Market Update

OPEC + decided to cut production by two million barrels per day during the meeting that ended a while ago in Vienna. According to the news, the reduction will take effect next November. Oil prices reversed their downward trend after the OPEC + decision was issued, to start recording increases …

OPEC+ key ministers, known as the joint ministerial monitoring committee, has agreed on oil production cuts of 2 million barrels per day, three OPEC+ sources said according to Reuters.

The data published by the US Census Bureau showed on Wednesday that the US’ goods and services deficit narrowed by $3.1 billion to $67.4 billion in August from $70.5 billion in July. This reading came in lower than the market expectation for a deficit of $68 billion.

The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 208,000 in September. This reading followed August’s increase of 185,000 (revised from 132,000) and came in slightly better than the market expectation of 200,000.

The dollar index resumed its rise today, Wednesday, after it recorded the largest daily decline in more than two years, pending the release of many economic data ahead of the monthly jobs report expected at the end of this week. The impact of the dollar’s rise – which has risen …

Eurozone business activity fell further than expected last month, increasing the likelihood of a recession in the 19-member common currency bloc. S&P Global’s final euro zone composite PMI (purchasing managers’ index), seen as a reliable gauge of economic health, dropped to a 20-month low of 48.1 in September from 48.9 …

European Union member states have agreed to cap the price of Russian oil as they seek to cut Kremlin revenues and punish Vladimir Putin for the Ukraine war. Ambassadors from 27 countries on Wednesday signed off on the proposed cap on the price of crude shipped to countries outside the …

Germany’s exports grew slightly more than expected in August, the German Federal Statistics Office said on Wednesday, despite a slowing global economy, rising interest rates and a shortage of materials. Strong demand from the United States and China boosted German exports to 133.1 billion euros ($132.59 billion) in August, up …

European shares fell on Wednesday, after rising more than 5% in the previous three sessions, on the back of easing concerns about the pace of monetary tightening, as well as investors awaiting a slew of regional and US data due later on Wednesday. The pan-European Stoxx 600 index was down …

Japan’s Nikkei broke through an important psychological barrier on Wednesday, boosted by retail stocks, although sentiment remained muted compared to global markets, which were boosted by the prospect of central banks calming sharp tightening policies. The Nikkei index broke the 27,000-point barrier for the first time since Sept. 22 and …