Market Update

The U.S. Dollar (USD) is rising on Wednesday, after closing Tuesday on a lower note, and following the release of the consumer price index update. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six international rivals, is up by 0.31% at 90.37, noting that it …

Crude oil inventories in the United States decreased by 3.2 million barrels last week, according to the U.S. Energy Information Administration’s (EIA) weekly report released on Wednesday.

Consumer prices in the United States rose in December on the back of a surge in gasoline prices, data showed on Wednesday. The official reading of the consumer price index (CPI) showed an increase of 0.4% in December, following a 0.2% rise in November, according to data by the U.S. …

On the US calendar today, the US consumer inflation numbers for December are due at 13:30 GMT. The headline CPI is expected to rise by 0.4% from 0.2% in November and on an annual basis, it is expected to rise to 1.3% versus 1.2% previously. As for the core CPI …

European Central Bank President Christine Lagarde said that the eurozone economy is still on the verge of recovery this year, provided that the general isolation measures taken to confront the Corona pandemic are lifted at the end of March and the vaccines are distributed. Lagarde adhered to the expectations of …

Industrial Production in the euro area expanded by 2.5% on a monthly basis in November, the data published by the Eurostat showed on Wednesday. This reading followed October’s increase of 2.3% and beat the market expectation of 0.2% by a wide margin. Industrial Production contracted by 0.6% Y-o-Y in November …

The dollar suffered losses on Wednesday, as declining US yields weakened the momentum generated by its recent recovery and investors cautiously resumed bets that it could continue to slide. Against the euro, the dollar recorded its biggest daily decline in more than a month and declined more than 1% against …

European stocks were largely unchanged on Wednesday as the utility sector was hit by a profit warning from Danish wind farm developer Orsted, while French grocery store Carrefour jumped after merger talks. Carrefour gained 10.6% after Canadian store operator Element Couche-Tard said it had contacted Europe’s largest retailer to discuss …

Auto sales in China fell for the third year in a row in 2020 but increased year on year for the ninth consecutive month in December as Beijing continues to lead the global auto sector’s recovery from the COVID-19 pandemic. Chinese auto sales fell 1.9% to 25.3 million cars last …

The French central bank said today, Wednesday, that the country’s economy has likely contracted 4% in the last quarter of last year compared to the previous three months, although activity increased in December after the lifting of general isolation measures imposed to combat the spread of the Coronavirus. In light …