Oil prices declined on Monday, despite the OPEC+ reiterating commitment for output cuts, amid concerns about the impact of the second wave of the Coronavirus pandemic on the global demand. Brent crude futures for December delivery closed lower by 31 cents, or 0.7%, at $42.62 per barrel. Meanwhile, the West …
Read More »Mark Carney Takes the Helm: Canada’s New PM Faces Trump and Global Trade Challenges
Newly-appointed Canadian Prime Minister Mark Carney officially assumed office on Friday morning, suc…
Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
Despite a week dominated by fluctuating geopolitical tensions and evolving economic forecasts, oil p…
Fresh Deadline Drama: Senate Poised to Avert Shutdown
Funding Bill on the Brink of PassageThe Senate is set for a pivotal test vote this afternoon on the …
PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with GBP/USD …
Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy
Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency…
Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
In a landmark moment, gold prices surged past the $3,000 per ounce threshold on Friday, marking an a…
Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
The European Commission has granted Bristol Myers Squibb (NYSE: BMY) an expanded approval for its CA…
Forex Market Overview: Yen Weakens, Pound Slips, Dollar Recovers
The Japanese yen weakened on Friday after concluding union wage negotiations, while the British poun…
Oil Prices Rebound as Ukraine Conflict Persists, Trade War Concerns Loom
Oil prices bounced back on Friday, recovering some of the previous session’s losses, as the Uk…
Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
Gold prices remained steady at all-time highs in Asian trading on Friday, driven by escalating U.S.-…
Market Analysis
October, 2020
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19 October 2020 11:49 pm
Gold Finishes Higher as USD Declines
Gold prices rose on Monday, opening the week with a positive performance amid uncertainties that supported demand for safe havens. In addition, a decline by the US Dollar (USD) supported the gains of the yellow metal. Gold futures for December delivery closed higher by $5.30, or 0.3%, at $1,911.70 per …
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19 October 2020 10:24 pm
Fed’s Clarida: Economic Recovery Will Need Time
The Vice Chair of the United States Federal Reserve, Richard Clarida, said on Monday that the US economy is recovering from the COVID-19 crisis but would need more time to return to its levels prior to the pandemic. “While recovery since the spring collapse in economic activity has been robust, …
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19 October 2020 9:54 pm
Turkey Expected to Hike Rates by 1.75%
The Central Bank of Turkey is expected to raise its main interest rate by 175 basis points to 12% this week, according to a Reuters poll. Despite a surprise 2% increase in interest rates last month, the Turkish Lira (TRY) declined by 4% against the US Dollar (USD), continuing its …
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19 October 2020 9:20 pm
Business Sentiment in Canada Improves in Q3
Business sentiment in Canada improved during the third quarter (Q3) of 2020, as lockdown measures and preventive measurements against the Coronavirus (COVID-19) pandemic were eased, according to data by the Bank of Canada (BoC). The BoC business outlook indicator slightly rose compared with Q2, but remained below its average, remaining …
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19 October 2020 8:55 pm
GBP/USD Rises Despite Brexit Uncertainty
The British Pound (GBP) rose on Monday, despite uncertainty surrounding trade talks between the United Kingdom (UK) and the European Union (EU), amid hopes for the two parties reaching an agreement before the end of the year. London does not plan to return to trade negotiations with the EU next …
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19 October 2020 8:46 pm
European Stocks Erase Earlier Gains to Close in Red
European stocks gave up earlier gains and closed Monday lower, amid uncertainty surrounding Brexit talks between the United Kingdom (UK) and the European Union (EU). The STOXX Europe 600 index closed lower by 0.3%, after rising earlier today by 0.8%. Meanwhile, the UK’s FTSE100 fell by 0.59%. Similarly, the French …
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19 October 2020 8:08 pm
UK Not Planning Trade Talks with EU Next Year
The United Kingdom (UK) does not plan to return to trade negotiations with the European Union (EU) next year, according to the Prime Minister Boris Johnson’s spokesman “We have been repeatedly clear that any agreement needs to be in place before the end of the transition period, and we will …
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19 October 2020 6:37 pm
Halliburton Posts Losses in Q3
Halliburton reported quarterly losses for the fourth consecutive quarter, amid disruptions caused by the COVID-19 crisis affecting the global demand for oil. Revenues decreased to $1.57 billion down by 55% from $3.51 billion for the same quarter last year. The oil giant posted a net loss of $17 million during …
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19 October 2020 6:31 pm
Fed’s Powell Urges Caution with US Digital Currency
The United States Federal Reserve Chair Jerome Powell said on Monday that it is more important for the US to get it a digital currency right than to just be first in the field. “We do think it’s more important to get it right than to be first and getting …
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19 October 2020 6:25 pm
Lagarde: ECB to Maintain Accommodative Policy
The European Central Bank (ECB) is set to maintain an accommodative policy amid the COVID-19 crisis, said the bank’s President Christine Lagarde on Monday, Reuters reported. Lagarde further revealed that EUR 590 billion of the EUR 1.35 trillion asset purchase programme have already been allocated to help maintain interest rates …
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19 October 2020 6:08 pm
Wall Street Opens Higher on Renewed Hopes For a Stimulus Agreement
Major US stock indices opened higher today, Monday, thanks to hopes that a vaccine for the Coronavirus will be available by the end of the year, while investors are also encouraged by indications that an agreement will soon be reached in Washington on a financial package. The Dow Jones Industrial …
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19 October 2020 5:42 pm
US Wholesale Sales Rose For Fourth Month in a Row
Wholesale sales in the Canadian economy increased for the fourth consecutive month in August, more than analysts’ expectations. data released by Statistics Canada showed on Monday, that wholesale sales in Canada posted an increase of 3% last August compared to 4.3% in July. Analysts had expected that wholesale sales in …
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