Market Update

Oil prices kept its movement within a limited range since the beginning of the week but closed higher on Wednesday. The global benchmark Brent crude futures rose by 21 cents and settled at $43.29 per barrel. Meanwhile, the US benchmark West Texas Intermediate (WTI) futures closed higher by 28 cents …

It could take the US economy longer than previously expected to recover from the COVID-19 crisis, said the President of the Boston Federal Reserve Bank, Eric Rosengren, according to Reuters. In addition, Rosengren believes that demand for the Federal Reserve’s Main Street lending program would grow over time. “There are …

The President of the Federal Reserve in Atlanta, Raphael Bostic, said on Wednesday that “The energy for reopening businesses and for just general activity is starting to level off,” as quoted by Reuters. “This is something we are going to watch extremely closely,” he added.

Gold prices maintained an upward trend for the fourth consecutive session on Wednesday, closing at a new record high for the second day in a row. The yellow metal has been soaring above the $1,800-mark since Tuesday. Gold futures for August delivery settled higher by $10.70, or 0.6%, at $1,820.60 …

European stocks closed lower on Wednesday with the rising cases of COVID-19 raising concerns about the reopening of business worldwide and the highly anticipated global economic recovery. The pan-continental STOXX Europe 600 index settled down by 0.67% at 366.48 points. In the London Stock Exchange (LSE), the FTSE100 index closed …

Emergency lending provided by the US Federal Reserve has helped stabilize the market amid the COVID-19 crisis, said Daleep Singh, the Head of the Markets Group at the New York Federal Reserve. Singh noted that the Fed must stay vigilant and be prepared to adjust its approach if necessary as …

Germany is committed to reaching a new partnership agreement between the European Union (EU) and the United Kingdom (UK), but the EU should prepare for a no-deal Brexit, German Chancellor Angela Merkel told the European Union on Wednesday. The two sides are negotiating to reach a trade and cooperation deal …

German Chancellor Angela Merkel has called for more unity among members of the European Union (EU) in her speech to the European Parliament in Brussels on Wednesday, Reuters reported. The speech came as Germany began a six-month presidency of the European bloc that began on 1 July. Speaking about the …

Crude oil inventories in the United States increased by 5.7 million barrels last week, data by the US Energy Information Administration (EIA) showed on Wednesday. This comes after a decrease of 7.2 million barrels in the previous week, and against expectations of another decline. WTI futures are currently trading at …

The International Monetary Fund (IMF) is warning against rising debt in both emerging and developed economies due to stimulus spending amid the COVID-19 crisis. The IMF is urging enhanced fiscal reform in many countries after the pandemic ends, said its Deputy Managing Director Mitsuhiro Furusawa on Wednesday, as cited by …