Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 21 October 2020 2:57 pm

  Oil Prices Fall by More Than 1% and US Stocks Are Fueling Fears of a Supply Glut

  

  Oil prices fell on Wednesday after a sudden increase in US crude stocks stoked fears of a global supply glut, and the rise in COVID-19 cases exacerbated concerns about a slow recovery in fuel demand. Brent crude futures for December delivery were at 42.70 dollars a barrel, down 46 cents, …

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• 21 October 2020 2:28 pm

  European Stocks Dropping Due to The Fall in Healthcare And Real Estate Sectors

  

  European stocks fell on Wednesday, weighing the defensive losses in front of optimism about encouraging quarterly results for consumer giants Nestlé and Ericsson for telecommunications equipment. The pan-European STOXX 600 index fell 0.3%, and the healthcare and real estate sectors fell more than 0.5% each. But stocks that are heavily …

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• 21 October 2020 1:31 pm

  Turkish Lira at Highest Level in Two Weeks Before The Central Bank’s Decision

  

  The Turkish lira rose to stand at less than 7.85 against the dollar on Wednesday, the highest level since the seventh of October, as investors awaited the central bank meeting this week to set the interest rate. The currency has weakened in recent weeks due to geopolitical tensions, including the …

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• 21 October 2020 1:28 pm

  Japanese Stocks Rise on Optimism About US Stimulus

  

  Japanese stocks rose at the close on Wednesday, due to optimism about the possibility of US lawmakers reaching an agreement on a stimulus package ahead of the presidential election, which boosted the world’s riskier assets. The Nikkei index rose 0.31% to close at 23,639.46 points, recouping some of the losses …

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• 21 October 2020 12:17 pm

  Gold Gained With Renewed Hopes of US Stimulus And Weakness of US Dollar

  

  Gold rose on Wednesday, thanks to optimism about the possibility of US lawmakers reaching an agreement on an aid package for those affected by Corona before the presidential elections, which weakened the dollar and strengthened the lure of the yellow metal as a hedge against inflation. Gold rose in the …

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• 21 October 2020 11:46 am

  API: Sudden Increase in Oil Inventories

  

  Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States recorded an unexpected increase last week, while gasoline and distillate inventories declined. Crude inventories increased 584 thousand barrels in the week ending October 16, to reach about 490.6 million barrels, while analysts’ expectations indicated …

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• 21 October 2020 1:11 am

  Wall Street Rises on Stimulus Hopes

  

  Wall Street rose on Tuesday, supported by recent remarks by the President of the United States, Donald Trump, and the Speaker of the House of Representatives, Nancy Pelosi, suggested that there could be a new stimulus package before the upcoming elections. The Dow Jones Industrial Average gained 113.37 points, or …

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• 21 October 2020 12:48 am

  Oil Closes Higher for First Time in Four Days

  

  Oil prices rose on Tuesday, after recording earlier losses, to record its first rise after three consecutive declines. Brent crude futures for December delivery settled higher by 54 cents, or 1.3%, at $43.16 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery gained 64 cents, …

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• 21 October 2020 12:33 am

  Fed’s Evans Sees Unemployment at 5.5% by End of Next Year

  

  The President of the Federal Reserve Bank of Chicago, Charles Evans, said on Tuesday that a new wave of COVID-19 might not affect the United States economy as previously estimated. Evans expects unemployment rate in the US will reach 5.5% by the end of 2021, Reuters reported. “I sort of …

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• 21 October 2020 12:29 am

  Copper Settles at Highest Level in Two Years

  

  Copper prices rose on Tuesday to a record high, supported by increased Chinese demand. Copper futures for December delivery went up by 6 cents, or 2%, and settled at $3.148 a pound. This is the highest closing level for copper futures since June 2018.

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• 21 October 2020 12:25 am

  Gold Settles Higher for Second Day in Row

  

  Gold prices rose on Tuesday for the second consecutive session, supported by the decline of the US Dollar (USD) across the board. Gold futures for December delivery closed higher by $3.70, or 0.2%, at $1,915.40 per ounce.

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• 20 October 2020 10:58 pm

  Sweden Bans Chinese 5G Network Providers

  

  Sweden has banned telecommunication equipment from Huawei and ZTE in its 5G network, Reuters reported. The move comes in line with similar measurements by other European countries on security concerns. Back in July, the United Kingdom decided that all Chinese components in its 5G network will be removed by 2027.

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• 20 October 2020 10:19 pm

  USD Declines Across the Board

  

  The US Dollar (USD) declined on Tuesday amid increased concerns about the COVID-19 pandemic and uncertainty about the upcoming elections and a new economic stimulus package. The Dollar Index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.41% at …

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