Market Update

Crude oil inventories in the United States increased by 4.9 million barrels during the week ending July 17, according to data by the US Energy Information Administration (EIA) on Wednesday. A decline between 575,000 and 1.9 million barrels was expected by market experts and surveys. On Tuesday, data by the …

Home sales in the United States registered its highest rise on record last month, due to historically low mortgage rates, according to data by the National Association of Realtors, Reuters reported. Existing home sales in the US increased by 20.7% on a monthly basis to a seasonally adjusted annual rate …

On Tuesday, the EU member states approved a 750 billion euro recovery fund which included 360 billion euros in loans and 390 billion euros in grants. The money will be raised collectively by selling bonds. European Central Bank (ECB) President Christine Lagarde talks on Wednesday, she said that the fact …

Canada’s annual consumer price index rose more than expected in June as data released by Statistics Canada on Wednesday showed that Canada’s inflation, measured by the CPI, rose 0.7% year-on-year in June, above market expectations of 0.2% monthly basis. The consumer price index reached 0.8%. The USD/CAD pair remains in …

House prices in the United States of America fell during last May missing expectations. Data released by the Federal Housing Finance Index on Wednesday showed that house prices increased by -0.3% MoM, compared to 0.1% in the previous April. Analysts had expected US house prices to rise by 0.4% in …

Baker Hughes Oilfield Services announced on Wednesday that it posted its second quarterly loss this year and warned that it was preparing for a longer period of fluctuation after falling oil prices undermined demand for services. The net loss attributable increased to $ 201 million, or 31 cents per share, …

Oil prices rose on Tuesday, with a larger-than-expected increase in US, and the increase in cases of Covid19 may lead to an increase in fuel demand in the largest oil consumer in the world. Brent crude futures for September delivery are currently trading at $ 44.29 a barrel, down by …

The US has abruptly informed China to close its consulate in Houston in the next 72 hours on Tuesday, July 21. The geopolitical tensions intensified on this news, as China’s foreign ministry urged the US to correct this mistake, or otherwise, there will be retaliation. The State Department’s spokesperson Morgan …

As the world’s second-largest economy rebounds, People’s Bank of China (PBOC) is pausing its monetary policy easing, Reuters reported, citing four sources on the matter. The report says that the PBOC doesn’t see the need to ease further amid the economic recovery. Earlier this year, China’s central bank took extensive …

European stocks fell on Wednesday, with earnings reports and traders waiting for the United States to agree its latest stimulus package. At 07:55 GMT, the German DAX edged up 0.5%, the FTSE gained 0.6%, and the French CAC added 1%. A day after European leaders signed the historic € 750 …