Market Update

The New York Stock Exchange (NYSE) closed higher on Wednesday, supported by the tech stocks gains, positive economic data, and expectations that the US Federal Reserve will maintain its monetary policy for the near future. The Dow Jones Industrial Average added 83.48 points or 0.30% and closed at 28,331.92. The …

The Chief Economist and the Executive Director of Monetary Analysis and Statistics at the Bank of England (BoE), Andy Haldane, said on Wednesday that the role of central banks against the COVID-19 pandemic is limited in tackling inequalities, Yahoo Finance UK reported. “Many of the yawning social, economic, and financial …

President of the Federal Reserve Bank of Kansas, Esther George, said on Wednesday that the COVID-19 recession in the United States could reoccur if the pandemic intensifies. “An important risk to that outlook is thinking about what happens as we come into the fall, whether we see any resurgence in …

Oil prices showed a mixed performance on Wednesday, after support from data showing the fifth consecutive weekly draw in US crude stockpiles was offset by negative demand forecasts. Crude prices, especially in the United States, remain supported by output disruptions in the Gulf of Mexico due to Hurricane Laura. Brent …

Gold prices rose on Wednesday to their highest level since August 19, after trading lower for some time due to the rising US Treasury yields. The yellow metal futures for December delivery closed higher by $29.40, or 1.5%, at $1,952.50 per ounce. Meanwhile, silver futures for September delivery surged by …

European stocks returned to gains on Wednesday, reversing their earlier losses today on the back of positive economic data. The STOXX Europe 600 index gained 0.8%, supported by the rising market sectors. The UK’s FTSE100 closed higher by 0.14%, while the French CAC40 and the German DAX indices increased by …

The Mexican economy has recorded its worst drop on record during the second quarter of 2020, due to the impact of the COVID-19 pandemic. Mexico’s gross domestic product (GDP) contracted by 17.1% on a quarterly basis during Q2 and by 18.7% on an annual basis. Mexican GDP is expected to …

The United States has blacklisted 24 Chinese companies involved in construction and military activities in the South China Sea, Reuters reported. The sanctioned companies are playing a “role in helping the Chinese military construct and militarize the internationally condemned artificial islands in the South China Sea,” according to a statement …

The President of the United States, Donald Trump, is considering to issue an executive order to prevent layoffs at airline companies, Reuters reported. Congress is yet to pass a new COVID-19 stimulus package. “If Congress is not going to work, this president is going to get to work and solve …

The 2021 Davos summit, which gathers world leaders and major business figures from around the globe, has been delayed, the World Economic Forum (WEF) announced on Wednesday. The annual summit will not be held in January as usual, due to the coronavirus (COVID-19) pandemic. The decision comes based on advice …