Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 22 October 2020 12:51 am

  NYSE Ends Lower as Investors Await Stimulus

  

  The New York Stock Exchange (NYSE) closed lower on Wednesday, amid anticipation for a new stimulus package. The Dow Jones Industrial Average finished lower by 97.97 points, or 0.35%, at 28,210.82 points. The S&P 500 index declined by 7.56 points, or 0.22%, to settle at 3,435.56 points. The Nasdaq Composite …

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• 22 October 2020 12:37 am

  Oil Closes at Lowest Level in a Week

  

  Oil prices declined on Wednesday after data showed an increase in the United States crude oil inventories, spurring once again fears about the recovery of the global demand. Brent crude futures for December delivery declined by $1.43, or 3.3%, to finish at $41.73 per barrel. Meanwhile, the West Texas Intermediate …

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• 21 October 2020 11:49 pm

  Pelosi Optimistic about New Stimulus

  

  The Speaker of the United States House of Representatives, Nancy Pelosi, said on Wednesday that there remains a potential for reaching a deal on a new COVID-19 stimulus package, Reuters reported. However, Pelosi did not clarify if an agreement would be reached before or after the upcoming elections. The President …

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• 21 October 2020 11:44 pm

  USD at Lowest Level in Seven Weeks

  

  The US Dollar maintained its downward trend on Wednesday to fell to a its lowest level in about seven weeks, despite hopes for a new stimulus package in the United States. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is down …

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• 21 October 2020 11:34 pm

  Gold Finishes Higher for Third Day in Row

  

  Gold prices rose on Wednesday for the third consecutive session, reaching its highest level in about a month, as the US Dollar (USD) is showing weakness across the board. Gold futures for December delivery closed higher by $14.10, or 0.7%, at $1,929.50 per ounce, its highest level since September 18. …

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• 21 October 2020 11:29 pm

  Copper Prices Recovery to Face Challenges Next Year

  

  A recent poll by Reuters showed that copper prices are set to struggle for reaching new highs next year. “While the rebound was dazzling, most of the positive surprise is now behind us and this should not continue to significantly support copper prices at these high levels,” said Florent Pele, …

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• 21 October 2020 11:25 pm

  Fed’s Brainard Sees Absence of Stimulus as Largest Risk

  

  Federal Reserve Governor Lael Brainard said on Wednesday that failing to reach a new stimulus package is the biggest risk facing the economic outlook, other than the Coronavirus (COVID-19) pandemic. “Premature withdrawal of fiscal support would risk allowing recessionary dynamics to become entrenched, holding back employment and spending.”“Apart from the …

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• 21 October 2020 11:21 pm

  Fed’s Mester: Low-Interest Rates Are Helping US Economy

  

  President of the Federal Reserve Bank of Cleveland, Loretta Mester, said on Wednesday that the Fed’s new approach should help the economy against the COVID-19 crisis. “While monetary policy that leads to a stable macroeconomy encourages financial stability, it is also possible that in an environment with low neutral rates, …

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• 21 October 2020 9:49 pm

  Fed’s Kaplan Expects 2.5% Contraction This Year

  

  The President of the Federal Reserve Bank of Dallas, Robert Kaplan, said on Wednesday that he expects the United States economy will shrink by about 2.5% in 2020, and then grow by 3.5% in 2021. Kaplan expects the pandemic will continue to impact daily life well into next year, noting …

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• 21 October 2020 9:11 pm

  GBP/USD Surges Above 1.30 on Brexit Deal Hopes

  

  The British Pound (GBP) surged on Wednesday, supported by renewed hopes for a trade agreement between the United Kingdom (UK) and the European Union (EU). Earlier today, the EU Chief Negotiator, Michel Barnier, said an agreement is possible if both parties are ready to work constructively and in a spirit …

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• 21 October 2020 7:48 pm

  US Oil Inventories Decline by 1 M Barrels

  

  Crude oil inventories in the United States declined last week, according to data released by the US Energy Information Administration (EIA) on Wednesday. The EIA weekly report showed that oil stockpiles decreased by one million barrels in the week that ended on October 16 to a total of 488.1 million …

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• 21 October 2020 5:41 pm

  Russia’s Economy Contracted by 3.3% in September

  

  Russia’s economy shrank 3.3% year-on-year in September, data showed on Tuesday, following a sharp 3.7% decline in August. The economy ministry said Q3 saw the Russin economy shrink 3.8% year-on-year, compared with an 8% drop in Q2. Added that the economy fell 3.5% in the first nine months of this …

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• 21 October 2020 4:48 pm

  UK Borrowing Exceeds Forecasts

  

  Official data revealed on Wednesday that the British government borrowed 36.101 billion pounds last month, which exceeds 33.55 billion pounds of forecasts by a Reuters poll, bringing borrowing in the first half of the financial year to a record level of 208.5 billion pounds. Separately, the Office for National Statistics …

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