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Market Analysis

June, 2021

  • 23 June 2021 5:17 pm

    OPEC+ Considering Boosting Output by 500K bPD When They Meet Next Week

    OPEC

    The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering boosting the group’s collective output by some 500,000 barrels per day when they meet next week, the Wall Street Journal reported on Wednesday, according to Reuters

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  • 23 June 2021 4:45 pm

    Canada: Retail Sales Decline by 5.7% in April

    Retail Sales in Canada fell by 5.7% on a monthly basis in April, the data published by Statistics Canada showed on Wednesday. This reading followed March’s increase of 3.6% and came in worse than the market expectation for a contraction of 5%.

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  • 23 June 2021 3:48 pm

    BoE Preview: Forecasts From Three Major Banks

    BoE

    The Bank of England announces its latest decision at 11:00 GMT on Thursday, June 24 here are the expectations forecast of three major banks. Wells Fargo “We expect policymakers to provide an update on how the economy is evolving and if the renewed spread of COVID-19 is disrupting economic activity. …

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  • 23 June 2021 3:07 pm

    Gold Gains After Powell Calms Interest Rate Fears

    Gold prices rose on Wednesday, June 23, after US Federal Reserve Chairman Jerome Powell pledged to keep interest rates near zero for some time, bringing the dollar to near its lowest level in a week. Spot gold rose 0.2% to $1,782.46 an ounce, and gold futures in the United States …

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  • 23 June 2021 2:38 pm

    Oil Hits More Than Two-Year High Thanks to US Inventories

    Oil and Gas oil (

    Oil topped $75 a barrel on Wednesday, hitting its highest since late 2018 after an industry report on crude inventories in the United States bolstered views of tight supplies in the market as travel grew in Europe and North America. Two market sources told Reuters that the American Petroleum Institute …

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  • 23 June 2021 2:27 pm

    Eurozone Business Activity Grows at Fastest Pace in 15 Years Thanks to Demand

    A survey showed that business activities in the eurozone grew at the fastest pace in 15 years this month, as the easing of public isolation measures and the release of demand led to a boom in the services sector that dominates the bloc. The preliminary reading of the IHS Markit …

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  • 23 June 2021 2:26 pm

    Nikkei Stable, Chip Gains Offset Pharmaceutical Losses

    Japan

    The Japanese Nikkei index weakened on Wednesday, June 23rd, as gains in chip-related heavyweights, which tracked Wall Street yesterday, offset losses in the pharmaceutical industry. Nikkei rose 0.03% to close at 28,874.89 points, after witnessing the largest increase since 2021 on Tuesday, while the broader Topix index fell 0.53% to …

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  • 23 June 2021 1:25 pm

    Eurozone Preliminary Manufacturing PMI Arrives at 64.9 in June

    The Eurozone manufacturing sector activity boosted its pace of expansion in the reported month, the latest manufacturing activity survey from IHS/Markit research showed on Wednesday. The manufacturing purchasing managers index remained steady at 63.1 in June and beat 62.1 expectations. Services PMI jumped to 41-month highs of 58.0 in June …

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  • 23 June 2021 1:20 pm

    UK Preliminary Manufacturing PMI eases to 64.2 June

    The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) eased to 64.2 in June versus 64.0 expected and 65.6 – May’s final reading.

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  • 23 June 2021 4:07 am

    Fed’s Powell: No Pre-Emptive Rate Hikes to Combat Inflation

    The Chairman of the U.S. Federal Reserve, Jerome Powell, told lawmakers on Tuesday that the economy has achieved progress on its way to recovery from the Coronavirus crisis. The most anticipated message was about the Fed’s reaction to the surge in inflation, which as expected with Powell indicating to the …

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  • 23 June 2021 1:40 am

    USD Eases Following Powell’s Testimony

    The U.S. Dollar (USD) showed a mostly negative performance on Tuesday, turning to losses against major peers after recent remarks by the Chairman of the Federal Reserve Jerome Powell. The Dollar Index (DXY), which measures the greenback against a basket of six international currencies, declined by about 0.18% to 91.73, …

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  • 23 June 2021 12:46 am

    U.S. Oil Inventory Down 7.2 M Barrels – API

    Oil and Gas oil (

    Crude oil inventories in the United States fell by 7.2 million barrels last week, according to estimates by the American Petroleum Institute (API). Meanwhile, the stockpiles of gasoline and distillates rose by 959,000 and 992,000 barrels, respectively. Crude stocks at the storage hub in Cushing, Oklahoma, decreased by about 2.6 …

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  • 23 June 2021 12:01 am

    Nasdaq Closes at New Record High

    The New York Stock Exchange (NYSE) closed Tuesday with modest gains, while the Nasdaq index finished at a new record-high closing level. The Dow Jones Industrial Average gained 68.61 points, or 0.20%, to close at 33,945.58 points. The S&P 500 rose by 21.65 points, or 0.51%, and finished at 4,246.44. …

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