Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2021

• 3 March 2021 9:47 pm

  ECB’s Weidmann not Worried About Rising Yields

  

  Rising Treasury bond yields in Eurozone are not a reason for concern, according to the President of Deutsche Bundesbank, Germany’s central bank, Jens Weidmann. Weidmann, who also serves as member of the European Central Bank (ECB) Governing Council, said in a TV interview with Bloomberg on Wednesday that he “would …

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• 3 March 2021 9:40 pm

  U.S. Oil Inventories Rise by 21.6 M Barrels

  

  Crude oil inventories in the United States surged by 21.6 million barrels last week, according to the weekly report of the U.S. Energy Information Administration (EIA) issued on Wednesday. The rise in oil supplies is much higher that what the market expected, as the S&P Global Platts survey expected an …

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• 3 March 2021 9:32 pm

  Fed’s Harker: Inequality Costing Economy Trillions Each Year

  

  The President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the United States economy loses trillions of Dollars every year due to racial and gender inequalities. Harker said that as the American economy recovers from the impact of the Coronavirus pandemic, it is essential to …

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• 3 March 2021 9:23 pm

  SEC Sets Climate and FinTech Risks amid 2021 Priorities

  

  The United States Securities and Exchange Commission (SEC) has on Wednesday identified climate change, financial technology (FinTech), and conflicts of interest as the priorities of its Division of Examinations this year. The examinations division revealed in its annual priorities that climate-related risks, meaning environmental, social, and governance (ESG) risks, as …

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• 3 March 2021 8:37 pm

  U.S. Mortgage Rates Rise for Fourth Week in Row

  

  Mortgage rates in the United States saw their biggest increase in about a year last week, reaching their their highest level since July 2020, amid a surge in U.S. Treasury bond yields, Reuters reported. The contract rate on a 30-year fixed-rate mortgage leveled up by 0.15% to 3.23% in the …

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• 3 March 2021 7:37 pm

  ISM Services PMI Maintains Expansion for Ninth Month in Row

  

  The United States services sector Purchasing Managers’ Index (PMI) declined by 3.4% to 55.3% in February, down from the January reading of 58.7%, data by the Institute for Supply Management (ISM) showed on Wednesday. The reading signaled the ninth consecutive month of expansion in the economic activity of the sector. The …

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• 3 March 2021 7:12 pm

  U.S. Services PMI Records Best Rise in Six and a Half Years

  

  The United States services sector’s business activity index rose in February, recording its fastest expansion since July 2014, according to data by IHS Markit The seasonally adjusted final US services purchasing managers index (PMI) increased to 59.8 in February, up from 58.3 in January. The final reading for last month …

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• 3 March 2021 5:29 pm

  US: ADP Employment Change Arrives at +117K in February

  

  Employment in the US’ private sector increased by 117,000 in February, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading fell short of the market expectation of 177,000. On a positive note, however, January’s reading got revised up to 195,000 from 174,000.

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• 3 March 2021 4:30 pm

  OPEC+ Considering Extending Oil Production Cuts in April

  

  Sources in OPEC+ told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are considering extending oil production cuts from March to April instead of increasing production due to the fragility of crude markets due to continuing concerns about the Coronavirus …

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• 3 March 2021 3:53 pm

  UK’s Sunak: Cannot Ignore Problem of Borrowing

  

  British finance minister Rishi Sunak told ministers that they are borrowing on an extraordinary scale, British Prime Minister Boris Johnson’s spokesman told reporters on Wednesday, According to Reuters. “As a conservative government, we know that we cannot ignore this problem of borrowing,” Sunak added.

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• 3 March 2021 3:23 pm

  EU Commission: EU Budget Rules Should Remain Suspended in 2022

  

  The European Union’s budget rules should remain suspended in 2022 but they could be reinstated in 2023, the European Commission said on Wednesday, as reported by Reuters. “Overall fiscal impulse, stemming from national budgets and the EU recovery fund, needs to remain supportive in 2021 and 2022,” the statement read. …

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• 3 March 2021 2:31 pm

  Oil Rising on Revival of Demand Outlook With Progress in Vaccine Distribution in America

  

  Oil prices rose on Wednesday, March 3, as indications of progress in the distribution of Covid-19 vaccines in the United States, the world’s largest consumer, led to a rebound in demand expectations. US West Texas Intermediate crude futures rose 15 cents, equivalent to 0.25%, to $59.90 a barrel, recovering after …

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• 3 March 2021 2:06 pm

  ECB Said to See no Need For Drastic Action to Curb Bond Yields

  

  The European Central Bank (ECB) reportedly sees no need for drastic action to curb recent developments in the bond market, Blomberg reports, citing officials familiar with discussions. The officials said that the ECB believes that the risk to the economy is manageable via verbal interventions and QE/PEPP flexibility. “The ECB …

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