Noor Trends News, Technical Analysis, Educational Tools and Recommendations

September, 2020

• 3 September 2020 12:05 am

  Oil Prices Close Lower Despite Stockpiles Draw

  

  Oil prices declined on Wednesday, despite a decrease in crude inventories in the United States, as production in the Gulf of Mexico recovers from the impacts of Hurricane Laura. Brent crude futures for November delivery closed lower by $1.15, or 2.5%, at $44.43 per barrel. Meanwhile, the US West Texas …

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• 2 September 2020 11:46 pm

  Gold Settles Lower as USD Recovers

  

  Gold prices closed Wednesday lower, amid a recovery of the US Dollar on the back of positive economic data coupled with the Euro and the British Pound simultaneous declines. Gold futures for December delivery declined by $34.20, or 1.7%, and settled at $1,944.70 per ounce. Meanwhile, silver futures finished lower …

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• 2 September 2020 11:22 pm

  GBP/USD Declines on BoE Dovish Tone

  

  The British Pound (GBP) is trading lower against the US Dollar (USD) on Wednesday, with the USD rising on the back of strong manufacturing data with surging PMI and factory orders. Meanwhile, the GBP is impacted by recent remarks by policy makers in front of the House of Commons Treasury …

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• 2 September 2020 11:14 pm

  UK Economy Facing Several Risks Due to COVID-19

  

  The British economy is facing a risk of taking several years before recovering from the impacts of the coronavirus (COVID-19) crisis, according to member of the Bank of England’s (BoE) Monetary Policy Committee, Gertjan Vlieghe. Vlieghe remarks came on Wednesday in a report presented to the British parliament, Reuters reported. …

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• 2 September 2020 10:45 pm

  European Stocks Close Higher Despite Negative Data

  

  European stocks closed higher on Wednesday, despite a surprise fall in retail sales in Germany, amid an improved risk appetite and investors sentiment with recent surges in Wall Street. The Stoxx Europe 600 finished higher by 1.66%, while the UK’s FTSE100 gained 1.35%. In France, the CAC40 index increased by …

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• 2 September 2020 8:38 pm

  Dollar Extends Gains as Euro Declines

  

  The US Dollar (USD) is showing a strong performance against major currencies on Wednesday, supported by strong economic data. The US Dollar Index (DXY), which measures the performance of the USD against a basket of six international currencies, is up by 0.50% at 92.80, after closing Tuesday at 92.34. This …

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• 2 September 2020 7:54 pm

  Sholz: European Economy Will Recover from COVID-19

  

  Germany’s Minister of Finance, Olaf Scholz, said on Wednesday that the European economy will recover from the impacts of the COVID-19 crisis, but might face some hardships in the near term, Reuters reported. “Europe has dealt with a historic challenge and has provided a very good response, has shown solidarity …

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• 2 September 2020 7:31 pm

  US Factory Orders Rise More than Expected

  

  New factory orders in the United States rose by more than expected in July, according to data by the US Department of Commerce. Factory orders increased by 6.4% in July, while a recent poll by Reuters forecast a growth of 6%. The indicator signals a strong recovery from the coronavirus …

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• 2 September 2020 6:15 pm

  US Extends Some Tariff Exemptions to China

  

  The Trump administration’s threat of escalation against China came this time in disguise with seemingly positive news. The office of the US Trade Representative announced the extension of the deadlines for some exemptions from customs duties on a large group of Chinese goods. But this extension is until the end …

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• 2 September 2020 5:33 pm

  Germany Revises Upward 2020 GDP Forecast to -5.8%

  

  The worst is over for Germany … and the government response helped it recover faster than expected from the shock of the Coronavirus … statements made by Economy Minister Peter Altmaier while presenting the updated forecasts for his country’s economy in 2020. Altmire said that the recession in the first …

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• 2 September 2020 5:10 pm

  Russia’s Novak: Will Propose OPEC+ React to Recovery in Global Oil Demand

  

  Russian Energy Minister Alexander Novak said that global oil demand has recovered by a large rate, up to 90% from pre-pandemic levels, adding that Moscow will propose to the OPEC+ group to take a response to this trend within the framework of the global agreement to reduce oil production. Novak …

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• 2 September 2020 4:34 pm

  Private Payrolls Grow by 428,000

  

  Employment in the US’ private sector rose by 428,000 in August below the market expectation of 950,000, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.  Big business dominated job creation, as firms with more than 500 employees added 298,000 workers. Medium-sized businesses were …

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• 2 September 2020 3:55 pm

  GDP to Drop Over 8% in 2020-Gualtieri

  

  Italian Economy Minister Roberto Gualtieri said that the country’s GDP will shrink by slightly more than 8%, stressing that production in Q3 will record a “strong recovery.” The Office for National Statistics said last week that the economy witnessed a record contraction of 12.8% in Q2 compared to the previous …

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