Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2021

• 1 July 2021 9:58 pm

  OPEC+ Delays Decision on Output Policy

  

  The OPEC+ alliance ministerial meeting decided to delay the decision on output policy until Friday, according to recent media reports. It was reported that the alliance was near an agreement on raising production levels by about two million barrels per day between August and December through an increase of about …

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• 1 July 2021 8:45 pm

  Why Are Oil Prices Rising Despite Expectations for Another OPEC Output Hike?

  

  The OPEC+ alliance is expected to decide on another production increase for the coming months during its meeting on Thursday. Despite media reports pointing to another output increase, crude prices are surging with the global and U.S. benchmark crude futures rising by about $2 earlier. Brent and Nymex futures remain …

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• 1 July 2021 7:44 pm

  U.S. Construction Spending Falls Unexpectedly in May

  

  Construction spending in the United States declined last month against market expectations, despite the increasing private homebuilding activity, amid decline in public and nonresidential, data showed on Thursday. Construction spending fell by 0.3% in May, following a slight increase of 0.1% in April, according to the U.S. Department of Commerce. …

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• 1 July 2021 7:38 pm

  U.S. Manufacturing Activity Expands in June at Slower Pace

  

  Manufacturing activity in the U.S. expanded last month, however, employment declined for the first time in seven months, data showed on Thursday. The manufacturing purchasing managers’ index (PMI) leveled down to 60.6 in June, from 61.2 in May, according to the Institute for Supply Management (ISM). The PMI reached its …

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• 1 July 2021 7:18 pm

  U.S. Manufacturing PMI Stable in June – IHS Markit

  

  Manufacturing activity in the United States stabilized in June, according to recent data. The seasonally adjusted IHS Markit U.S. Manufacturing Purchasing Managers’ Index (PMI) registered 62.1 in June, maintaining its reading in May. However, the reading came below the previous flash estimate of 62.6. Operating conditions registered its best improvement, …

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• 1 July 2021 6:00 pm

  The S&P 500 Starts The 2nd Half of 2021 at a New Peak

  

  The S&P 500 index started the second half of the year at record levels on Thursday after data showed that the number of weekly applications for unemployment benefits came in less than expected, while Walgreens shares gained after the company raised its forecast for annual profits. The S&P 500 index …

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• 1 July 2021 4:47 pm

  US: Weekly Initial Jobless Claims Dropped to 364K

  

  There were 364,000 initial claims for unemployment benefits in the US during the week ending June 26, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading came in better than the market expectation of 393,000 and followed the previous print of 415,000.

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• 1 July 2021 4:16 pm

  Reuters: OPEC+ to Ease Oil Output Cuts by Around 2 Million bpd Between Aug. And Dec.

  

  Citing two sources with the knowledge of the matter, Reuters reported on Thursday that the OPEC+ is likely to ease oil output cuts by around 2 million barrels per day between August and December. Crude oil jumped on the news and was seen at its highest level since October 2018 …

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• 1 July 2021 3:34 pm

  Eurozone Factory Activity Growth in June

  

  Manufacturing activity in the Eurozone increased in June at the fastest pace on record, a survey showed on Thursday, July 1 also showed that factories faced the largest increase in raw material costs in well over two decades. The final reading of the IHS Markit Manufacturing Purchasing Managers’ Index rose …

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• 1 July 2021 2:51 pm

  The Russian President Signs a Law Requiring Foreign Technology Companies to Open Offices in Russia

  

  A document published by the Russian government said that President Vladimir Putin signed a law requiring foreign information technology companies to open offices on Russian soil, in the latest steps taken by Moscow to impose greater control over big technology companies. Russia is keen to tighten its grip on the …

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• 1 July 2021 2:15 pm

  Gold Rises on Delta Variant Fears Ahead of US Jobs Data

  

  Gold prices rose today, Thursday, July 1, as concerns about the most contagious delta strain of the Coronavirus boosted the yellow metal’s appeal as a safe haven, ahead of US jobs data, which is an important factor in the US Federal Council’s policy outlook. Spot gold rose 0.4% to more …

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• 1 July 2021 1:21 pm

  Dollar Hits 15-Month High Against Yen as US Jobs Data Nears

  

  The dollar hit a 15-maonth high against the yen and hovered near a multi-month peak against other major peer currencies on Thursday, July 1, ahead of a major US jobs report that could provide clues as to when the Fed will begin to scale back stimulus. The US currency rose …

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• 1 July 2021 12:40 pm

  Oil Prices Rise Ahead of OPEC+ Decision to Cut Supplies

  

  Oil prices rose on Thursday, July 1, buoyed by falling US inventories, as investors awaited a decision from major producers on whether to maintain or ease supply cuts in the second half of the year. Brent crude for September delivery gained 15 cents, or 0.2%, to $74.77 a barrel, while …

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