Market Update

The US Bureau of Labour Statistics will release the awaited Nonfarm Payrolls (NFP) report for July on Friday. The jobless rate remains at 3.6%, indicating that the labor market remains extremely tight.Nonfarm Payrolls are expected to have increased by 200,000 in July, down from the 209,000 jobs that were reported …

The Bank of England raised interest rates by 25 basis points, easing monetary tightening from its previous meeting. The key interest rate reached a 15-year peak of 5.25%, with market pricing suggesting a 50-basis point increase. However, unlike the US central bank or the ECB, the Monetary Policy Committee (MPC) …

The US Dollar has gained strength against rival currencies due to mixed data reports and Fitch’s downgrade of the US government’s credit rating. The USD Index reached its highest level in nearly a month above 102.50 in the European session before retreating to the 102.50 area in the second half …

Following its policy meeting in August, the Bank of England declared that it has increased the policy rate by 25 basis points (bps), to 5.25%. This choice was consistent with what the market anticipated. Haskel and Mann, two policymakers, voted in favour of a rate increase of 50 basis points, …

Sweden’s Volvo reported on Thursday a 21 percent rise in car sales in July compared to the same period last year, when it sold 54,165 cars, the 11th consecutive month of year-on-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, up 18 percent compared to …

Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira. Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 …

Japanese stocks fell for the second day in a row on Thursday, tracking Wall Street, which closed lower on Wednesday, as rising bond yields in the United States and Japan weighed on investor sentiment. Japan’s Nikkei index fell 1.68 percent to close at 32,159.28 points, after falling 2.3 percent, its …

Oil prices moved in a narrow range on Thursday, after two days of a sharp decline on Wednesday, as a downgrade in the credit rating of the United States affected sentiment, but fears of a shortage of supply provided some support. Fitch downgraded the credit rating of the United States, …

The dollar settled near the highest level in four weeks on Thursday, indifferent to the downgrade of the US credit rating, which cast a shadow over the financial outlook for the United States, and benefiting from strong data for jobs in the private sector. Data on Wednesday showed that US …

Gold prices settled near their lowest levels in three weeks on Thursday, after a larger-than-expected increase in US private sector jobs in July boosted bets on further monetary tightening in the United States and pushed the dollar and bond yields higher. There was little change in spot gold at 1935.20 …