Market Update

Industrial Production in Germany rose less-than-expected in July, the official data showed on Monday, suggesting that the recovery in the manufacturing sector probably lost steam. The industrial output came in at +1.2% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. a 4.8% …

The New York Stock Exchange (NYSE) finished the week with large losses on Friday’s session, with tech stocks leading the decline and the market seeing strong selling pressures. The Dow Jones Industrial Average declined by 159.42 points or 0.56%, closing at 28,133.31 points, down by 1.8% for the week. The …

Oil prices closed lower on Friday, amid mixed expectations for demand recovery, and a rise for the USD, which decline was seen a support factor for crude prices. Brent crude futures for November delivery settled lower by $1.41, or 3.2%, at $42.66 per barrel, raising its weekly decline to 6.9%. …

The United States Federal Reserve issued on Friday a corrected version of its recent stress test results, which were initially published in June 2020. According to the new recalculated results, Goldman Sachs and Morgan Stanley will see lower capital requirements, Reuters reported, as the errors led to miscalculated assumed losses …

Gold prices declined on Friday for the third consecutive day, turning to weekly losses. Gold futures for December delivery closed lower by $3.50, or 0.2%, at $1,934.30 per ounce. This is the lowest closing level for the yellow metal futures since August 27, logging a 2.1% weekly decrease. Meanwhile, silver …

The British economy may need extra stimulus in order to face the effects of the COVID-19 crisis, said member of the Bank of England’s (BoE) Monetary Policy Committee, Michael Saunders, Reuters reported. “I consider it quite likely that additional monetary easing will be appropriate in order to achieve a sustained …

European stocks closed lower on Friday, erasing earlier gains and turning to losses for the week, due to huge losses by tech stocks in Wall Street. The pan-European Stoxx 600 index finished lower by 1.1%, registering weekly losses of 1.9%. The UK’s FTSE100 lost 0.88% for the day and recorded …

The Trump administration has reached an agreement with the US Congress to provide funding for the federal government after the end of the month, avoiding a government shutdown, Vice President Mike Pence reportedly told CNBC on Friday. “The agreement reached this week by the Treasury secretary and our negotiation team …

The French Minister of Finance, Bruno Le Maire, said on Friday that he expects France’s economy to perform better than initially expected. “I think we will do better in 2020 than the 11% recession forecast at the moment,” said the French minister in a TV interview as cited by Reuters. …

A better than expected decline in the unemployment rate in the United States and a higher than expected labor force participation rate are providing a much needed support for the US Dollar (USD) to maintain its recent rising trend on Friday. The Dollar index (DXY), which measures the performance of …