Market Update

WTI is paring its earlier losses and prints gains of almost 0.40% on Monday as China’s continuing losing monetary policy, would likely make up for any reduced demand amidst high inflation and an economic deceleration, sparked global recession fears. At the time of writing, WTI is trading at $85.33 per …

The GBP/USD strikes the 1.1400 mark, as the UK’s new Finance Minister, Jeremy Hunt, said, On Monday, that the government changed its course while reiterating that Britain is a country that “pays its debts.” So far, Liz Truss’ U-Turn keeps investors’ mood positive, with global equities trading in the green …

On Monday, The US dollar is surrendering most of the ground gained last week. The USD/CHF pair has declined by more than 1% from Friday’s highs at 1.0065, to reach session lows below 1.0000 at the time of writing.In the long run, however, the current risk rally is likely to …

The new British Finance Minister Jeremy Hunt is speaking before the House of Commons following the Leader of the House Penny Mordaunt.Earlier on Monday, Hunt announced the UK government will reverse almost all tax measures announced on the mini-budget. Speaking to MPs, UK Finance Minister said that there are still …

The Bank of Canada released on Monday the Business Outlook Survey for Q3. The report says that “business confidence has softened”, “many firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels”.The USD/CAD hovers near daily lows after the release hovering around 1.3735, …

Bank of America said Monday, October 17th, that earnings and earnings beat expectations for fixed income earnings and interest earnings in the third quarter, thanks to volatile markets and higher interest rates. The bank said its third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the …

Ukraine’s grain exports in the first 17 days of October were 2.4% lower than the same period in 2021, data from the Ukrainian Ministry of Agriculture showed on Monday, October 17, despite the closure of many seaports and the Russian invasion. The country’s grain exports have fallen since February after …

European shares rose on Monday, boosted by the rise of energy and utilities companies, while investors awaited Britain’s financial plan and earnings reports for evidence of corporate strength amid concerns about rising interest rates and a possible recession. The pan-European Stoxx 600 index rose 0.3 percent, extending its gains for …

Oil prices were flat on Monday as concerns that rising inflation and energy costs could push the global economy into recession as China continued to loosen its monetary policy. Brent crude futures rose 17 cents, or 0.2 percent, to $91.80 a barrel by 0915 GMT, recovering from a 6.4 percent …

Kuwait News Agency (KUNA) said, quoting the CEO of the Kuwait Petroleum Corporation, that Kuwait on Sunday welcomed the decision of OPEC + to cut production by two million barrels per day. Sheikh Nawaf Al-Sabah affirmed Kuwait’s keenness to maintain balance in the oil markets for the benefit of consumers …