfer of funds from the dollar to high-risk assets. The US currency recorded its lowest level in two …

Gold fell on Wednesday, November 25, with the start of the official transition process for Joe Biden to the White House and optimism about vaccines for the Coronavirus, which reduces the appeal of gold as a safe haven. Gold spot fell 0.1% to 1805 dollars an ounce by 06:48 GMT. …

European stocks held near their nine-month highs on Wednesday, November 25, as sentiment remained high, supported by an easing of restrictions linked to the Coronavirus in the region and growing hopes that a vaccine would soon be ready. The European Stoxx600 index rose 0.3%, as banking services stocks rose 1.6% …

Oil rose for the fourth session in a row on Wednesday, November 25, as the market ignored a report by the sector that showed that US crude stocks rose more than expected, continuing this rise supported by hopes that a vaccine for Covid-19 would support oil demand. By 0616 GMT, …