The New York Stock Exchange (NYSE) opened Wednesday in gains, supported by positive economic data and developments in the search for a vaccine against the coronavirus disease (COVID-19). The Wall Street indices are all green at the moment, with the Dow Jones Industrial Average Index up 0.26%, the NASDAQ Composite …
Read More »Dollar Wobbles as GDP Cools, Market Eyes ECB
The US dollar weakened following the release of fourth-quarter GDP figures, which fell slightly shor…
ECB Cuts Rates, Warns of Economic Weakness
The European Central Bank (ECB) delivered its fifth interest rate cut since June of last year, lower…
Oil Prices Edge Lower Amid U.S. Tariff Concerns and OPEC+ Meeting Awaited
Oil prices remained relatively stable on Thursday, as investors braced for potential U.S. tariffs on…
European Stocks Gain as Investors Await ECB Decision and Growth Data
European stock markets advanced on Thursday, as investors evaluated a wave of corporate earnings whi…
Dollar Dips as Markets Shift Focus to ECB After Fed Meeting
The U.S. dollar edged lower on Thursday, giving up part of its previous gains following the Federal …
Oil Prices Steady as Markets Brace for Tariffs, Await OPEC+ Meeting
Oil prices remained little changed on Thursday, as markets assessed the impact of U.S. tariffs on Ca…
Gold Prices Steady as Markets Weigh Fed’s Hawkish Stance, Trade War Risks
Gold prices held steady in Asian trading on Thursday, as investors evaluated the Federal Reserve’s f…
Market Drivers; US Session
The Federal Reserve’s recent decision to hold interest rates steady sent ripples through finan…
ECB Navigates Choppy Seas: Monetary Policy Easing As Growth Worries Persist, US Uncertainty In Play
ECB members have strongly hinted at a 25 basis point rate cut at the upcoming meeting. This likely s…
The Fed Pauses, Nvidia Slumps: US Stock Market Faces Pressures
The S&P 500 retreated on Wednesday following the Federal Reserve’s decision to maintain i…
Market Analysis
July, 2020
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1 July 2020 7:18 pm
ISM Manufacturing PMI Beats Expectations for June
The purchasing managers’ index (PMI) for the manufacturing sector in the United States increased to 52.6 in June, as shown by the data of the Institute for Supply Management (ISM). This comes after the index recorded 43.1 in May and was expected to register 49.5 and remain in the contraction …
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1 July 2020 6:50 pm
US Oil Inventories Down 7.2 M Barrels in Week
The United States crude oil inventories decreased by 7.195 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday. This is the first decline in US oil inventories after three consecutive weekly increases. The decrease exceeded the expectations of …
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1 July 2020 5:57 pm
Mortgage Demand Drops for Second Week in US
Mortgage applications for home purchases fell for the second consecutive week, down 1% from the previous week Refinancing Demand decreased by 1% for the week, but 74% higher than a year ago. Mortgage applications for homebuyers have been declining over the past two months, even as mortgage rates drop. The …
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1 July 2020 5:36 pm
ILO Estimates 400 Million Jobs Lost Amid COVID-19
The International Labour Organization (ILO) has said the impact of the coronavirus pandemic on jobs is expected to be much worse than expected. The agency’s latest report showed that the number of working hours globally between April and June was 14% lower than in 2019, which the International Labor Organization …
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1 July 2020 4:42 pm
ADP Employment Report Records 2.37 Million Job Rise in June
American unemployment in the private sector increased by 2,369,000 in June, according to the monthly report, released by Automatic Data Processing (ADP) Research Institue on Wednesday. This reading comes after the decline of 3,065,000 in May. “Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice …
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1 July 2020 4:24 pm
US Stock Futures Fall Ahead of Payroll and Manufacturing Data
Stock futures fell ahead of the opening of the American session on Wednesday, indicating a lower opening on the first day of trading in June. Shares closed on Tuesday on a stunning rise, which makes the Q2 the best quarter since 1998 and the second-best recorded quarter. The S&P 500 …
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1 July 2020 3:34 pm
Saudi Arabia Might Raise the Selling Price of Crude Oil to Asia for August
According to Reuters, Saudi Arabia may raise its August official selling price (OSP) for crude oil sold in Asia. That would be the third monthly price hiking due to an increase in Middle East benchmarks and a rebound in Asian refining margins. As of August, Middle East crude supply may …
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1 July 2020 3:09 pm
COVID-19 Updates: Gloomy Warnings in the US
The world’s efforts for discovering a cure are going at full capacity, with Gilead’s remdeisivr being a potential cure. In the US, the number of cases reached 40,000 again, and epidemiologist Anthony Fauci warned that the US could see 100,000 cases per day. While testifying on Capitol Hill, he told …
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1 July 2020 2:39 pm
IFO Sees Europe’s Largest Economy Contracting by 6.7% in 2020
“Germany’s economy will gradually recover after a historic slump due to the coronavirus pandemic and will likely return to last year’s level at the end of 2021,” economic institute IFO said on Wednesday, according to Reuters. IFO sees GDP contracting by 11.9% in Q2 on a quarterly basis and to …
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1 July 2020 2:13 pm
Eurozone PMI Manufacturing Finalized at 47.4
Eurozone PMI Manufacturing was finalized at 47.4 in June, up from 39.4 in May a report by IHS Markit said. The index was in contraction below 50 for 17 consecutive months. and had fallen to 33.4 in April. The report stated: “Eurozone manufacturing sector continues to contract sharply,” “There was …
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1 July 2020 1:54 pm
UK Manufacturing Activity Picked Up in June
After the Great collapse due to COVID 19 pandemic, the UK manufacturing sector returned to recovery after it began to stabilize last June. IHS Markit’s Purchasing Managers Index (PMI) posted 50.1 compared to 40.7 in May, in line with economists’ expectations. PMIs are given on a scale of 0 to …
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1 July 2020 1:13 pm
Dubai’s Economy Shrank by 3.5% in Q1 Amid Coronavirus Pandemic
The government media office in UAE said in a statement issued on Tuesday that Dubai’s real GDP decreased by 3.5% in Q1 year-on-year as the country was hit by the Covid-19 pandemic, according to Reuters. The government said some sectors such as real estate and finance have maintained their strength …
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