Data published by Statistics Canada revealed on Friday that Real Gross Domestic Product (GDP) in Canada declined by 38.7% on a yearly basis in Q2. This reading followed the 8.2% contraction recorded in Q1 but came in slightly better than the market expectation of -39.6%.
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
August, 2020
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28 August 2020 5:50 pm
Oil Falling as US Refiners Avoid Worst Phase of Laura
Oil prices plummeted, as Storm Laura bypassed the heart of the US oil industry in Louisiana and Texas without causing wide losses to refineries. Brent crude futures for October delivery, which are due on Friday, fell seven cents to $ 44.99 a barrel before the opening of Wall Street. US …
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28 August 2020 5:21 pm
The German Economy Minister Does Not Expect Isolation Measures Again
German Economy Minister Peter Altmaier told SWR television that he does not expect the country’s economy to suffer from further lockdown measures even if coronavirus infections continue to rise. The minister also told television that many industries in Germany are improving again.
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28 August 2020 5:03 pm
US Consumer Spending Exceeds Expectations in July
US consumer spending increased more than expected in July, bolstering expectations of strong economic growth recovery in Q3, although the momentum will likely subside as the Covid-19 pandemic continues and the impact of the fiscal stimulus dissipates. The US Commerce Department said consumer spending, which accounts for more than two-thirds …
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28 August 2020 4:20 pm
British Business Confidence Improving
A survey showed that British business confidence has increased but remains well below its usual levels as the economy struggles to cope with social distancing and employers prepare to cut jobs. The Lloyds Bank’s corporate measure rose eight points to -14, the largest monthly rise in three years and optimism …
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28 August 2020 4:10 pm
Eurozone Economic Sentiment Rose in August
A survey published by the European Commission revealed that economic sentiment in the Eurozone rose in August for the fourth consecutive month after a record decline stemming from lockdown measures aimed at slowing the spread of Covid-19 in March and April. And while the monthly index measuring confidence in the …
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28 August 2020 3:08 pm
Economic Confidence in Turkey Increased by 4.4% in August
Data from the Turkish Statistical Institute showed that the country’s economic confidence index rose 4.4% on a monthly basis in August to 85.9 points, recording a recovery for the fourth month in a row from low levels resulting from measures to combat the Coronavirus. Economic activity fell sharply in March …
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28 August 2020 2:43 pm
European Shares Drop on Lower Technology And Healthcare Stocks
European shares fell as investors sold off technology and healthcare and bought bank shares, after the Federal Reserve (US Central Bank) unveiled a new framework for its policy. The pan-European STOXX 600 index fell 0.6%. Technology stocks, which have risen nearly 11% since the start of the year, fell 1.1% …
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28 August 2020 1:54 pm
Gold is up 1% on Dollar’s Decline
Gold rose about 1%, as the dollar fell while investors held signs of a policy of monetary easing issued by Jerome Powell, Chairman of the Federal Reserve Board (the US Central Bank). Spot gold rose 0.9% to 1946.55 dollars an ounce with the close of the Tokyo Stock Exchange, after …
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28 August 2020 12:54 pm
Weak Consumer Sentiment in Germany Casts Some Doubt on a Strong Recovery
A survey showed that consumer sentiment in Germany deteriorated towards September, casting some doubt on whether household spending in Europe’s largest economy is strong enough to lead a robust recovery from the Covid-19 crisis. The GFK said its consumer sentiment index, which is based on a survey of nearly 2,000 …
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28 August 2020 12:26 pm
Nikkei Falls as Japan’s Prime Minister to Resign
Japanese stocks fell by the most in nearly a month on news that Japanese Prime Minister Shinzo Abe will resign, putting an abrupt end to a stable government and policy mix of strong monetary and fiscal stimulus. The benchmark Nikkei index fell 2.65% during the session before closing 1.41% lower …
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28 August 2020 11:17 am
Yen Jumps With Abe’s Resignation Causing a Political Blurry
The yen jumped from its lowest level in two weeks, following news that Japanese Prime Minister Shinzo Abe is preparing to resign, while the dollar is struggling to make progress against other currencies as prospects for a prolonged low US interest rate weigh on the currency. A source close to …
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28 August 2020 10:54 am
Japanese Prime Minister to Resign
Reuters quoted a source as saying that Japanese Prime Minister Shinzo Abe has decided to resign. Japan Broadcasting Corporation TV (NHK) had previously reported that Abe, who has been suffering from ulcerative colitis for years, wanted not to cause problems to the government due to his deteriorating health.
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