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Market Analysis

July, 2021

  • 6 July 2021 9:09 pm

    IHS Markit U.S. Services PMI Slightly Below Estimates in June

    The seasonally adjusted final IHS Markit U.S. Services Purchasing Managers’ Index (PMI) Business Activity Index registered 64.6 in June, down from 70.4 in May, data showed on Tuesday. The reading comes slightly below the earlier flash estimate of 64.8, according to IHS Markit. The latest expansion in output was the …

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  • 6 July 2021 8:39 pm

    U.S. Services PMI Slows but Maintains Growth in June

    Economic activity in the United States services sector expanded last month for the thirteenth consecutive month, data by the Institute for Supply Management (ISM) showed on Tuesday. The Services Sectors Purchasing Managers’ Index (PMI) declined by 3.9% points to 60.1% in June compared with its reading in May, which was at an …

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  • 6 July 2021 7:46 pm

    U.S. Treasury Bond Yields Drop and Curve Further Flattens

    U.S. Treasury bond yields declined on Tuesday, on the first day of the week, following a long weekend celebrating Independence Day. The benchmark 10-year Treasury bond yield is down by about 7 basis points at 1.363%, near its lowest level in more than two weeks. The 30-year note yield also …

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  • 6 July 2021 6:02 pm

    Saudi Arabia Raises Official Selling Prices For Oil to Asia in August

    Saudi Arabia decided to raise the official selling prices for the month of August for all oil crudes designated to be sold to Asia. Saudi Arabia, the world’s largest oil exporter, set the August official selling price for its Arab Light crude at $2.70 a barrel, above the Oman/Dubai average …

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  • 6 July 2021 5:29 pm

    OPEC: Still no Agreement

    Oil Rig oil (

    After talks that lasted for two days, the OPEC+ meetings ended without an agreement, as the group’s ministers canceled talks related to production after a dispute that erupted last week when the UAE objected to a proposed extension of production restrictions for an additional eight months, but in return it …

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  • 6 July 2021 5:05 pm

    Russia: There Are no Current Plans For Contacts Between Putin And Senior OPEC+ Officials

    The Kremlin spokesman said that Russian President Vladimir Putin has no plans for the time being to hold contacts with top OPEC+ officials after another round of talks between major world oil producers collapsed on Monday. “The work is continuing. It is necessary to make a decision,” Dmitry Peskov told …

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  • 6 July 2021 3:41 pm

    German ZEW Economic Sentiment Index Slumps to 63.3 in July

    The German ZEW headline numbers for July showed that the Economic Sentiment Index worsened more than expected to 63.3 from 79.8 previous while missing estimates of 75.2. The Current Conditions sub-index firmly recovered to 21.9 in July as against -9.1 recorded in the previous month and 5.0 expectations.

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  • 6 July 2021 3:07 pm

    Gold is consolidating above $1800

    Gold prices rose 1% on Tuesday after it crossed the $1,800 barrier, supported once again by a weak dollar, as investors’ eyes turned to the minutes of the Federal Reserve’s June meeting to elicit more indications about the monetary policy decision. Spot gold rose 0.8 percent to $1,805.51 an ounce …

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  • 6 July 2021 1:59 pm

    US Crude Jumps to The Top of 2014 After The Disagreement of OPEC + Producers

    Oil prices jumped to their highest levels in several years, and saw US crude reach its highest level since 2014, after OPEC + producers disagreed about plans to increase supplies in the face of rising global demand. Brent crude jumped 62 cents, or 0.8 percent, to $77.78 a barrel after …

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  • 6 July 2021 1:25 pm

    European Shares Fall After 3 Sessions of Gains

    European shares fell in early trading after gains over three sessions, as a jump in commodity shares was offset by weak trading in Asia and a sudden drop in industrial orders in Germany. The pan-European Stoxx 600 index fell 0.1%, with auto stocks recording the biggest decline. Data showed that …

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  • 6 July 2021 12:49 pm

    Japan’s Nikkei Rises With SoftBank’s Recovery

    Japan

    The Nikkei index closed slightly higher on the Tokyo Stock Exchange on Tuesday, with the recovery of SoftBank and Fast Retailing shares, but fears of a possible increase in Coronavirus infections during the Olympic Games capped gains. The Nikkei gained 0.16 percent to record 28,643.21 points, giving up an early …

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  • 6 July 2021 8:11 am

    Goldman Sachs Predicts Winner of Euro 2020

    Goldman Sachs predicts that England will win the Euro 2020 football tournament, according to recent reports about the bank’s probability model, CNBC reported. The model shows England’s chance of qualifying to the final is 57.7% and 31.9% in winning the cup, followed in the latter by Spain and Italy with …

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  • 6 July 2021 12:52 am

    Bitcoin Returns to Losses on Independence Day

    Bitcoin declined on Monday by about 5% to $33,857, erasing most of its recent gains, amid relatively thin trade with the U.S. on a holiday with a long weekend, celebrating Independence Day. The world’s biggest cryptocurrency in terms of market capitalization dropped by 41% during the second quarter (Q2) of …

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