Market Update

Oil prices declined on Wednesday, after official data showed a the first rise in four week in US crude inventories. This also comes after the complications facing a new economic stimulus package. Nonetheless, declines were limited due to recent output disruptions, which helped crude prices finish above session lows. Brent …

Gold prices closed lower on Wednesday, falling to its lowest level in more than a week. Gold futures for December delivery fell by $18, or 0.9%, and finished at the level of $1,890.80 per ounce, its lowest since September 28. Meanwhile, silver futures for December delivery declined by 2 cents, …

The United States Federal Reserve is facing one of two tough choices, to either cut interest rates or increase asset purchases, according to new research by the Fed’s economist Michael Kiley, Bloomberg reported. President of the Federal Reserve Bank of Cleveland, Loretta Mester, is the only member of the Fed’s …

European stocks declined on Wednesday, on the back of uncertainty as Trump instructed the cancellation of new stimulus package in the United States, while in Europe the outlook for COVID-19 remains concerning with fears of the second wave. The pan-European STOXX 600 index closed lower by 0.12% at 365.45 points. …

Crude oil inventories in the United States increased for the first time in a month, rising by 500,000 barrels last week, according to data by the US Energy Information Administration (EIA) on Wednesday. This comes following three consecutive weekly declines of US oil stockpiles. Meanwhile, gasoline inventories decreased by 1.4 …

Canada’s Ivey Purchasing Managers Index (PMI) declined in September to a seasonally adjusted reading of 54.3, compared with 67.8 in August. However, the index rose on an annual basis, compared with its level in September 2019 at 48.7, according to data by the Richard Ivey School of Business at Western …

The Turkish lira hit a record low against the dollar on Wednesday, influenced by investor concerns about possible US sanctions, strained relations with the European Union and the ongoing conflict in the Caucasus. The currency has lost 24% of its value this year due to concerns about dwindling foreign exchange …

The dollar held steady on Wednesday as it tipped lower against most currencies after initially jumping after President Donald Trump canceled talks on economic stimulus with Democratic lawmakers in a move boosting demand for safe-haven assets. Trump’s sudden decision to suspend stimulus talks until after the Nov. 3 presidential election …

The Japanese government updated its economic assessment on Wednesday for the first time since May 2019, after an important indicator improved in August, indicating a gradual recovery from the impact of the coronavirus pandemic. The Cabinet Office said on Wednesday that the Synchronous Economic Indicators Index, which measures a data …

British home prices increased last month at the fastest annual pace since June 2016, data from the Halifax Mortgage Company showed on Wednesday, the latest sign of a housing market rally following the lifting of lockdown measures linked to the coronavirus pandemic. Home prices rose 7.3% compared to September last …