Market Update

China ordered the United States to close its consulate in the city of Chengdu on Friday, in response to the US request to close the Chinese consulate in Houston with the deterioration of relations between the largest economies in the world. The Chengdu Consulate in southwest China’s Sichuan Province is …

Oil prices rose on Friday on the weakness of the US dollar, although concerns about the increasing numbers of COVID-19 cases and tensions between the United States and China have capped price movements. The US dollar fell to a 22-month low on the US dollar index, which measures the strength …

UK retail sales increased during last June, exceeding analyst expectations. Data released by Office for National Statistics showed on Friday that retail sales in Britain increased by 13.9% in June, compared to 12.3% in May. Analysts had expected that retail sales in the United Kingdom would rise by about 8.3% …

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President of the United States, Donald Trump, announced in a press briefing on Thursday that many schools across the US are ready to open again after months of closure as a preventive measure against the coronavirus disease (COVID-19). “Given these considerations, we believe many school districts can now reopen safely, …

The New York Stock Exchange (NYSE) settled lower on Thursday on the back of losses by tech shares and investors’ sentiment being negatively impacted by the recent unemployment data, with another surge in US jobless claims. The Dow Jones Industrial Average Index closed at 26,652.33, falling by 353.51 points or …

Oil prices declined on Thursday after recent data showed a surprise buildup in the US crude oil inventories, as well as natural gas supplies, prompting worries about the demand recovery as the number of COVID-19 cases increase. The US benchmark, West Texas Intermediate (WTI), crude futures for September delivery declined …

Gold prices continued the upward performance on Thursday and settled higher on the back of increased demand for safe havens. The yellow metal gains were also supported by a weak performance by the US Dollar across the board. After trading as high as $1,897.7 per ounce, gold futures for August …

European stocks closed Thursday after showing mixed performance across the old continent’s markets, pushed downwards by tensions between Washington and Beijing and the worse than expected unemployment data in the US. On the other hand, positive financial results by some listed companies gave support to the stock market. The pan-European …

The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, approved that banks could provide custody services for cryptocurrencies, Reuters reported. Providing custody and safekeeping services for cryptocurrencies is now considered a modern version of banking services. Such services include …