Market Update

Oil prices declined on Thursday, due to negative outlook for demand recovery from the effects of the COVID-19 pandemic. Brent futures for November delivery closed lower by 36 cents, or 0.8%, at $44.07 per barrel. This is the lowest closing level for the global benchmark crude oil futures since July …

Gold prices closed lower on Thursday, falling to their lowest level in about a week. The yellow metal futures for December delivery settled lower by $6.90, or 0.4%, at $1,937.80 per ounce. This is the lowest closing level for gold futures since Thursday August 27. Meanwhile, silver futures for December …

The President of the Federal Reserve Bank of Chicago, Charles Evans, has supported maintaining the current policy until inflation reaches 2.5%. “I’d be comfortable with inflation going up to 2.5% as long as we were trying to average off very low inflation rates.”“I think the way that we did it …

The President of the Federal Reserve Bank of Chicago, Charles Evans, has called upon Congress to agree on another stimulus package to support the US economy amid the COVID-19 crisis. “Given my outlook, I expect this means highly accommodative monetary policy will be appropriate for some time to come.”“It is …

The European stocks closed Thursday lower, on the back of mixed economic data, reversing most of its gains on Wednesday. The Stoxx Europe 600 index closed lower by 1.40%, while the UK’s FTSE100 plunged by 1.52%. In Germany, the benchmark DAX index finished lower by 1.40%, while the French CAC40 …

There is more than a 30% chance for a no-trade deal Brexit, according to a recent report by JPMorgan, Reuters reported. The UK government reportedly sees no prospect for extending the transitional period for BREXIT negotiations, according to recent media reports. The transition or the implementation period ends on 31 …

President of the Federal Reserve Bank of San Francisco, Mary Daly, said that there is no urgency to ease monetary policy. “I don’t see a pressing need in terms of a misalignment of expectations relative to our policy.”

Germany aims at avoiding its public debt going above EUR 100 billion next year, despite increased spending to face the impacts of the COVID-19 crisis, Reuters reported The German Minister of Finance, Olaf Scholz, reportedly plans the 2021 public budget with EUR 80 billion in new debts, however, the German …

Stablecoins and cryptocurrencies must be well regulated by market authorities, according to remarks by the Bank of England (BoE) Governor, Andrew Bailey, on Thursday. The comments, picked up by Reuters, showed a call for regulators to keep up with market developments in the digital payment domain. “If stablecoins are to …

Canada’s International Merchandise Trade Deficit widened to $2.5 billion in July from $1.6 billion in June, the data published by Statistics Canada revealed on Thursday. This reading came in largely in line with the market expectation. “Imports increased 12.7% in July, while exports rose 11.1%. The largest contributor to this growth for …