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Market Analysis

August, 2020

  • 6 August 2020 1:30 am

    Daily Recap: Wednesday, August 5, 2020

    Demand for safe havens continues to shape the market, while the stock market remains largely dependent on earnings reports. Gold prices continued to make new historic high levels, while oil prices rose to their highest level in five months. This has provided support for commodity currencies such as the Canadian …

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  • 6 August 2020 12:14 am

    Wall Street Settles Higher on Positive Reports

    Positive earnings reports by some of the Wall Street listed companies led the indices of the New York Stock Exchange (NYSE) to close higher on Wednesday. The Dow Jones Industrial Average gained around 373 or 1.4% and closed at 27,201.5. Meanwhile, the S&P 500 and the Nasdaq Composite indices closed …

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  • 5 August 2020 11:48 pm

    Oil Settles at Highest Level in Five Months

    Oil prices settled higher on Wednesday, at its highest closing level in about five months, after data showed a more than expected decline in US crude inventories. Brent crude futures for October delivery closed higher by 74 cents or 1.7% at $45.17, its best since March 6. Meanwhile, the West …

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  • 5 August 2020 10:59 pm

    European Stocks Rise Collectively

    European stocks closed higher on Wednesday, supported by a number of positive financial results by listed companied, despite mixed economic indicators as shown by PMI data. The Stoxx Europe 600 index added 0.43% and closed at 364.95 points. FTSE100 surged by 1.14% while CAC40 increased by 0.90% and DAX gained …

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  • 5 August 2020 10:37 pm

    Gold Rally Continues Near $2,050 per Ounce

    Gold prices rose on Wednesday reaching another record high level on the back of increased demand for the previous metal. Gold futures for December delivery added $28.30 or 1.4% and settled at $2,049.30 per ounce. The yellow metal has now gained about 34% since the beginning of 2020.

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  • 5 August 2020 10:32 pm

    Kaplan: COVID-19 is Muting Economic Recovery

    President of the Federal Reserve Bank of Dallas, Robert Kaplan, told CNN on Wednesday that the US economy needs the extension of unemployment benefits, Reuters reported. Kaplan expects gross domestic product (GDP) to grow by 20% in the third quarter (Q3), and contract by 50% in 2020. “The issue with …

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  • 5 August 2020 9:59 pm

    IHS Markit: US Services PMI Records 50 in July

    The seasonally adjusted final IHS Markit US Services PMI Business Activity Index registered a neutral 50 in July, up from 47.9 in June. This is the third monthly rise in a row for the index, and it market the end of five months of contraction, or registering readings below the …

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  • 5 August 2020 9:48 pm

    CAD Continues to Show Strength against USD

    The Canadian Dollar (CAD) is showing a strong performance against the US Dollar (USD), supported by the recovery of oil prices, reaching its highest level in five months. Meanwhile, the USD continues to show general weakness across the board against major currencies. The USD/CAD has decreased by around 5.8% since …

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  • 5 August 2020 9:09 pm

    Kuroda: Economies to Start Recovery in H2

    Economic activity and financial stability in Japan are facing the risk of significant constraints in case preventive measures against the COVID-19 pandemic are fully re-imposed, Bank of Japan Governor Haruhiko Kuroda has warned. However, Japan is not going into deflation with the Bank of Japan maintaining its 2% inflation target, …

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  • 5 August 2020 7:53 pm

    Clarida Expects Full Recovery by End of 2021

    The US Federal Reserve Vice Chairman, Richard Clarida, said in an interview on Wednesday that the United States economy could recover to its levels prior to the COVID-19 crisis by the end of next year, Reuters reported. “It will take some time, I believe, before we get back to the …

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  • 5 August 2020 7:46 pm

    US Oil Inventories Down 7.4 M Barrels in Week

    Crude oil inventories in the United Stated declined for the second consecutive week, according to data by the US Energy Information Administration (EIA). Oil stockpiles decreased by 7.4 million barrels last week, exceeding market estimates, to a total of 518.6 million barrels. Yesterday, data by the American Petroleum Institute (API) …

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  • 5 August 2020 7:26 pm

    US Sectors Show Mixed Performance in July

    Purchasing managers’ indices (PMIs) in the United States showed a mostly positive performance during the month of July, according to data by IHS Markit. Four out of seven sectors expanded in activity in July, while the others showed slower rates of decline compared with June, reflecting the uneven impact of …

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  • 5 August 2020 5:38 pm

    Canada: Trade Deficit Expands to $3.19 Billion in June

    The monthly data published by Statistics Canada on Wednesday showed that Canada’s trade deficit expanded from $1.33 billion in May to $3.19 billion in June, This reading came in better than the market expectation for a deficit of 0.9 billion.

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