Noor Trends News, Technical Analysis, Educational Tools and Recommendations

September, 2020

• 23 September 2020 10:35 pm

  Fed’s Mester: Recovery is Not Sustainable Yet

  

  President of the Federal Reserve Bank of Cleveland, Loretta Mester said on Wednesday that the US economy is recovering better than expected. However, Mester warned that recovery is not sustainable yet and not including all sectors. “We are still in a deep hole, regardless of the comeback we have seen.”“We …

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• 23 September 2020 10:30 pm

  European Stocks Rise on PMI Data

  

  European stocks closed higher on Wednesday, despite uncertainty about the rising number of COVID-19 cases. The rise of European stock markets came after the release of preliminary data that showed an expansion in the composite PMI index, even though it came below expectations. The Stoxx Europe 600 index added 0.7% …

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• 23 September 2020 9:34 pm

  Fed’s Rosengren: COVID-19 Cases Could Slow Recovery

  

  President of the Federal Reserve Bank of Boston, Eric Rosengren, said on Wednesday that economic recovery could be slower in case the number of novel coronavirus (COVID-19) cases increased. “Recent economic data have been encouraging, but I believe the most difficult part of the recovery is still ahead of us.” …

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• 23 September 2020 9:27 pm

  Fed’s Evans Not Worried About Inflation Above 2%

  

  President of the Federal Reserve Bank of Chicago, Charles Evans, said on Wednesday that he does not fear stronger accommodation in the pursuit of clearly overshooting the 2% inflation target, even reaching above 2.5%. The Fed needs to maintain interest rates close to zero to sustainably maintain inflation at 2% …

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• 23 September 2020 9:22 pm

  US PMI Declines in September but Manufacturing Sector Advances

  

  The IHS Markit Flash U.S. Composite PMI Output Index posted 54.4 at the end of the third quarter (Q3) of 2020, down from 54.6 in August, adjusted for seasonal factors. However, the index’s quarterly average was the highest since the opening three months of 2019. The seasonally adjusted IHS Markit …

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• 23 September 2020 9:15 pm

  Powell: Main Street Program Saw Modest Use

  

  The Federal Reserve Chair Jerome Powell said on Wednesday in his testimony to the House of Representatives Select Subcommittee on the Coronavirus that companies have made only modest use of the Fed’s Main Street Lending Program. However, the Fed is not planning any major changes to its lending policy. “If …

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• 23 September 2020 8:44 pm

  Powell: Fed and Congress Need to Work Against COVID

  

  The United States Congress and the Federal Reserve need to work in order to help the American economy recover from the impacts of the COVID-19 crisis, said the Federal Reserve Chair Jerome Powell on Wednesday. Powell noted in his testimony in front of the House Select Subcommittee on the Coronavirus …

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• 23 September 2020 6:53 pm

  US Oil Stockpiles Fall Less Than Expected

  

  Crude oil inventories in the United States declined by 1.6 million barrels last week, according to data by the US Energy Information Administration’s (EIA) weekly report. The decline came below experts’ expectations of a 2.3 million barrel decrease in crude stockpiles.

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• 23 September 2020 6:07 pm

  US Markit Manufacturing PMI Edges Higher to 53.5

  

  The business activity in the US manufacturing sector is seen expanding at a robust pace in September with the IHS Markit’s advanced Manufacturing PMI rising from 53.1 in August to 53.5. This reading came in better than the market expectation of 53.2. Further details of the publication revealed that the …

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• 23 September 2020 5:24 pm

  US Housing Price Index Up 0.1% in July

  

  The Housing Price Index (HPI) in the US rose 1% in July, the Federal Housing Finance Agency’s (FHFA) monthly report showed on Wednesday. This reading matched June’s reading (revised from 0.9%) and came in higher than the market expectation of 0.5%. Earlier in the day, the Mortgage Bankers Association (MBA) …

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• 23 September 2020 4:35 pm

  Oil is Rising Near $ 42, All Eyes on Libya and US Stocks

  

  Oil prices rose to about $ 42 a barrel on Wednesday, September 23, after a report said that US fuel stocks declined, but the increase in crude oil supply and the high number of cases of Coronavirus, which increases concern about demand faltering limited the gains. The American Petroleum Institute …

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• 23 September 2020 3:48 pm

  German Cabinet Approves Draft Budget for 2021, EUR96.2 B in New debt

  

  A German government official said on Wednesday, the Cabinet approved a draft budget for next year, as proposed by the Finance Minister Olaf Scholz. The budget sets aside a net new debt of EUR96.2 billion euros or $112.43 billion to offer further financial support to cushion the impact of the …

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• 23 September 2020 3:16 pm

  Euro Falls to Its Lowest Level in Two Months

  

  The euro fell to its lowest level in two months, Wednesday, September 23, after positive economic data from the United States and concerns about the second wave of Coronavirus infections combined with weak European indicators to support the rise of the dollar. The US currency rose to $ 1.1671 against …

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