Market Update

The United States federal government’s budget deficit exceeded $3 trillion during the first 11 months of fiscal year 2020. Deficit in August amounted to $200 billion, Reuters reported. Year-to-date, the deficit reached $3.007 trillion nearly triple that of the same period last year.

Oil prices declined on Friday, logging their second consecutive weekly decline amid a mostly negative outlook for global demand. Brent crude futures for November delivery closed lower by 23 cents, or 0.6%, at $39.83 per barrel losing 6.6% for the week. Meanwhile, the West Texas Intermediate (WTI) futures for October …

Gold prices declined on Friday, limiting its weekly gains, amid recent fluctuations by the US Dollar (USD). Gold futures for December delivery closed lower by $16.40, or 0.8%, at $1,947.90 per ounce, adding 0.7% for the week. Meanwhile, silver December futures decreased by 43 cents, or 1.6%, and finished at …

The Prime Minister of France, Jean Castex, said on Friday that there are currently no plans by his government to impose a lockdown to combat the outbreak of the coronavirus (COVID-19), despite a recent surge in new confirmed cases, Reuters reported. “The virus is with us for several more months …

Data by Baker Hughes showed on Friday that active oil rigs in the United States declined by one rig to a total of 180 last week. Meanwhile, total active oil and gas drilling rigs decreased by two rigs to 254.

European stocks closed marginally higher on Friday, amid anticipation for the results of Brexit talks between the European Union and Britain. The Stoxx Europe 600 index added 0.1% and closed the week at the level of 368.41 points. The UK’s FTSE100 increased by 0.48%, while the French CAC40 gained 0.20%. …

Europe needs to address the challenges imposed by private sector global digital assets, warned the Governor of the Bank of France, Coin Telegraph reported. “We in Europe face urgent and strategic choices on payments that will have implications for our financial sovereignty for decades to come.” “Our European ecosystem has …

The US Dollar (USD) is showing a mostly negative performance on Friday, after the release of the CPI data. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is marginally down by 0.02% at 93.32, after closing Thursday at 93.34. The index …

US stocks opened higher, buoyed by heavyweight tech stocks, as quarterly results exceeding expectations for Oracle confirmed the robustness of technology-related companies during the Coronavirus crisis. The Dow Jones Industrial Average rose 79.28 points, or 0.29%, to 27,613.86 points. The Standard & Poor’s 500 Index opened, up 13.51 points, or …

The European Union asked Britain Thursday 10 September to urgently cancel a plan to breach the withdrawal agreement, but Prime Minister Boris Johnson’s government refused and instead went ahead with a bill that could waste four years of Brexit talks. With the increasing likelihood that Britain’s departure from the European …