Market Update

The British economy may need extra stimulus in order to face the effects of the COVID-19 crisis, said member of the Bank of England’s (BoE) Monetary Policy Committee, Michael Saunders, Reuters reported. “I consider it quite likely that additional monetary easing will be appropriate in order to achieve a sustained …

European stocks closed lower on Friday, erasing earlier gains and turning to losses for the week, due to huge losses by tech stocks in Wall Street. The pan-European Stoxx 600 index finished lower by 1.1%, registering weekly losses of 1.9%. The UK’s FTSE100 lost 0.88% for the day and recorded …

The Trump administration has reached an agreement with the US Congress to provide funding for the federal government after the end of the month, avoiding a government shutdown, Vice President Mike Pence reportedly told CNBC on Friday. “The agreement reached this week by the Treasury secretary and our negotiation team …

The French Minister of Finance, Bruno Le Maire, said on Friday that he expects France’s economy to perform better than initially expected. “I think we will do better in 2020 than the 11% recession forecast at the moment,” said the French minister in a TV interview as cited by Reuters. …

A better than expected decline in the unemployment rate in the United States and a higher than expected labor force participation rate are providing a much needed support for the US Dollar (USD) to maintain its recent rising trend on Friday. The Dollar index (DXY), which measures the performance of …

The S&P 500 Index rose shortly after the open, following sharp sales in the last session as data showed that the unemployment rate in the United States fell more-than-expected in August. The S&P 500 Index opened down 1.46 points, or 0.04%, to 3,453.60 points, while the Dow Jones Industrial Average …

Russian Energy Minister Alexander Novak said that the global demand for oil may decrease by between nine and ten million barrels per day due to the negative impact of the Coronavirus. Novak also said in an online conference that oil prices may rise to around $ 65 a barrel next …

Net Change in Employment in Canada rose by 245,800, compared to analysts’ estimate of 275,000, in August and brought the Unemployment Rate down from 10.2% in August from 10.9% in July, Statistics Canada reported on Friday. “The number of Canadians who were employed but worked less than half their usual …

The US Non-Farm Payrolls report (NFP) released by the United States Bureau of Labor Statistics on Thursday increased by 1,371,000 in August. This reading fell short of the market expectation of 1.4 million and followed July’s print of 1,734,000 (revised from 1,763,000). Other details of the release indicated that the …

Data showed that German industrial goods orders increased less than expected at 2.8% on a monthly basis in July, further hampering hopes that Europe’s largest economy could recover strongly in the third quarter from the coronavirus crisis. The increase comes compared with a Reuters forecast of a 5% rise and …