Market Update

Oil prices rose on Wednesday, December 9th, to reduce crude losses incurred earlier, amid positive news about Covid-19 vaccines that boosted investors’ hopes for a recovery in fuel demand, which overshadowed concern about an unexpected jump in US oil stocks last week. Brent crude rose 11 cents, equivalent to 0.2%, …

Gold prices retreated from a two-week peak on Wednesday, December 9, as encouraging developments for the Coronavirus vaccine prompted investors to buy high-risk stocks as global stocks rose to record levels. Gold fell in the spot market 0.7% to $ 1858.80 an ounce, after hitting the highest level since November …

Data by the American Petroleum Institute (API) showed on Tuesday that crude oil inventories in the United States increased by 1.1 million barrels last week. Meanwhile, gasoline stockpiles grew by 6.4 million barrels, and distillate inventories rose by 2.3 million barrels.

The New York Stock Exchange (NYSE) finished Tuesday on a higher note, amid renewed hopes for a new government stimulus package. The Dow Industrial Average rose by 104.09 points, or 0.35%, to close at 30,173.88 points. The S&P 500 closed at 3,702.25 points, gaining 10.29 points, or 0.28%. Meanwhile, the …

Treasury yields in the United States declined on Tuesday, amid growing anticipation for a new stimulus package with talks still ongoing. This also comes amid the rise in the number of Coronavirus cases. Return on the 10-year Treasury bond decreased by 1.5 basis points to 0.913%, after falling earlier below …

Oil prices showed a mixed performance on Tuesday, amid increasing concerns about the rising number of Coronavirus cases. Brent crude futures for February delivery rose by 0.10% and finished at $48.84 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery declined by 0.4% and settled at …

Gold prices rose on Tuesday for the second consecutive session, amid the decline in the US treasury yields and despite a rise by the US Dollar (USD) and renewed hopes for a new government stimulus package in the United States. Gold futures for February delivery added $8.90, or 0.5%, and …

Unit labor costs in the United States declined during the third quarter (Q3) of the year, data by the US Department of Labor showed on Tuesday. The price of labor for each unit of output decreased by 6.6%, compared with a previously estimated 8.9%. It is worth noting that during …

Nonfarm worker productivity in the United States grew during the third quarter (Q3) of the year, data by the US Department of Labor showed on Tuesday. This comes as the US economy, and especially the services sector, is recovering from the impacts of the Coronavirus crisis. Hourly output per worker …

The German parliament on Tuesday suspended, once again, the debt limits in the constitution to allow for increased government borrowing of up to EUR 180 billion in 2021, Reuters reported. The increased government debt aims at funding stimulus spending to help Europe’s largest economy face the economic consequences of the …