Market Update

The New York Stock Exchange (NYSE) closed higher on Wednesday, despite worries about the tensions between the United States and China. The Dow Jones Industrial Average DJIA gained 165 points, or 0.6%, to settle at 27,006, its best level in nearly six weeks. The S&P 500 index settled by 0.6% …

Oil prices settled slightly lower on Wednesday after data showed a surprise buildup in US crude inventories, coupled with concerns regarding the increased number of COVID-19 cases. US benchmark crude, the West Texas Intermediate (WTI), futures for September settled lower by 0.05% at $41.90 per barrel, recovering most of its …

The Brazilian government has revised its primary budget deficit forecast for 2020 to BRL 787.4 billion ($154 billion) from a previous BRL 540.5 billion, Reuters reported. Public revenues are expected to steady at BRL 1.2 trillion. Meanwhile, primary spending is forecast to increase by BRL 229.3 billion to BRL 1.98 …

The Canadian Dollar (CAD) showed a strong performance on Wednesday, making the best use of its US rival weakness. Earlier today, data by Statistics Canada showed that the Canadian annual consumer price index (CPI) rose more than expected in June. The CPI rose by 0.7% year-on-year in June, compared with …

The Euro rose on Wednesday to its highest level since October 2018 against the US Dollar, maintaining the momentum it gathered from the European Union’s agreement on a COVID-19 recovery fund, especially as demand for safe havens increased. After rising by 0.5% earlier, the EUR/USD is currently trading at 1.15696, …

Gold prices surged on Wednesday, for the fourth session in a row, supported by increased demand for safe havens amidst rising tensions between the United States and China. The yellow metal August futures settled higher by $21.2, or 1.2%, at $1,865.10 per ounce. Similarly, silver prices rallied by 7.4% to …

European stocks declined on Wednesday, with the positive impact from the European Union’s recovery deal appearing to fade out in the face of the rising number of COVID-19 cases, despite the US signing a huge deal for obtaining a newly-developed vaccine. The pan-European Stoxx 600 index settled lower by 0.89%, …

The Russian gross domestic product (GDP) declined by 4.2% in the first half (H1) of 2020, according to Russia’s Minister of Economy, Maxim Reshetnikov. The ministry reportedly expects the economy to retreat by 4.8% in 2020 and expects the recovery to the pre-COVID-19 levels to take place by the fourth …

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 …