Market Update

Oil prices closed higher on Wednesday, amid a decline by the US Dollar (USD), recovering some of its losses on Tuesday. Brent crude futures for November delivery increased by $1.01, or 2.5%, to settle at $40.79 per barrel, after falling below $40 for the first time since June yesterday. The …

Gold prices rose on Wednesday for the second consecutive day supported today by a decline in the US Dollar (USD) amid a rebound by the Euro ahead of the European Central Bank’s (ECB) upcoming meeting. Gold futures for December delivery increased by $11.70, or 0.6%, and settled at $1,954.90 per …

A recent report by the European Commission has warned that the European Union’s economic sovereignty is at stake due to the high dependence on imports, Bloomberg reported. “The EU is heavily dependent on non-EU countries for critical raw materials that are essential for staying at the forefront of global competition, …

The coronavirus (COVID-19) crisis is far from over, a recent report by the International Monetary Fund (IMF) warned on Wednesday, according to Reuters. “The recovery remains very fragile and uneven across regions and sectors. To ensure that the recovery continues, it is essential that support not be prematurely withdrawn.” “Globally …

A Reuters poll showed on Wednesday that the possibility of the United Kingdom (UK) and the European Union (EU) failing to reach a new trade agreement by the end of 2020 is increasing with recent talks between the two sides reportedly stalling. There is a number of disagreements between the …

The rise in job openings in the United States did not provide the needed support for the US Dollar (USD) to maintain its rising trend on Wednesday. The Dollar Index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.19% …

Job openings in the United States increased by 617,000 to 6.6 million by the end of July, data by the US Department of Labor showed on Wednesday, Reuters reported. The Department of Labor monthly Job Openings and Labor Turnover Survey (JOLTS) showed that job opportunities remained below 7 million, its …

Today, the Bank of Canada maintained its main interest rates and decided to continue its quantitative easing (QE) program, with large-scale asset purchases of at least CAD 5 billion worth of government bonds every week. “Both the global and Canadian economies are evolving broadly in line with the scenario in …

Morgan Stanley said in a note on Wednesday that he expects Brent crude prices to rise to $ 50 a barrel by the second half of 2021, supported by a weakening dollar and increasing inflation. “Unprecedented expansion of monetary aggregates has weakened the US dollar and put upward pressure on …

The Chinese government said it would support consumption to contribute to the recovery of the economy, adding, “Consumption has been relatively hit by the need this year and has become the weak link in the economic recovery.” Official data showed that retail sales in China fell 1.1% in July, compared …