Economic activity in the United States increased in almost all districts, but remained well below where it was prior to the COVID-19 pandemic, according to the US Federal Reserve’s Beige Book, issued on Wednesday. “Consumer spending picked up as many nonessential businesses were allowed to reopen.” “Retail sales rose in …
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
July, 2020
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15 July 2020 11:45 pm
Gold Settles Marginally Higher
Gold prices increased on Wednesday, supported by a decline by the US Dollar (USD), and investors seeking safe havens. However, the yellow metal gains were capped by the stock markets rise due to positive sentiments surrounding news about positive results for a COVID-19 vaccine. Gold futures for August delivery rose …
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15 July 2020 11:37 pm
Moderna Edges Closer to Developing COVID-19 Vaccine
The stock of Moderna surged by as much as 18% on Wednesday as the company announced positive results for a coronavirus disease (COVID-19) vaccine that it is developing and is currently under clinical trials. In phase one of the clinical trials, there were positive immune responses in all 45 cases …
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15 July 2020 10:58 pm
Apple No Longer Has to Pay EUR 15 B to EU
The European Union’s (EU) General Court has ruled in favor of Apple Inc. in an appeal against the European Commission’s decision in 2016 to impose a fine of EUR 13 billion ($14.9 billion) due to tax evasion, CNBC reported. The decision was based on the premise that the government of …
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15 July 2020 10:47 pm
European Stocks Close Wednesday Higher
European stocks closed Wednesday on big gains, supported by positive sentiments after it was reported that new progress has been made on the way to develop a vaccine for the coronavirus disease (COVID-19). The pan-European Stoxx 600 index rose by 1.76% and settled at 373.87. FTSE100 surged by 1.83% and …
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15 July 2020 10:41 pm
Logan: Fed Doesn’t Evaluate Market Based on Yields
The US Federal Reserve does not measure market functioning based on the level of the Treasury bond yields, said Lorie Logan, executive vice president in the Markets Group of the Federal Reserve Bank of New York. Logan, who also serves as the manager of the System Open Market Account (SOMA) …
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15 July 2020 9:46 pm
Harker: Forward Guidance is Vital to Market
President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said in a TV interview with Bloomberg that the Fed should maintain interest rates until the inflation target is achieved. “We’ve been saying for a long time that the 2% inflation goal is symmetric, which means we should overshoot it. …
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15 July 2020 8:47 pm
BoC to Keep Rates until Inflation Target is Reached
The Bank of Canada (BoC) plans to maintain its main interest rate near zero until the 2% inflation target is sustainably achieved. This comes as the BoC decided to maintain its benchmark interest rate at 0.25% on Wednesday BoC is also committed to buying $3.7 billion worth of Canadian government …
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15 July 2020 6:31 pm
Canada’s Factory Sales Surge 10.7% in May
Factory sales in Canada increased by a record 10.7% during May, after falling in April by 27.9%, according to data by Statistics Canada on Wednesday. Manufacturing sales were 28.4% below their level in February, before the COVID-19 crisis emerged. A majority of market analysts believe that it would take at …
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15 July 2020 5:50 pm
US: Industrial Production Rises by 5.4% in June
Data released by the Federal Reserve on Wednesday showed industrial production in the U.S. increased 5.4% in June after expanding 1.4% in May. This reading was better than market expectations of 4.3%. Other details of the report revealed that manufacturing output rose 7.2% in June and capacity utilization improved to …
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15 July 2020 5:19 pm
OPEC+ Meeting to Discuss Oil Output Cuts From August
OPEC+ (OPEC and allies) is holding a Joint Ministerial Monitoring Committee (JMMC) meeting on Wednesday to decide oil output policy from August. The meeting will focus on easing output cuts to 7.7M bpd until December. This comes amid the slow recovery in the global economy that was hit by the …
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15 July 2020 4:27 pm
France Says a Deal on EU Recovery Plan Can be Reached This Week
France said on Wednesday that they believe an EU deal on the European recovery plan can be reached by the end of this week. And according to Reuters, France presidency office also said that France could obtain a European subsidy of nearly 40 B euros (45.76 B dollars) to help …
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15 July 2020 3:46 pm
China Responds to UK Huawei Decision
China said on Wednesday that British Prime Minister Ban Huawei’s participation in the fifth-generation network is frustrating, and that other Chinese companies have followed headlines of how UK treat the telecommunications giant, which is harmful to investment. Liu Xiaoming, China’s Ambassador to the UK, said ‘the way you treat Huawei …
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