Market Update

Oil prices plunged on Thursday, erasing earlier gains in the session, as a new spike in COVID-19 cases around the world reinforced concerns about economic growth and a recovery in fuel demand. European countries re-impose curfews and general isolation measures in light of the increase in new cases of Corona. …

Gold fell on Thursday, and lay below $ 1900, a psychological important level, as the dollar held on to recent gains after US Treasury Secretary Stephen Mnuchin dashed hopes for a new stimulus package before the presidential election. Spot gold fell 0.2% to $ 1897.47 an ounce, after rising 1.2% …

European stocks fell for the third consecutive session Thursday, as demand for global stocks was negatively affected by concerns about the economic damage resulting from more general isolation measures aimed at slowing the spread of the Corona virus and dashed hopes of fiscal stimulation in the United States before the …

Japanese stocks fell on Thursday, as investor sentiment was damaged due to the dissipation of hopes for a new round of financial stimulus in the United States and the return of lockdown measures in some European countries due to the Corona outbreak and concerns about the strained Sino-US relations. The …

China’s producer price index fell 2.1% year on year in September more than expected. In September, the annual CPI rose 1.7% less than expected. On a monthly basis, the same index rose by 0.2%, less than expected by 0.1%.

The unemployment rate in Australia rose to 6.9% in September, less than expected, and employment fell by 29,500 in the same month, less than expected. The partial unemployment rate increased to 11.4%, and the participation rate maintained its levels at 64.8%, in line with expectations.

The main indices of Wall Street closed lower on Wednesday, due to mixed financial results by big banks, and worries about the second wave of the Coronavirus (COVID-19) pandemic. In addition, hopes for a new stimulus package were subdued after remarks by the US Treasury Secretary suggested that a new …

Oil prices maintained gains for the second consecutive session on Wednesday, amid commitment by OPEC+ leaders to output cuts. Brent futures for December delivery gained 87 cents, or 2.1%, to settle at $43.32 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for November delivery finished higher by 84 …

Gold prices rose on Wednesday, supported by the decline of the US Dollar (USD), restoring the $1,900 per ounce level. Gold futures for December delivery increased by $12.70, or 0.7%, and settled at $1,907.30 per ounce. Meanwhile, silver futures for December delivery added 27 cents, or 1.1%, and closed at …

The increase in the number of new Coronavirus (COVID-19) cases in the United States led to more uncertainty to the economic outlook, according to the President of the Federal Reserve Bank of Richmond, Thomas Barkin. “An elevated case rate raises economic uncertainty and that affects businesses’ willingness to hire or …