Market Update

Gold prices rose on Wednesday to their highest level since August 19, after trading lower for some time due to the rising US Treasury yields. The yellow metal futures for December delivery closed higher by $29.40, or 1.5%, at $1,952.50 per ounce. Meanwhile, silver futures for September delivery surged by …

European stocks returned to gains on Wednesday, reversing their earlier losses today on the back of positive economic data. The STOXX Europe 600 index gained 0.8%, supported by the rising market sectors. The UK’s FTSE100 closed higher by 0.14%, while the French CAC40 and the German DAX indices increased by …

The Mexican economy has recorded its worst drop on record during the second quarter of 2020, due to the impact of the COVID-19 pandemic. Mexico’s gross domestic product (GDP) contracted by 17.1% on a quarterly basis during Q2 and by 18.7% on an annual basis. Mexican GDP is expected to …

The United States has blacklisted 24 Chinese companies involved in construction and military activities in the South China Sea, Reuters reported. The sanctioned companies are playing a “role in helping the Chinese military construct and militarize the internationally condemned artificial islands in the South China Sea,” according to a statement …

The President of the United States, Donald Trump, is considering to issue an executive order to prevent layoffs at airline companies, Reuters reported. Congress is yet to pass a new COVID-19 stimulus package. “If Congress is not going to work, this president is going to get to work and solve …

The 2021 Davos summit, which gathers world leaders and major business figures from around the globe, has been delayed, the World Economic Forum (WEF) announced on Wednesday. The annual summit will not be held in January as usual, due to the coronavirus (COVID-19) pandemic. The decision comes based on advice …

Crude oil inventories in the United States declined for the fifth consecutive week, according to data by the US Energy Information Administration (EIA) on Wednesday. Oil stockpiles decreased by 4.7 million barrels last week to a total of 507.8 million barrels. On Tuesday, Estimates by the American Petroleum Institute (API) …

The British pound rallied on Tuesday as the US dollar weakened and investors ignored an unexpected drop in monthly retail sales data in Britain. The dollar fell after investors returned to riskier currencies while a successful phone call between the United States’ top trade officials and China sparked a positive …

The dollar and euro were cautious in trading on Wednesday, August 26th, with dealers reluctance to make risky bets ahead of an important speech by US Federal Reserve Chairman Jerome Powell. In light of growing expectations that Powell will unveil a more tolerant policy towards inflation at the annual Jackson …

Oil rose today, Wednesday, to about $ 46 a barrel, near the highest level since March, with the support of American producers stopping most of the offshore production from the Gulf of Mexico before Hurricane Laura and a report showing a decline in US crude stocks. But the gains were …