Market Update

The New York Stock Exchange (NYSE) maintained its gains on Friday, despite the United States seeing a new record high of new coronavirus cases, with the Nasdaq reaching a new all-time high closing level. Energy stocks achieved noticeable gains, supported by the recent IEA report that suggested improved demand for …

Oil prices gained more than 2% on Friday, after the International Energy Agency (EIA) expected improved demand for crude during 2020, claiming that the worst effects of the COVID-19 pandemic on the oil market are over. Brent crude settled higher by 2% or 89 cents at $43.24 per barrel, while …

Gold prices declined for the second consecutive day but were able to maintain the $1,800 level, near its highest in nearly nine years. The yellow metal futures for August delivery decreased marginally by $1.90 and settled at $1,801.90 per ounce. Gold prices increased by 0.7% for the week. This is …

The number of active US oil rigs decreased by four to 181 this week, according to data by Baker Hughes. It worth mentioning that the number of rigs drilling for crude oil in the US did not a single increased since mid-March.

European stocks settled higher on Friday, supported by positive industrial data in France and Italy. The pan-European STOXX Europe 600 index closed up by 0.81% at 366.6 points, up by 0.50% for the week. In the London Stock Exchange (LSE), FTSE100 finished higher by 0.76%. Meanwhile, the French CAC40 index …

President of the Federal Reserve Bank of Dallas, Robert Kaplan, has called for increased use of face masks across the United States to combat the spread of the coronavirus disease (COVID-19). “While monetary and fiscal policy have a key role to play, the primary economic policy from here is broad …

The worst effects of the coronavirus pandemic on global oil demand may have passed, according to a report by the International Energy Agency (IEA) on Friday, the Wall Street Journal reported. However, the crisis will continue to leave its toll as markets slowly recover during the second half (H2) of …

Moody’s Investors Services expects the British economy to contract by 10.1% in 2020, despite the UK government’s recently announced GBP 30 billion stimulus package. In addition, the rating agency forecasts the public debt-to-GDP ratio to increase by 24% or more. Moody’s also foresees a gradual recovery with an expected growth …

The US Federal Reserve has added $1.33 billion worth of bonds from individual companies on June 22-30, Reuters reported. The bond purchases included big company names, such as Apple, Walt Disney, and Ford Motor. The Fed has already bought $428 million worth of bonds bought as part of a large …

According to some news reports on Friday, the United States is considering imposing tariffs of 500 to 700M dollars on French goods after escalation on the French side, imposing a taxes on major technology companies, including huge American companies. Reports indicated that this decision will be announced soon, and it …