Market Update

The President of San Francisco Federal Reserve, Mary Daly, said that the US labor market is in better shape she previously thought it might be, “but it’s nowhere close to where we need to be.” “I am assuming that we’ll level off at some level that’s not where we want …

The United States crude oil production is expected to decline by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd and 11.01 million bpd in 2021, according to a report by the US Energy Information Administration (EIA) on Tuesday. EIA was previously forecasting a 670,000 bpd decline, Reuters …

European Stocks closed Tuesday in red, as the pan-European Stoxx 600 index closed down by 0.6% due to losses by tech companies, mixed economic data, and gloomy economic forecasts. The main index of the London Stock Exchange (LSE), FTSE100, lost 1.53% and settled at 6,189.9. Meanwhile, the French index CAC40 …

Gold futures settled on Tuesday at a new record level that is the highest since September 2011. Gold futures for August delivery increased by $16.40, or 0.9%, to settle at $1,809.90 per ounce. The yellow metal rose earlier today to the $1,810 level. Spot gold is currently trading at $1,795.85, …

The Prime Minister of Spain, Pedro Sanchez, is set to meet with German Chancellor Angela Merkel to discuss the European Union (EU) recovery fund. “Spain’s future is at stake in the coming days,” said the Spanish government spokeswoman Maria Jesus Montero, Reuters reported. German Chancellor Angela Merkel recently said that …

Businesses in the US are growing nervous over the recent surge in the number of COVID-19 cases, according to the President of the Atlanta Federal Reserve, Raphael Bostic. “We are hearing it more and more as we get more data. People are getting nervous again. Business leaders are getting worried. …

Seasonally adjusted Canadian Ivey Purchasing Managers’ Index (PMI) rose to 58.2 in June from 39.1 in May, versus a consensus expectation of 25.1. The index give a signal of economic recovery, after passing the 50-point mark for the first time since February, with economic activity slowing down during the past …

Moody’s Investors Service expects the Canadian economy to contract by 7% in 2020 due to the COVID-19 pandemic, Reuters reported. Canadian provinces are expected to stabilize their rising debt burdens once economic growth resumes, according to Moody’s, however, the rating agency sees all 10 provinces posting deficits in the fiscal …

The US dollar index, DXY, which measures the strength of the greenback versus a basket of currencies, lost the upward trend and slid back to 97.00 levels after Wall Street’s opening bell. The US dollar index maintained gains in the 96.80 region, which is the positive zone, advanced for the …

German Minister of Economy Peter Altmaier said during press statements that he expects that his country’s economy is recovering from the repercussions of Covid-19 in October. Altmaier added that the economy will shrink by 6% in 2020 and then return to growth by more than 5% in the following year. …