Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 23 October 2020 7:56 pm

  US Business Activity Expands at Fastest Rate in 20 Months

  

  The seasonally adjusted IHS Markit Flash United States Composite Output Purchasing Managers’ Index (PMI) posted 55.5 at the start of the final quarter of 2020, up from 54.3 in September, This is signaling the fastest increase in private sector business activity since February 2019. Service sector firms recorded a marked …

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• 23 October 2020 5:39 pm

  Earnings Reports Push European Shares Higher

  

  European stocks rose on Friday, supported by positive earnings reports from Barclays and carmakers, while continued concern about the economic impact of a spike in COVID-19 cases puts markets on a path of weekly losses. The pan-European STOXX 600 index rose 0.2%, while Asian markets recorded narrow trading ranges as …

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• 23 October 2020 5:07 pm

  Central Bank of Russia Keeps Key Interest Rate Unchanged at 4.25%

  

  On Friday, Russia’s central bank kept the key interest rate at 4.25%, in line with expectations after the ruble weakened before the US presidential election, but said a rate cut was still possible in the coming months. “If the situation develops in line with the basic expectation, the Bank of …

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• 23 October 2020 4:50 pm

  Eurozone Flash Manufacturing PMI Comes in at 54.4

  

  Business activity fell back into decline across the Eurozone in October as accelerating growth of manufacturing output was overwhelmed by a steepening deterioration in the service sector amid rising COVID-19 worries. In fact, the Eurozone manufacturing purchasing managers index (PMI) jumped to a 26-month high level of 54.4 during the …

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• 23 October 2020 4:46 pm

  Oil is Falling as COVID-19 May Force Russia to Support Extended Production Cuts

  

  Oil prices declined on Friday but held onto most of the gains they made in the previous session after Russian President Vladimir Putin indicated that he was ready to extend record cuts to supplies at a time when Covid-19 cases rose in the United States and Europe. Brent crude fell …

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• 23 October 2020 4:21 pm

  French Finance Minister: The Economy Will Contract in the Last Quarter And Expectations of a Recovery in 2021

  

  French Finance Minister Bruno Le Maire said that the country’s gross domestic product will likely shrink in the last three months of the year, adding that the curfews imposed to contain the Coronavirus will cost about two billion euros ($ 2.36 billion). “We will likely have a negative growth figure …

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• 23 October 2020 3:57 pm

  Novak: Russian Oil Exports Will Decline 16.4% year-on-year in 2020

  

  Russian Energy Minister Alexander Novak told the Russian State Duma, the lower house of parliament, today, Friday, that Russian oil exports are expected to decrease in 2020 by 16.4% compared to last year, to 225 million tons. He added that Russia’s oil production this year is expected to reach 507 …

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• 23 October 2020 3:54 pm

  UK Preliminary Manufacturing PMI Beats Estimates in October

  

  The UK manufacturing and services sector activities showed mixed performance in October, the preliminary report from IHS Markit showed this Friday. The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dropped to a three-month low of 53.3 in October versus 53.1 expected and 54.1 – September’s final reading. …

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• 23 October 2020 3:25 pm

  German Flash Manufacturing PMI Jumps to 58 in October

  

  According to the preliminary manufacturing activity report from IHS/Markit research, released this Friday, a further rise in the German manufacturing output helped to support growth across the private sector in October. In fact, the flash version of the German Manufacturing PMI unexpectedly jumped to a 30-month high level of 58.0, …

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• 23 October 2020 2:59 pm

  Service Activity Contracted in Germany

  

  The service activity in the German economy recorded a contraction during October, by more than analysts’ expectations, to shift from an expansion area to a contraction. Data released by the Markit Statistics Office on Friday showed that the index of service activity in the German economy recorded 48.9 points during …

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• 23 October 2020 2:29 pm

  French Manufacturing Activity Rose Less Than Expected

  

  The manufacturing activity in the French economy recorded an increase in the current month of October, less than expected, to remain within the expansion area above the 50-point level that separates expansion from contraction. Preliminary data issued by the Markit Statistics Office on Friday showed that the French manufacturing PMI …

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• 23 October 2020 2:20 pm

  Eurozone Business Activity Falls as Virus Restrictions Halt Recovery

  

  A survey on Friday showed that Eurozone economic activities slipped back into decline this month with renewed restrictions to control the coronavirus pandemic, forcing many companies in the region’s dominant service sector to limit operations. A second wave of the virus swept across Europe, and 90% of economists polled by …

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• 23 October 2020 2:13 pm

  Gold is Stable on Hopes for a Strong US Dollar Stimulus

  

  Gold stabilized on Friday, as expectations of an eventual US stimulus package were offset by the pressures imposed by the strong dollar. There was no significant change in gold in immediate trading at 1903.36 dollars an ounce before the opening of European markets, after it had fallen more than one …

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