Market Update

UK GDP in May posted less than analysts’ expectations as data released by the Office for National Statistics on Tuesday showed that British gross domestic product rose1.8% in May, compared to a contraction of 20.3% in April. Analysts had expected the UK economy to grow by 5.5% in May. The …

The US Energy Information Administration (EIA) is expecting a steep decline in the production of shale oil in the United States by 56,000 barrels per day (bpd) to around 7.49 million bpd next month. This would be the lowest of US shale oil production since August 2017. The next OPEC+ …

The New York Stock Exchange (NYSE) indices showed a varied performance on Monday, as the Nasdaq and S&P 500 closed lower with some of Wall Street biggest tech names registering losses. The Dow Jones Industrial Average was able to close on marginal gains, rising by by 10.50    or 0.04%, at …

Oil prices declined on Monday as the rising number of COVID-19 cases are leading to concerns regarding demand recovery. Brent crude futures settled higher by 1.2% at $42.72 per barrel, while the US benchmark crude oil, West Texas Intermediate (WTI), futures closed down by 1.1% to $40.10 per barrel. An …

Gold prices rose on Monday after posting two consecutive declines, during which it was able to maintain the $1,800 level. Although the yellow metal did not yet restore its highest level in nine years, where it closed last Wednesday, gold futures for August delivery increased by $12.20, or 0.7%, and …

The Euro (EUR) has surged against major currencies during Monday’s trading, supported by the decline of the US Dollar (USD). A highly anticipated meeting for the European Central Bank (ECB) is set to take place on Thursday, while on Friday the European Union Leaders will discuss the COVID-19 crisis stimulus …

The US Dollar (USD) is showing a weak performance during the first session of the week, despite the lack of major economic data. The United States continues to hold the highest number of coronavirus disease (COVID-19) cases worldwide, with multiple record-high daily surges in recent weeks. The Dollar Index (DXY), …

Despite a record increase in COVID-19 cases worldwide on Monday, European stocks closed higher, supported by positive expectations regarding the development of a new vaccine for the spreading novel coronavirus. The pan-European STOXX 600 index added 1.06% or 3.88 points, as it closed at 370.71. In Paris, the CAC40 Index …

The Federal Reserve Bank of New York June 2020 Survey of Consumer Expectations showed a continued gradual decline in pessimism about household financial conditions. Although consumers overall remain less optimistic about earnings growth, income growth, and job finding expectations compared to the pre-COVID-19 environment, some indicators showed considerable improvements in …

German Chancellor Angela Merkel expressed doubts regarding whether members of the European Union will reach an agreement on the coronavirus recovery fund or not. An EU summit will discuss on July 17-18 the planned EUR 750 billion ($840 billion) economic stimulus package. The meeting will also discuss the next seven-year …