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Market Analysis

August, 2020

  • 12 August 2020 2:23 am

    Biden Picks Kamala Harris for VP Slot on Democratic Ticket

    Former Vice President of the United States and the Democratic Party’s Candidate for the 2020 U.S. Presidential Elections, Joe Biden, announced that he has chosen Senator Kamala Harris as his running mate. Harris, the first Black woman to be nominated for the Vice President position by a major political party …

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  • 12 August 2020 2:12 am

    API: U.S. Crude Oil Inventories Down 4.4 M Barrels in Week

    The United States crude oil inventories decreased by 4.4 million barrels last week, according to data by the American Petroleum Institute (API) released on Tuesday. The U.S. crude stockpiles now stand at around 516 million barrels. Meanwhile, gasoline inventories fell by 1.3 million barrels, while distillate stockpiles declined by 2.9 …

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  • 12 August 2020 2:05 am

    Russia’s GDP Contracts 8.5% in Q2 of 2020

    The Russian economy contracted by 8.5% on an annual basis during the second quarter (Q2) of 2020, official data showed on Tuesday. The economic downturn came amid the coronavirus (COVID-19) outbreak, with lockdowns and preventive measures casting their shadows economic activities. Next year, Russia’s gross domestic product (GDP) is expected …

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  • 12 August 2020 1:58 am

    Airbnb Plans IPO in 2020

    Airbnb, the company responsible for the famous mobile application and web service for home and room rentals could seen file for an initial public offering (IPO), the Wall Street Journal reported. Accordingly, Airbnb Inc could go public as early as before the end of the year. The company announced its …

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  • 12 August 2020 1:52 am

    Barkin: No Stimulus Package Could Spur Recession

    President of the Federal Reserve Bank of Richmond, Thomas Barkin, said that if the U.S. Congress failed to reach an agreement on a second economic stimulus package there could be a risk of a recession of historic proportions.

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  • 12 August 2020 1:43 am

    Oil Prices Settle Lower by 1%

    Oil prices decline on Tuesday, after rising earlier in the session to its highest level in about five months, amidst concerns about a second COVID-19 wave as the number of cases increase in many countries. In addition, the market is still anticipating passing the second stimulus package by the U.S. …

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  • 12 August 2020 1:24 am

    EIA: U.S. Oil Production Seen at 11.26 M b/d in 2020

    The U.S. Energy Information Administration (EIA) said on Tuesday that it expects crude oil production in the United States to decline by 990,000 barrels per day (b/d) in 2020 to 11.26 million b/d. This implies a higher decline than what was forecasted last month, at 600,000 b/d. The EIA now …

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  • 12 August 2020 12:32 am

    French PM Warns of COVID-19 Second Wave

    The French Prime Minister Jean Castex has warned that a second COVID-19 wave could be harder to contain, calling for collective efforts to reduce the rate of infections and face the pandemic, The PM expressed concerns that the general public is becoming careless. France reported 1,397 new COVID-19 confirmed cases …

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  • 12 August 2020 12:22 am

    Fed’s Daly Warns Against Inequality Amid COVID-19 Fight

    The President of the Federal Reserve Bank of San Francisco, Mary Daly, has warned that the COVID-19 pandemic could widen gender and racial inequalities, Reuters reported. “We need to make sure that we reach back and ensure that everyone makes it through the pandemic, not just those who are fortunate …

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  • 12 August 2020 12:14 am

    Gold Sees Biggest Decline in Seven Years

    Gold prices declined on Tuesday amid a strong correction wave, seeing its largest fall in more than seven years, since mid-April 2013. The losses of the yellow metal as stock markets around the globe flourished, supported by positive news about a vaccine for the coronavirus disease (COVID-19). Gold futures for …

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  • 11 August 2020 10:21 pm

    UK Sees Largest Quarterly Fall in Employment in 11 Years

    The number of people in employment in the United Kingdom (UK) registered 32.92 million during the second quarter (Q2) of 2020, according to estimates by the British Office for National Statistics. This marked an increase of 113,000 people on an annual basis, but a decline of 220,000 on a quarterly …

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  • 11 August 2020 9:53 pm

    US PPI Registers Highest Rise in 21 Months

    The Producer Price Index (PPI) in the United States recorded its highest monthly increase since October 2018, rising by 0.6% in July, data showed on Tuesday. The reading comes as double the expectations of a recent Reuters poll, and after the index declined by 0.2% in June. On an annual …

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  • 11 August 2020 9:36 pm

    European Stocks Close on Large Gains

    European stocks settled higher on Tuesday with most of the market sectors showing a strong positive performance. The pan-European Stoxx 600 index and FTSE100 both closed higher by 1.7% each. Meanwhile, CAC40 and DAX gained 2.4% and 2.04%, respectively. It is worth noting that markets are anticipating the approval for …

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