Market Update

Oil prices increased on Tuesday, as the market anticipates the results of the OPEC+ summit. The US benchmark crude, West Texas Intermediate (WTI), futures for August delivery settled higher by 19 cents, or 0.5%, at $40.29 per barrel. Meanwhile, the global benchmark, Brent crude oil futures for September delivery increased …

Gold prices declined on Tuesday, but recovered from most of its earlier losses and maintained the $1,800 per ounce level. Demand for gold as a safe haven supported the yellow metal, with rising concerns regarding the COVID-19 pandemic and the economic recovery progress. Gold futures for August delivery lost 70 …

President of the Federal Reserve Bank of Richmond, Thomas Barkin, said on Tuesday that unemployment in the United States could increase once again during the recovery from the COVID-19 crisis, with the market trying to adjust to a recession longer than previously expected, Reuters reported. “There is a complicated brew …

Treasury yields declined for the second consecutive day on Tuesday, with increased worries regarding the pace of economic recovery as COVID-19 cases in the United States increase. The 10-year Treasury notes yield decreased by 2 basis points (bps) to 0.611%, while the yield on the 30-year bonds declined by 4 …

The state of California began reapplying the lockdown announced on Monday by Governor Gavin Newsom. The new statewide directives will see all restaurants, bars, movie theaters, entertainment centers, zoos and museums close their indoor operations. In addition, the state is closing gyms and fitness centers, worship places, salons and barbershops, …

The Swiss National Bank (SNB) will maintain its current negative interest rates, according to its Chairman, Thomas Jordan. “I fear it will take some time before we get there again,” Jordan said on Tuesday, as quoted by Reuters. The remarks came during a webinar with the International Monetary Fund (IMF). …

The US federal budget deficit increased to $864 billion in June with increased spending on COVID-19 stimulus and relief programs coupled with reduced taxes, data by the US Department of Treasury showed. The year-to-date fiscal deficit stands at $2.7 trillion, Reuters reported. Expenditure increased by 223% to $1.1 trillion, a …

OPEC reported in its monthly report that global oil demand will rise to a record level of 7M bpd in 2021 as the economy recovers from Covid-19 crisis, but will remain below 2019 levels. This is the first report in which OPEC evaluates the oil markets next year and said …

Wells Fargo reported quarterly losses for the first time since the financial crisis in 2008. The COVID-19 crisis forced to write off 9.57B to cover potential loan losses. Wells Fargo reported a loss of $ 2.4B, or 66 cents a share, in the second quarter ending June 30, compared to …

The Labor Department said on Tuesday that the consumer price index rose 0.6% last month after falling 0.1% in May in the 12 months to June, the lowest annual increase since September 2015. Economists who participated in the Reuters poll expected the CPI to rise 0.5% in June and rise …