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Market Analysis

November, 2020

  • 12 November 2020 12:04 pm

    Oil Rallied on Hopes of Reversing Oversupply

    Oil prices rose during morning trading today, Thursday, extending the week’s gains to more than 11% on mounting hopes that oil producers will be Reversing Oversupply due to increasing Coronavirus cases. West Texas futures rose about 12 cents, recording $ 41.57 a barrel. While Brent futures rose by 9 cents, …

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  • 12 November 2020 2:10 am

    Tech Stocks Stage Strong Come Back in Wall Street

    The New York Stock Exchange (NYSE) showed a mixed performance on Wednesday, with tech stocks staging a recovery after a sloppy performance during the past two sessions. The Dow Jones Industrial Average declined by 23.29 points, or 0.1%, and closed at 29,339.54 points. The S&P 500 index added 27.17 points, …

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  • 12 November 2020 2:04 am

    Oil Maintains Rising Streak with Modest Gains

    Oil prices rose slightly on Wednesday, to maintain their rising trend, since positive news about the success of a Coronavirus vaccine emerged. In addition, a decline in US crude inventories supported crude prices. Brent crude futures for January delivery rose by 19 cents, or 0.4%, to close at $43.80 per …

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  • 12 November 2020 2:00 am

    Gold Returns to Losses as USD Rises

    Gold prices declined on Wednesday, returning to losses after a brief recovery on Tuesday, as demand for the yellow metal decreased since news about the COVID-19 vaccine success emerged. In addition, a rise by the US Dollar (USD) across the board, led to the precious metal price decline. Gold futures …

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  • 11 November 2020 11:30 pm

    EIA: Energy Outlook Remains Subject to COVID-19

    The Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve, according to the United States Energy Information Administration (EIA). Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue …

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  • 11 November 2020 10:32 pm

    S&P 500 Could Hit 4,300 in 2021

    The S&P 500 index could rise by 20% and hit 4,300 points by the end of 2021, according to a recent report by Goldman Sachs that was picked up by MarketWatch. Positive news about Coronavirus vaccine trials have improved investors’ sentiment in the stock market, and an economic recovery from …

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  • 11 November 2020 9:34 pm

    Turkish Lira Up More than 4.2% Against USD

    The Turkish Lira (TRY) is recovering against the US Dollar (USD) after recently falling to new unprecedented record lows. Changes in the leadership of the Turkish central bank and the finance ministry are seemingly providing some short turn support to the Lira, which rose to its highest level against the …

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  • 11 November 2020 9:08 pm

    EUR/USD Down on Economic Recession Fear in Eurozone

    The Euro (EUR) is declining against the US Dollar (USD) on Wednesday with the later rising and the European currencies being weighed down by fears over the new wave of the Coronavirus pandemic. Lockdowns in many European countries, and fears of a prolonged economic recession are both pushing the European …

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  • 11 November 2020 8:49 pm

    Trudeau Sees Trade Deal with UK by Yearend

    The Prime Minister of Canada, Justin Trudeau, expects a trade agreement with the United Kingdom (UK) to be reached by the end of 2020, Reuters reported. “I think we’re ready to have it done before January 1. One of the challenges is bandwidth.” “The UK hasn’t had to negotiate trade …

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  • 11 November 2020 8:45 pm

    European Stocks Maintain Rising Trend

    European stocks closed higher on Wednesday, as the market remains optimistic about the positive results shown by the COVID-19 vaccine being developed by Pfizer and BionTech. The STOXX Europe 600 index closed higher by 1.2%, while the UK’s FTSE100 added 1.56%. The French index CAC40 rose by 0.67%, while the …

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  • 11 November 2020 8:39 pm

    Georgia to Manually Recount Presidential Election Ballots

    The state of Georgia will hold a statewide recount of ballots cast in the recent presidential elections between President Donald Trump and President-elect Joe Biden, Secretary of State Brad Raffensperger announced Wednesday, CNBC reported. “With the margin being so close, it will require a full, by-hand recount in each county.” …

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  • 11 November 2020 8:31 pm

    EU Approves New Trade Deal with US

    The European Union (EU) supported a small trade agreement with the United States that will see the removal of tariffs on American lobsters, as the US awaits a new administration, Reuters reported. The agreement, which was reached in August, will remove 8% to 12% tariffs on the imports of lobsters, …

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  • 11 November 2020 7:35 pm

    Dollar Rises across the Board

    The US Dollar (USD) continues to show a positive performance on Wenesday, supported by an improved investors’ sentiment. The Dollar Index (DXY), which measures the performance of the USD against a basket of six major international currencies, is up by 0.45% at 93.17 earlier in the American session. The index …

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