Oil prices declined on Tuesday to its lowest level since June, amid concerns about the global demand outlook, despite reports of some major producers planning further output cuts. Brent crude futures for November delivery plunged by $2.23, or 5.3%, to settle at $39.78 per barrel. Meanwhile, the West Texas Intermediate …
Read More »Mark Carney Takes the Helm: Canada’s New PM Faces Trump and Global Trade Challenges
Newly-appointed Canadian Prime Minister Mark Carney officially assumed office on Friday morning, suc…
Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
Despite a week dominated by fluctuating geopolitical tensions and evolving economic forecasts, oil p…
Fresh Deadline Drama: Senate Poised to Avert Shutdown
Funding Bill on the Brink of PassageThe Senate is set for a pivotal test vote this afternoon on the …
PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with GBP/USD …
Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy
Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency…
Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
In a landmark moment, gold prices surged past the $3,000 per ounce threshold on Friday, marking an a…
Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
The European Commission has granted Bristol Myers Squibb (NYSE: BMY) an expanded approval for its CA…
Forex Market Overview: Yen Weakens, Pound Slips, Dollar Recovers
The Japanese yen weakened on Friday after concluding union wage negotiations, while the British poun…
Oil Prices Rebound as Ukraine Conflict Persists, Trade War Concerns Loom
Oil prices bounced back on Friday, recovering some of the previous session’s losses, as the Uk…
Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
Gold prices remained steady at all-time highs in Asian trading on Friday, driven by escalating U.S.-…
Market Analysis
September, 2020
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8 September 2020 11:42 pm
Dollar Extends Gains and Maintains Rally
The US Dollar (USD) is maintaining its rising trend on Tuesday, extending its gains further amid the decline in the British Pound (GBP) on Brexit uncertainty and the Euro on the Eurozone’s economic contraction. The Dollar Index (DXY), which measures the performance of the USD against a basket of six …
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8 September 2020 11:31 pm
Gold Prices Reverse Earlier Losses to Settle Higher
Gold prices rose on Tuesday, recovering from earlier losses to close at its highest level in about a week. The rise in the yellow metal prices came amid the decline in stock markets. Gold futures for December delivery increased by 0.31% or $8.90 and closed at $1,943.20 per ounce. Earlier …
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8 September 2020 10:29 pm
EUR/USD Maintains Downward Trend
The Euro (EUR) is maintain its declining trend against the US Dollar (USD) on Tuesday, falling to its lowest level in front of the greenback in about two weeks. The EUR/USD pair is trading lower for the day by 0.29% at 1.1783 after falling as low as low 1.766 at …
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8 September 2020 9:42 pm
Juncker: No Deal Brexit is Most Likely
Former President of the European Commission, Jean-Claude Juncker, believes that a no-deal Brexit is the most likely scenario in current talks between the United Kingdom and the European Union, CNBC reported. “The situation is not developing in the best direction possible.”“No deal is the most possible and probable and only …
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8 September 2020 9:27 pm
European Stocks Settled Lower
European stocks closed lower on Tuesday, continuing with its fluctuating performance after opening the week with a rise during Monday’s session. The Stoxx Europe 600 fell by 1.14%, while the UK’s FTSE100 declined by 0.12%. Similarly, the German DAX index dropped by 1.01%, while the French CAC40 finished lower by …
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8 September 2020 9:04 pm
GBP Falls on Brexit Developments
The British Pound (GBP) declined on Tuesday as negotiations between the UK government and the European Union are once again seeing complications. This is the fifth consecutive session in decline for the GBP, marking its longest downward trend since May. The UK Prime Minister, Boris Johnson, has reportedly threatened to …
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8 September 2020 7:33 pm
Russian Economy’s Contraction Seen Below 4%
Russia’s Minister of Finance Anton Siluanov said on Tuesday that the Russian economy could contract by less than 4% in 2020, Reuters reported. This signals an improvement compared with previous forecasts, with signs of recovery from the COVID-19 pandemic and the drop in oil prices. Meanwhile, the debt-to-GDP ratio is …
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8 September 2020 6:19 pm
Nasdaq Index Drops 3% as Tech Stocks Turmoil Worsens
The Nasdaq Index tumbled more than 3% at the open Tuesday, September 8th as investors sold shares of Tesla and other heavyweight technology companies, while sentiment was negatively affected by growing tension between the United States and China and concerns about a faltering economic recovery. The composite Nasdaq index fell …
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8 September 2020 5:31 pm
Japan: We Want to Reach a Comprehensive Trade Agreement With Britain This Week
A Japanese government official said his country wants to reach a comprehensive deal with the United Kingdom on trade this week, indicating Tokyo’s desire to make progress on a bilateral trade pact before changing the government. Japan’s ruling party will choose a new leader next week to succeed Prime Minister …
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8 September 2020 4:37 pm
UK’s Lewis: Fully committed to Northern Ireland protocol and Withdrawal Agreement
Brandon Lewis, UK’s Secretary of State for Northern Ireland, reiterated on Tuesday that they are fully committed to the Northern Ireland protocol and the Withdrawal Agreement. “We have always sought to honour international obligations.”“Overriding need to respect wishes of the Northern Irish public must be kept in mind.”“Our approach guarantees …
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8 September 2020 3:40 pm
Fitch Ratings Cuts Long-Term Oil Price Assumptions
In its latest report, the US-based Fitch Ratings reduced its long-term price forecasts for both Brent and West Texas Intermediate (WTI) oil. Key points“The cut in the price forecast is to reflect large underutilized production capacities, the extended period of high oil inventory caused by the coronavirus pandemic, falling upstream …
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8 September 2020 2:42 pm
Eurozone GDP Recorded The Largest Decline in Q2
The Eurozone economy contracted slightly below initial expectations in the Q2, but the decline remains the largest ever with the collapse in consumer demand due to COVID-19 restrictions. GDP fell 11.8% compared to the previous quarter, and by 14.7% year-on-year, according to data from the European Statistics Office Eurostat on …
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