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Market Analysis

November, 2020

  • 12 November 2020 5:52 pm

    US: Weekly Initial Jobless Claims Fall to 709K

    There were 709,000 initial claims for unemployment benefits in the US during the week ending November 7th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 757,000 (revised from 751,000) and came in better than the market expectation of …

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  • 12 November 2020 5:15 pm

    IEA: Permanent Shutdowns of Refineries Accelerated Due to The Pandemic

    The International Energy Agency said that the permanent shutdowns of refining capacity expected in 2020-2021 rose to about 1.7 million barrels per day in light of the Covid-19 pandemic striking demand for oil products. The agency added that the past few months have witnessed the announcement of the closure of …

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  • 12 November 2020 4:42 pm

    IEA Cuts 2020 Global Demand Forecast

    The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on …

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  • 12 November 2020 4:27 pm

    Industrial Production in Eurozone Declined in September

    Industrial production for the Eurozone fell unexpectedly in September due to factors most importantly a sharp decline in the production of consumer durables, which is a negative indication of a quarter that has begun to strong. The European Union’s statistics office said industrial output in 19 eurozone countries fell 0.4% …

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  • 12 November 2020 3:31 pm

    Bitcoin Smashes $16,000 Hurdle

    Bitcoin has topped the critical $16,000 after the first attempt failed to make significant progress on Wednesday. The flagship cryptocurrency appears to be on steroids, with the price action having lifted above $16,100. The Relative Strength Index also supports the breakout after bouncing off support at the midline.

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  • 12 November 2020 3:14 pm

    Oil is Rising With Potential Supply Cuts to Offset Weak Demand

    Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US …

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  • 12 November 2020 3:10 pm

    European Stocks Drop Due to Fears of The Second Wave of Corona

    European stocks fell on Thursday (November 12th) from their highest in eight months, as a surge in coronavirus cases raised doubts about a faster economic recovery and overshadowed positive quarterly earnings reports. The Stoxx600 index of European shares fell 0.7% by 08:04 GMT, erasing some of the shine of the …

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  • 12 November 2020 3:07 pm

    US Dollar Holds on to Its Gains as Investors’ Enthusiasm For Covid-19 Vaccine Wanes

    The dollar held on to its gains in general Thursday, November 12, as investors trimmed their optimistic expectations about the Covid-19 vaccine, which is unlikely to prevent a bleak winter in Europe and the United States with the escalation of the second wave of the pandemic. The dollar index rose …

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  • 12 November 2020 3:03 pm

    Gold Rises After Coronavirus Fears Outweighed Optimism About Vaccine

    Gold prices rose Thursday, November 12th, after falling by more than 1% in the previous session, after the impact of fears of the economic repercussions of the increase in cases of Covid-19 outweighed positive developments regarding a vaccine for the disease. By 05:49 GMT, spot gold prices rose 0.2% to …

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  • 12 November 2020 12:58 pm

    Nikkei Closed at a 29-Year High

    The Nikkei index closed Thursday, November 12th, near its 29-and-a-half year high as technology stocks tracked their US counterparts, but gains were capped by profit-taking selling following a surge fueled by optimism about developments related to a Covid-19 vaccine. The Nikkei index rose 0.68% to 25,520.88 points, after reaching its …

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  • 12 November 2020 12:27 pm

    UK GDP Rebounds 15.5% QoQ in Q3

    The preliminary reading of the third quarter 2020 UK GDP came in at 15.5% QoQ vs. 15.8% expected and -19.8% last while on an annualized basis the figure stood at -9.6% vs. -9.4% expected and -21.5% seen previously.

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  • 12 November 2020 12:04 pm

    Oil Rallied on Hopes of Reversing Oversupply

    Oil prices rose during morning trading today, Thursday, extending the week’s gains to more than 11% on mounting hopes that oil producers will be Reversing Oversupply due to increasing Coronavirus cases. West Texas futures rose about 12 cents, recording $ 41.57 a barrel. While Brent futures rose by 9 cents, …

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  • 12 November 2020 2:10 am

    Tech Stocks Stage Strong Come Back in Wall Street

    The New York Stock Exchange (NYSE) showed a mixed performance on Wednesday, with tech stocks staging a recovery after a sloppy performance during the past two sessions. The Dow Jones Industrial Average declined by 23.29 points, or 0.1%, and closed at 29,339.54 points. The S&P 500 index added 27.17 points, …

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