Market Update

President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said in a TV interview with Bloomberg that the Fed should maintain interest rates until the inflation target is achieved. “We’ve been saying for a long time that the 2% inflation goal is symmetric, which means we should overshoot it. …

The Bank of Canada (BoC) plans to maintain its main interest rate near zero until the 2% inflation target is sustainably achieved. This comes as the BoC decided to maintain its benchmark interest rate at 0.25% on Wednesday BoC is also committed to buying $3.7 billion worth of Canadian government …

Factory sales in Canada increased by a record 10.7% during May, after falling in April by 27.9%, according to data by Statistics Canada on Wednesday. Manufacturing sales were 28.4% below their level in February, before the COVID-19 crisis emerged. A majority of market analysts believe that it would take at …

Data released by the Federal Reserve on Wednesday showed industrial production in the U.S. increased 5.4% in June after expanding 1.4% in May. This reading was better than market expectations of 4.3%. Other details of the report revealed that manufacturing output rose 7.2% in June and capacity utilization improved to …

OPEC+ (OPEC and allies) is holding a Joint Ministerial Monitoring Committee (JMMC) meeting on Wednesday to decide oil output policy from August. The meeting will focus on easing output cuts to 7.7M bpd until December. This comes amid the slow recovery in the global economy that was hit by the …

France said on Wednesday that they believe an EU deal on the European recovery plan can be reached by the end of this week. And according to Reuters, France presidency office also said that France could obtain a European subsidy of nearly 40 B euros (45.76 B dollars) to help …

China said on Wednesday that British Prime Minister Ban Huawei’s participation in the fifth-generation network is frustrating, and that other Chinese companies have followed headlines of how UK treat the telecommunications giant, which is harmful to investment. Liu Xiaoming, China’s Ambassador to the UK, said ‘the way you treat Huawei …

US President Donald Trump has signed an order to end preferential economic treatment for Hong Kong, after China enacted a new security law there. Hong Kong would be treated “the same as mainland China”, Trump said. He also signed a law to impose sanctions on officials who cracked down on …

US stocks were set to open higher supported by news of the success of Covid-19 vaccine by Moderna in clinical trials. Dow Jones futures fell 253 points or 1.0%, while the Nasdaq 100 futures rose 0.4% and the S&P 500  0.7%. (10:15 GMT). It’s a heavy day for US in …

Spanish Prime Minister Pedro Sánchez said on Wednesday that he sees “very difficult hours ahead.” Spanish Prime Minister Pedro Sánchez and Swedish Prime Minister Stefan Löfven met for talks before the European Union summit. The economy of Spain is one of the most affected economies in the European Union from …