Market Update

In order to build and expand oil drilling projects in the Arctic National Wildlife Refuge, the state of Alaska was awarded oil drilling leases in 2017. The White House administration of President Joe Biden has revealed plans to formally revoke these leases. The leases, issued by the former administration of …

The USD/CAD pair increases as rising US Treasury yields result from positive economic data in the United States. Although the Bank of Canada maintained interest rates steady, it cautions that further increases should not be ruled out. Despite the BoC’s aggressive stance, the US dollar dominates the foreign exchange market, …

According to Federal Reserve’s Beige Book, economic growth was modest during July and August. It added that job growth was subdued. “Most Districts reported price growth slowed overall, decelerating faster in manufacturing and consumer-goods sectors,” the Beige Book noted. Key Takeaways: Contacts from most Districts indicated economic growth was modest …

US stocks tumbled Wednesday morning as the price of oil hovered around a 10-month high after surging yesterday on Saudi Arabia’s production cuts.The Nasdaq was down 1.4% in the early afternoon, while the S&P 500 lost 1% and the Dow Jones Industrial Average fell 0.9%.Oil futures jumped more than 2% …

The Governing Council of the European Central Bank (ECB) will convene the following week. Analysts believe that the ECB will carry out one more 25 basis point rate hike. They claim that the ongoing strong inflation momentum and the anticipated inflation levels above the target are what led to this …

On Wednesday, the US dollar (USD) is causing traders to lose their bearings. During morning European trading hours, when the Greenback was trading more subduedly, the Euro was the talk of the town. The European currency quickly rose in value as a result of the hawkish remarks made by two …

The Kremlin said on Wednesday that Russian President Vladimir Putin spoke by phone with Saudi Crown Prince Mohammed bin Salman and that the two leaders indicated that the latest agreements on reducing oil supplies ensure stability in global energy markets. Saudi Arabia and Russia announced on Tuesday the extension of …

The price of gold rose from its lowest level in a week on Wednesday, with US Treasury bond yields declining and the dollar abandoning the highest levels reached in the previous session, but expectations of keeping interest rates high limited the gains of bullion. Spot gold rose 0.1 percent to …

European stocks extended their losses for the sixth straight session on Wednesday as concerns about the global economic slowdown and rising crude oil prices leading to inflationary pressures made investors reluctant to take risks. By 0713 GMT, the STOXX 600 index was down 0.5 percent, hovering near its lowest level …

Japanese stocks closed at new highs on Wednesday as the weakest yen since November supported automakers, while energy stocks gained amid rising crude oil prices. The Nikkei index closed 0.62 percent higher at 33,241.02 points, its highest closing level in a month. The Topix index also ended trading up 0.62 …