Market Update

The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9194 versus Friday’s fix at 6.9107.

New Zealand’s Prime Minister Jacinda Ardern has extended the coronavirus lockdown till Aug. 30.  While the city of Auckland is under alert level 3 restrictions, the rest of New Zealand remains at level 2, Ardern said, while adding that Auckland will move to level 2 after Aug. 30. New Zealand …

The New York Stock Exchange (NYSE) closed higher on Friday, logging weekly gains, with The Dow Jones Industrial Average surged by 0.69% to close at 27,930.33, nearly unchanged compared with its level by the end of last week. The S&P 500 index increased by 0.34% and closed at a new …

Oil prices closed Friday lower, despite a decrease in the United States active oil rig count to a record low, amid renewed concerns regarding demand outlook. This comes after PMI data showed that the global economic recovery is not accelerating. Brent crude futures for October delivery lost 55 cents, or …

Gold prices rose on Friday, narrowing its weekly losses for the second week in a row. This comes amid the US Dollar recovering some of its recent losses after falling to its lowest level in two years. Gold futures marginally rose by 50 cents, or about 0.1%, and finished at …

The Chinese government has promised the United States to go through with the first phase of the trade deal between the world’s two largest economies, US Secretary of State Mike Pompeo said in a TV interview on Friday. “The Chinese have done some of the work they need to do …

European stocks finished lower on Friday, after PMI data showed a decline in economic expansion in the Eurozone, reflecting challenges in the road to recovery from the impacts of the COVID-19 crisis. The Stoxx Europe 600 index closed lower by 0.21%, increasing its weekly losses to 0.9%. Meanwhile, the UK’s …

The IHS Markit flash composite purchasing managers’ index (PMI) for the Eurozone declined in August, to 51.6 from 54.9 in July, reflecting the challenging road for recovery facing economic activity in the European bloc.   However, the index remained in the expansion territory above the neutral 50 reading. The data …

Oil rigs in the United States decreased by three rigs during the week ending on 14 August, data by Baker Hughes showed on Friday. The US oil rig count declined to a new record low at a total of 244 rigs last week. The continuous decrease in active oil rigs …

New house prices in Canada increased for the third month in a row during July, data by Statistics Canada showed on Friday. The Canadian new house prices index increased last month by 0.4% on a monthly basis, and by 1.7% on an annual basis.