Market Update

Jean Castex will lead a new French government, after being named by President Emmanuel Macron as prime minister. Macron, who was elected in 2017, promised a cabinet reshuffle in recent days to focus on recovery from the negative economic impacts of the COVID-19 pandemic. The new Prime Minister of France, …

European stocks declined on Friday, despite recent PMI data showing recovery signs in the Eurozone, as well as the in the US and China. The pan-European STOXX Europe 600 index closed down by 0.93% at 364.86, but up by 1.83% for the week, despite giving up some of its gains …

The New Zealand Dollar (NZD) is showing a strong performance against major currencies, supported by improved risk appetite. Positive indicators from European PMI reports showed that June saw the best economic activity since the beginning of the COVID-19 pandemic. Gains by Asian stock markets also helped push the risk appetite …

All the debt issued by the European Union (EU) to help its member states in the fight against the coronavirus disease (COVID-19) pandemic will eventually be paid back, according to Spain’s Minister of Economy Nadia Calvino. “The long-term sustainability of the debt is guaranteed and we are making plans and …

The headline seasonally adjusted IHS Markit/CIPS UK services purchasing managers’ index (PMI) for business activity posted 47.1 in June, up from its level in May at 29, reaching its highest level in four months. The index survey showed that around 33% of participants reported a drop in business activity during …

The Eurozone purchasing managers’ composite output index (PMI) maintained its recovery for the second consecutive month, recording 48.5 in June, rising by 17 points compared to its level in May at 31.9. This is the best level for the Eurozone index in four months, since the beginning of the coronavirus …

With US markets closed this Friday in celebration of Independence Day holiday, oil prices enjoyed a good week and gained more than 4%. According to Reuters, oil fell below 43 dollars/barrel on Friday on the back of the increased numbers of coronavirus infections in the US. However, it noted that …

S&P 500 continued to recover during Q2 from its slump in Q1. The largest sectors that struggled against the recession and were not on the index were: health care, communication services, information technology and consumer discretionary. Top 5 companies are in the S&P 500 and represent most of the recent …

The risk aversion provides some strength to Yen, safe-haven currency, which maintains the bullish trend for EUR/JPY in 121.00 regions. EUR/JPY fell for a second consecutive session with low trading volume due to the Independence Day holiday in the United States. Investors continue to evaluate the latest data besides Covid-19 …

The European Commission has granted a conditional clearance to use Gilead Sciences’ Remdesivir to treat Covid-19 This decision came after the European Medicines Agency’s “rolling review” that started at the end of April. The Commission had previously stated that it was negotiating with Gilead to purchase sufficient doses for European …