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Market Analysis

November, 2020

  • 12 November 2020 10:54 pm

    US Oil Inventories Rise Unexpectedly

    Data by the United States Energy Information Administration (EIA) showed on Thursday that crude oil inventories in the US rose by 4.3 million barrels last week. The data comes against expectations a 3 million-barrel decline, according to a poll by S&P Global Platts. Gasoline inventories declined by 2.3 million barrels, …

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  • 12 November 2020 9:28 pm

    European Stocks Finish Lower Following Data

    European stocks ended Thursday lower, after hopes for the new vaccine against the Coronavirus disease (COVID-19) provided a much needed support for the market. In addition, data showed earlier today a decline in industrial production across the Eurozone during the month of September. The pan-European STOXX Europe 600 closed lower …

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  • 12 November 2020 7:40 pm

    EUR/GBP Surges Despite Positive GDP Data in UK

    The Euro (EUR) is surging against a weakening British Pound (GBP), despite industrial production in the Eurozone declining during September and the UK’s GDP rebounding during the third quarter (Q3) of the year. The EUR/GBP pair is up by 0.88%, trading at 0.8986. The pair has been moving today in …

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  • 12 November 2020 6:40 pm

    CureVac Planning to Produce 300-400 Million Vaccine Doses in 2021

    German biotech CureVac’s CEO, Franz-Werner Haas, said on Thursday that they are planning to produce 300-400 million doses of their coronavirus vaccine in 2021, as reported by Reuters.

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  • 12 November 2020 6:06 pm

    US: CPI Declines to 1.6% in October

    Inflation in the US, as measured by the Consumer Price Index (CPI), was 0% in October, the report published by the US Bureau of Labor Statistics showed on Thursday. On a yearly basis, the CPI declined to 1.2% from 1.4% in September. Further details of the publication revealed that the …

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  • 12 November 2020 5:52 pm

    US: Weekly Initial Jobless Claims Fall to 709K

    There were 709,000 initial claims for unemployment benefits in the US during the week ending November 7th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 757,000 (revised from 751,000) and came in better than the market expectation of …

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  • 12 November 2020 5:15 pm

    IEA: Permanent Shutdowns of Refineries Accelerated Due to The Pandemic

    The International Energy Agency said that the permanent shutdowns of refining capacity expected in 2020-2021 rose to about 1.7 million barrels per day in light of the Covid-19 pandemic striking demand for oil products. The agency added that the past few months have witnessed the announcement of the closure of …

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  • 12 November 2020 4:42 pm

    IEA Cuts 2020 Global Demand Forecast

    The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on …

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  • 12 November 2020 4:27 pm

    Industrial Production in Eurozone Declined in September

    Industrial production for the Eurozone fell unexpectedly in September due to factors most importantly a sharp decline in the production of consumer durables, which is a negative indication of a quarter that has begun to strong. The European Union’s statistics office said industrial output in 19 eurozone countries fell 0.4% …

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  • 12 November 2020 3:31 pm

    Bitcoin Smashes $16,000 Hurdle

    Bitcoin has topped the critical $16,000 after the first attempt failed to make significant progress on Wednesday. The flagship cryptocurrency appears to be on steroids, with the price action having lifted above $16,100. The Relative Strength Index also supports the breakout after bouncing off support at the midline.

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  • 12 November 2020 3:14 pm

    Oil is Rising With Potential Supply Cuts to Offset Weak Demand

    Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US …

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  • 12 November 2020 3:10 pm

    European Stocks Drop Due to Fears of The Second Wave of Corona

    European stocks fell on Thursday (November 12th) from their highest in eight months, as a surge in coronavirus cases raised doubts about a faster economic recovery and overshadowed positive quarterly earnings reports. The Stoxx600 index of European shares fell 0.7% by 08:04 GMT, erasing some of the shine of the …

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  • 12 November 2020 3:07 pm

    US Dollar Holds on to Its Gains as Investors’ Enthusiasm For Covid-19 Vaccine Wanes

    The dollar held on to its gains in general Thursday, November 12, as investors trimmed their optimistic expectations about the Covid-19 vaccine, which is unlikely to prevent a bleak winter in Europe and the United States with the escalation of the second wave of the pandemic. The dollar index rose …

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