Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2021

• 3 February 2021 2:42 pm

  UK Final Services PMI Revised up to 39.5 in Jan

  

  The UK services sector activity contracted less-than-expected in January, the final report from IHS Markit confirmed this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 39.5 in January versus 38.8 expected and a 38.8 – last month’s flash reading.

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• 3 February 2021 2:40 pm

  Oil Rallied on Unexpected Drop in US Crude Inventories And Hopes For a Recovery in Demand

  

  Oil prices increased, after reaching their highest levels in nearly a year in the previous session, supported by an unexpected drop in crude and gasoline inventories in the United States, which fueled hopes for a recovery in demand at a time when OPEC+ expects the market to record a deficit …

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• 3 February 2021 1:05 pm

  European Shares Rose on Earnings and Hopes For a Recovery

  

  European stocks rose for the third session in a row on Wednesday, while focus remained on a day filled with earnings announcements, as positive sentiment extends from Asian markets thanks to hopes for a faster global economic recovery. Siemens’ shares rose 1.8% after the German engineering firm raised its forecast …

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• 3 February 2021 12:27 pm

  Japan Stocks Closed Higher as Sentiment Improved on Strong Earnings

  

  Japanese shares closed higher on Wednesday, while carrier stocks led the gains, as market sentiment was supported by a rally led by technology companies on Wall Street last night and expectations of strong profits for local companies. The benchmark Nikkei index rose 1% to 28,646.50 points, while the broader Topix …

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• 3 February 2021 6:19 am

  Yellen Argues CBO Data Should Push for More Stimulus

  

  The United States Secretary of the Treasury, Janet Yellen, said on Tuesday that economic growth estimated by the Congressional Budget Office (CBO) are showing the strong need for passing the coronavirus rescue package proposed by President Joe Biden, Reuters reported. “Last year, the economy shrunk more than any other since …

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• 3 February 2021 2:51 am

  Oil Prices Close at Highest Level in a Year

  

  Oil prices scored high gains on Tuesday, supported by the commitment of major producers to output curbs. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, an alliance known as OPEC+ agreed last month on extending the output cuts during February, with Saudi Arabia vowing …

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• 3 February 2021 1:57 am

  Gold Prices Decline and Silver Falls for Eight-Year High

  

  Gold prices decline on Tuesday, as the U.S. Dollar (USD) rose across the board against major currencies. The yellow metal futures for April delivery lost $30.50, or 1.6%, to close at the level of $1,833.40 per ounce. Meanwhile, silver futures lost all of their Monday gains, which helped it rise …

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• 3 February 2021 12:13 am

  CAD Scores High Gains as Oil Prices Rise

  

  The Canadian Dollar (CAD) rose on Tuesday against major currencies on Tuesday, supported by the rise of crude oil prices to their highest level in a bout to a year. Today, the CAD topped the G10 currencies performance against the U.S. Dollar (USD). The CAD is up against its U.S. …

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• 2 February 2021 9:54 pm

  Bitcoin Could Exceed $500,000 on Corporate Purchases

  

  Bitcoin could surge to new unprecedented highs, amid increased interest from institutional investors. The world’s largest cryptocurrency in terms of market capitalization could go as high as $535,000 if corporate buyers convert 10% of their cash reserves to Bitcoin, according to a recent report by Ark Invest cited by CoinTelegraph. …

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• 2 February 2021 9:49 pm

  European Stocks Close Tuesday on Higher Note

  

  European stocks rose on Tuesday, supported by an improved sentiment towards the rollout of vaccines and economic recovery from the Coronavirus pandemic. The STOXX Europe 600 index finished higher by 1.3%, with travel and leisure stocks leading the gains. The French CAC40 closed higher by 1.86%, while the German index …

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• 2 February 2021 9:13 pm

  USD Rises Across the Board

  

  The U.S. Dollar (USD) is maintaining its upward trend on Tuesday, after declining earlier in the European session. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.27% at 91.23. The index has been moving today in a range …

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• 2 February 2021 7:37 pm

  Fed’s Kaplan: Asset Purchases Helped GameStop Trading Frenzy

  

  President of the Federal Reserve Bank Dallas Robert Kaplan suggested on Tuesday that the Fed’s huge bond-buying program could be one of the reasons behind the recent trading frenzy by Reddit users in stocks such as GameStop, Reuters reported. “Some of the current situation you are seeing — one of …

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• 2 February 2021 7:33 pm

  Wall Street Opens with Strong Gains

  

  The New York Stock Exchange (NYSE) opened higher Tuesday, supported by improved investors’ sentiment and large anticipation in Wall Street for the release of financial results by Amazon and Alphabet. In addition, the market remains supported by the prospects of increased government stimulus by the Biden administration. The Dow Jones …

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