Market Update

The National Health Commission of China said on Monday that it had recorded 61 new infections with the COVID 19 up from 46 the previous day, adding that it had detected the most significant number of local infections with the virus since early March. The commission said the new number …

The New York Stock Exchange (NYSE) settled lower on Friday, recording weekly losses, impacted by the rising tensions between the US and China and the increasing number of COVID-19 cases in many states across the US. The Dow Jones Industrial Average lost 182.44 points or 0.7% and closed at 26,469.9, …

A recent report by the World Trade Organization (WTO) showed that global trade was negatively impacted by the restrictions imposed against the coronavirus disease (COVID-19). The WTO previously estimated an 18% drop in trade around the world during the second quarter (Q2) of 2020. “Although the full impact of the …

The US Dollar (USD) is trading lower against major currencies on Friday, with the market seeing rising demand for safe havens, in light of the escalating tensions between the US and China and the rising number of COVID-19 cases across many countries. The demand for safe haven, evident by gold …

Oil prices closed higher on Friday, ending a week of fluctuations due to a collection of upward and downward factors. From one side, demand seems to be in the recovery phase, hence, the recent OPEC+ agreement to raise output by 2 million barrels per day, in addition to other positive …

Gold prices closed higher on Friday at a new record level, supported by increased demand for safe haven, which is driven by rising US-China tensions and the increasing number of COVID-19 cases in many countries. Today, gold futures for August were trading as high as $1,900 an ounce, but then …

Oil rigs in the United States increased by one rig last week to a total of 181 active rigs, according to data by Baker Hughes. This is the first increase in oil rigs since mid-March, with recent declines attributed to lower oil prices amidst decreased demand because of the COVID-19 …

European stocks closed lower on Friday on the back of rising tensions between the United States and China. Beijing has retaliated against a move by the US to close the Chinese consulate in Houston, Texas, and revoked the license of the US consulate in Chengdu. In addition, tech sector stocks …

The flash US Composite PMI Output Index posted 50.0 in July, up from 47.9 signaling a stabilization in private sector output, according to data by IHS Markit. Data shows that private sector companies in the United States are showing stable business activity and recovering from the impacts of the COVID-19 …

The headline seasonally adjusted UK Composite Output Index registered 57.1 in July, up from 47.7 in June, according to data by the IHS Markit and CIPS survey. The improvement in business conditions across the UK helped the private sector economy in restoring recovery signs against the COVID-19 crisis. The flash …