Oil prices closed higher on Wednesday, after data showed a decline in the United States crude inventories last week. Brent Crude increased by $0.76 or 1.84% to close at $42.03 per barrel, while the WTI crude futures settled higher by $0.55 or 1.4% at $39.82 a barrel. The US crude …
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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2 July 2020 1:50 am
Gold Settles Lower by 0.6%
Gold prices declined on Wednesday, giving up its highest level in about eight years, after positive economic data in the United States and news about a vaccine for the coronavirus disease (COVID-19) lowered demand for safe havens. The price of spot gold fell by around 0.6% to $1,770 per ounce, …
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2 July 2020 1:27 am
S&P 500 and Nasdaq Maintain Gains, Dow Closes Lower
The New York Stock Exchange (NYSE) closed higher on Wednesday, with investors growing optimistic about news of a potential vaccine for the coronavirus (COVID-19). The S&P 500 index gained 0.50%, and the NASDAQ Composite Index increased by 0.95%, while the Dow Jones Industrial Average closed lower by 0.3%. A COVID-19 …
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2 July 2020 12:45 am
USD Down as Safe Haven Demand Falters
The US Dollar (USD) declined on Wednesday against major currencies, with improved economic data in the United States and the UK has decreased the demand on the green currency as a safe haven. An increased risk appetite helped the AUD and NZD rise against the USD. The USD/JPY is now …
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2 July 2020 12:25 am
GBP Gains on USD Retreat
The British Pound (GBP) achieved gains on Wednesday, as demand for the USD as a safe haven faded despite positive economic data in the United States. GBP is up by 0.43% against the Euro, and by 0.60% against the USD. Earlier, data showed that the UK manufacturing sector is showing …
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2 July 2020 12:01 am
Fed Meeting Minutes Show Commitment to Facing COVID-19 Recession
Members of the US Federal Reserve Board have agreed to use all of the tools at their disposal to help push the economy out of recession, as shown by the meeting minutes of their most recent meeting, which took place on June 9-10. The US economy entered into a recession …
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1 July 2020 11:27 pm
WHO Calls for Effective Approaches in Facing COVID-19
The World Health Organization (WHO) on Wednesday warned against ineffective approaches in combating the coronavirus disease (COVID-19). Some countries face a long, hard road ahead in the fight against the pandemic, said the WHO Director-General Tedros Adhanom Ghebreyesus, as reported by Reuters. “Countries that have the systems in place to …
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1 July 2020 10:52 pm
European Stocks Rise on COVID-19 Vaccine Hopes
Hopes for a vaccine for the coronavirus disease (COVID-19) have helped European stocks close Wednesday higher, as the pan-European STOXX Europe 600 index gained 0.2%. In the Frankfurt Stock Exchange, the DAX30 index fell by 0.41%. In Paris and London, the French CAC40 and the FTSE100 indexes lost 0.19% each. …
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1 July 2020 8:54 pm
Wall Street Gains on Positive Data
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 …
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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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