Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2021

• 6 July 2021 11:49 pm

  Oil Futures Take Major Blow Due to Output Uncertainty

  

  Oil prices dropped on Tuesday, finishing with huge losses, amid uncertainty about the outlook for production policies by major crude producers. Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies could not reach an agreement on the output policy starting August. Brent crude futures for September …

  Read More »
• 6 July 2021 10:12 pm

  Gold Finishes Higher Following PMI Data

  

  Gold prices finished higher on Tuesday after PMI data showed continuous expansion in the U.S. services sector but at a slower pace in June after recording a new high in May. A drop in the U.S. Treasury bond yields also provided support for the yellow metal, as the 10-year and …

  Read More »
• 6 July 2021 9:45 pm

  European Stocks Fall on Mixed Economic Data

  

  European stocks closed lower on Tuesday after the release of mixed economic data and on the regional and local levels. Eurozone retail sales increased more than expected in May, by 4.6%, according to data by Eurostat. Meanwhile, industrial orders in German unexpectedly dropped by 3.7% in May, marking its biggest …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 6 July 2021 5:29 pm

  OPEC: Still no Agreement

  

  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 …

  Read More »
• 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 …

  Read More »
• 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.

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »