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Three OPEC sources told Reuters that OPEC+ is likely to stick to the current pace of gradual easing of oil supply restrictions at Tuesday’s meeting, as producers weigh their expectations of a demand recovery against a possible increase in Iran’s supply. The Organization of the Petroleum Exporting Countries (OPEC) and …
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June, 2021
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1 June 2021 1:29 pm
Oil Exceeds $ 70 a Barrel Ahead of The OPEC+ Meeting
Oil prices rose on Tuesday, June 1 ahead of a meeting of the OPEC+ alliance, buoyed by hopes of growth in fuel demand in the coming months as the summer driving season begins in the United States, the world’s largest oil consumer. Prices also received a boost from Chinese data …
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1 June 2021 12:52 pm
Gold Prices Near a 5-Month Peak, Supported by The Fall of The Dollar And Inflation Fears
Gold prices rose today, Tuesday, June 1 to their highest levels in nearly five months, supported by the decline of the dollar and growing inflationary pressures, while investors awaited more US data for indications of the extent of the global economic recovery. Spot gold rose 0.1% to 1910.24 dollars an …
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1 June 2021 12:36 pm
Japan’s Nikkei Closes Lower Before Important US Data
The main Japanese stock index, Nikkei, closed slightly lower on Tuesday, June 1, as investors awaited two important US economic reports, but losses were limited by hopes that the local economy would return to normal activity in light of the increase in vaccination activity despite the delay. The Nikkei index …
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1 June 2021 8:56 am
European Stocks Hit New All-Time High
European stocks finished higher on Tuesday, beginning June with a positive performance, amid positive expectations for economic recovery. Last month, European stocks registered their fourth consecutive monthly rise. The STOXX Europe 600 gained 0.75% to settle at a new record high closing level at 450.10 points. The German benchmark index …
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1 June 2021 8:13 am
Markets Expect More of the Same from OPEC+ Summit
Markets await the outcome of today’s meeting for members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers forming an alliance known as OPEC+. The summit comes more than a year after the first wave of the Coronavirus pandemic that caused a shock in the international …
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1 June 2021 7:37 am
Bitcoin Registers Worst Monthly Losses Since 2011
Although Bitcoin registered some gains on Tuesday, it still recorded its worst monthly losses since 2011. The world’s largest cryptocurrency in terms of market capitalization plunged by around 37.8% in May, marking its second-worst losses since a 40% drop in September 2011. The decline is close to that of November …
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1 June 2021 5:52 am
OECD Revises Upwards Global Economic Growth Forecasts
The Organisation for Economic Co-operation and Development (OECD) has improved its expectations for the global economy this year, due to the rollout of the COVID-19 vaccine, which is helping in the fight against the Coronavirus pandemic. Vaccines are allowing reopening economies and businesses to resume their work as usual, according …
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1 June 2021 12:10 am
Reserve Bank of Australia Expected to Maintain Policy and Upgrade Expectations
Markets are anticipating the upcoming monetary policy statement by the Reserve Bank of Australia (RBA), which is due on Tuesday. The RBA has been adopting a relatively dovish tone amid a rise in commodity prices, with the economy achieving a higher than expected recovery, but it is yet to be …
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May, 2021
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31 May 2021 11:49 pm
G7 to Discuss Global Corporate Tax Next Week
Recent calls for advanced economies to agree on a minimum global corporate tax rate are making more progress with the G7 group representatives promising to reach an agreement on the issue soon. The G7 finance ministers are expected to pledge support to economic recovery from the Coronavirus pandemic, as well …
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31 May 2021 10:42 pm
Yellen Explains Importance of Financial Literacy
Financial literacy plays a huge role in achieving economic stability, according to Secretary of the U.S. Treasury Department, Janet Yellen. Speaking to the Financial Literacy and Education Commission, Yellen said that more financial literacy is needed but is not a magic solution, especially considering structural disadvantages, wealth gaps, and income …
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31 May 2021 9:20 pm
European Stocks Retreat from Record Highs and Close Lower
European stocks finished lower on Monday, with markets reacting to the recent inflation data. The STOXX Europe 600 index lost 0.49% to close at 446.76 points. The pan-European index ended last week at a new record high, registering weekly and monthly gains. The French CAC40 index ended today’s session lower …
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31 May 2021 8:00 pm
Ethereum Surges Above $2,600
Ether, the cryptocurrency of the Ethereum platform and the second-largest digital currency in the world, surged by more than 10% over the past 24 hours to trade near $2,623. Despite today’s rise, Ether remains far from its all-time record high of $4,300, but it has recovered from most of its …
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