Market Update

European stocks rose from a two-week low, but still heading towards a weekly loss after a sell-off marked by fear of a second wave of Covid-19 cases, uncertainty related to Brexit and doubts about more fiscal stimulus in the United States. The pan-European STOXX 600 index rose 0.7% after recording …

Data showed that European car sales rose slightly in September, the first increase this year, indicating a recovery in the auto sector in some European markets, as Coronavirus cases decreased. Statistics from the European Automobile Manufacturers Association (ACEA) in September showed that sales of new cars rose 1.1% Y-o-Y to …

The yen rose and the dollar is heading to achieve its best weekly performance this month today, Friday, as the rise in cases of Coronavirus and the stalled progress towards providing American stimulus caused investors’ appetite for safe assets. In light of the application of new restrictions to combat the …

Oil prices closed Thursday lower amid increased concerns for the second wave of the COVID-19 pandemic and its effect on the global demand recovery. Brent crude futures for December delivery decreased by 16 cents, or 0.4%, to settle at $43.16 per barrel. Meanwhile, the West Texas Intermediate (WTI) futures for …

Crude oil inventories in the United States declined by 3.8 million barrels last week, according to data by the US Energy Information Administration (EIA) on Thursday. The decline exceeds that expected by market experts of around 2.3 million barrels, and it comes after an increase of 500,000 barrels in the …

Gold prices returned to gains on Thursday, amid increased demand for safe havens amid uncertainty. The rise in the yellow metal prices came despite the US Dollar’s (USD) gains. Gold futures for December delivery rose by $1.60, or 0.08%, and settled at $1,908.90 per ounce. Since the beginning of the …

President of the Federal Reserve Bank of Richmond, Thomas Barkin, said on Thursday that spending could increase due to higher confidence in the economy, but that it would take longer for the labor market to recover, Reuters reported. “You’ve got a lot of companies that have chosen, even though they’re …

The British Pound (GBP) declined against the US Dollar (USD) on Thursday, with the USD showing some strength across the board. Meanwhile, the GBP is impacted by Brexit uncertainty, as well as worries about the second wave of the COVID-19 pandemic and new lockdowns imposed by the British government. The …

President of the Federal Reserve Bank of San Francisco, Mary Daly, said on Thursday that in order for the monetary policy objective of achieving economic recovery, extra stimulus by the government is needed, Reuters reported. “These two things need to come together or else we will have an incomplete solution,”

The President of the United States, Donald Trump, said on Thursday that he could support a new stimulus package worth more than the $1.8 trillion he offered last week, which was rejected by the Democrats. This comes after the US Treasury Secretary, Steven Mnuchin, said he does not expect a …