Market Update

Gold prices rose on Wednesday, amid a fluctuating performance by the US Dollar (USD), which came mostly in the negative territory ahead of the release of the US Federal Reserve policy statement. Gold futures for December delivery increased by $4.30, or 0.2%, and settled at $1,970.50 per ounce.

Data of the United States Energy Information Administration’s (EIA) weekly report showed on Wednesday that crude oil inventories in the US declined by 4.4 million barrels last week. This comes against market analysts’ expectations of a 1.27 million barrel rise in US oil stockpiles.

European stocks closed higher on Wednesday, amid anticipation for the results of the US Federal Reserve meeting. The Stoxx Europe 600 gained 0.43% and closed at 372.57 points. Meanwhile, the UK’s FTSE100 declined by 0.44%, amid Brexit uncertainty. In France, the benchmark index CAC40 edged up by 0.13%, while in …

The new Prime Minister of Japan, Yoshihide Suga, has vowed to protect employment against the effects of the COVID-19 pandemic. On Wednesday, in his first remarks as the successor of Shinzo Abe, the Prime Minister said that COVID-19 is the biggest challenge facing the Japanese economy, Reuters reported. Following the …

Consumer spending in the United States slowed last month, according to data released on Wednesday. The value of overall sales increased 0.6%. Retail sales, excluding automobiles, gasoline, building materials, and food services, decreased by 0.1% in August, after rising by 0.9% in July, as per the reading revised from a …

Homebuilder confidence in the United States increased to a record high in September, data showed on Wednesday. The NAHB/Wells Fargo Housing Market Index (HMI) went up by five points to a record high of 83 in September. This comes amid historically low mortgage rates due to the COVID-19 pandemic.

Business inventories in the United States rose in July, for the first time in 2020, data showed on Wednesday. Business inventories increased by 0.1% in July, after decreasing by 1.1% in June, according to the US Department of Commerce. Retail inventories grew by 1.2%, while wholesale inventories fell by 0.3%.

The Turkish lira weakened to a record low against the dollar on Wednesday as concerns about the economic outlook continue, while investors await the decision of the Fed. The Turkish currency touched record low 7.5020 and beyond this week, as Moody’s downgrade of Turkey’s credit rating to “B2” from “B1”. …

Inflation in Canada, as measured by the Consumer Price Index (CPI), stayed unchanged at 0.1% on a yearly basis in August, the data published by Statistics Canada revealed on Wednesday. This reading came in lower than the market expectation of 0.4%. On a monthly basis, the CPI dropped to -0.1% …

Retail Sales in the United States rose by 0.6% on a monthly basis in August to $537.5, the data published by the US Census Bureau revealed on Wednesday. This reading followed July’s increase of 0.9% (revised from 1.2%) and missed the market expectation of 1%.