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Market Analysis

November, 2020

  • 5 November 2020 6:46 pm

    Wall Street Surges as Elections Results Approach

    The New York Stock Exchange (NYSE) opened higher on Thursday, amid anticipation for the results of the United States presidential elections. The Dow Jones Industrial Average is up by 1.45%, while the S&P 500 gained 1.75%, and the Nasdaq Composite is up by 2.07%.

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  • 5 November 2020 6:41 pm

    CAD Rises to Highest Level in Two Months

    The Canadian Dollar (CAD) rose against its US counterpart (USD) on Thursday to its highest level in eight weeks. This comes as the USD declined across the board amid the continued uncertainty surrounding the outcomes of the presidential elections. The CAD is up by 0.56% against the USD, with the …

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  • 5 November 2020 6:27 pm

    UK to Pump GBP 200 B in Stimulus Spending

    The British Ministry of Finance is pumping GBP 200 billion in economic stimulus, Finance Minister Rishi Sunak announced on Thursday. This comes after the Bank of England announced that it has expanded its asset purchase program by GBP 150 billion. The move to purchase government debt will help the cabinet …

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  • 5 November 2020 6:17 pm

    US election: Trump Leads in Pennsylvania With 89% of Votes Tallied, 50.5% vs. 48.2%

    US President Donald Trump has 50.5% and former Vice President Joe Biden has 48.2% in the battleground state of Pennsylvania with 89% of votes tallied so far, Reuters reported, citing the latest data from Edison Research.

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  • 5 November 2020 6:11 pm

    US: Unit Labor Costs Decline by 8.9% in Q3

    Unit Labor Costs in the US’ nonfarm business sector declined by 8.9% on a yearly basis in the third quarter, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed an 8.5% (revised from 9%) increase in the previous quarter and came in better …

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  • 5 November 2020 6:09 pm

    US: Weekly Initial Jobless Claims Decline to 751K

    There were 751,000 initial claims for unemployment benefits in the US during the week ending October 31st, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 758,000 (revised from 751,000) and came in worse than the market expectation of …

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  • 5 November 2020 4:50 pm

    US: Challenger Job Cuts Decline to 7-Month Low in October

    Planned job cuts in the US-based employers declined to 80,666 in October from 118,804 in September, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday. “October’s total is 32% lower than the 118,804 cuts announced in September,” the publication read. “It is 60% higher than the 50,275 …

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  • 5 November 2020 4:17 pm

    Oil Down by More Than 1% on US Election

    Oil prices fell Thursday, November 5, as Democratic candidate Joe Biden approaches victory in the exciting US presidential election, but Republicans are likely to retain control of the Senate, reducing the chances of implementing any major easing package from the repercussions of the Covid-19 pandemic. By 07:56 GMT, WTI futures …

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  • 5 November 2020 3:34 pm

    US election: Trump Leads in Georgia With 96% of Votes Tallied, 49.6% vs. 49.2%

    US President Donald Trump has 49.6% and former Vice President Joe Biden has 49.2% in the battleground state of Georgia with 96% of votes tallied so far, Reuters reported, citing the latest data from Edison Research.

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  • 5 November 2020 3:32 pm

    European stocks reach a two-Peak on Tech And Business Results

    European stocks reached a two-week high Thursday, November 5th, buoyed by a combination of strong business results and further stimulus for the British economy and the rise of Wall Street after the outcome of the US presidential election race became unpredictable. In its fifth day of gains, the European Stoxx600 …

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  • 5 November 2020 2:53 pm

    Dollar Retreats on US Election And EUR/USD Surges

    The US dollar weakened against major currencies on Thursday as uncertainty over the US presidential election persists. This morning the euro was trading at 1.1799 against the dollar. The EUR/USD recently jumped to a weekly high above 1.18 as investors are optimistic about Biden’s victory in the elections. In the …

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  • 5 November 2020 2:42 pm

    Gold Rises With Growing Caution About The Outcome of The US Election

    Gold prices rose in a limited range Thursday (November 5th), as investors expressed cautious optimism about Democratic candidate Joe Biden’s victory over his rival, President Donald Trump, in the close-range US presidential elections. Analysts expect Biden to likely take greater stimulus measures than his rival, the Republican president, although the …

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  • 5 November 2020 1:54 pm

    EIA: Crude Inventories Fell Significantly in Past Week

    The US Energy Information Administration said on Wednesday that crude oil inventories in the United States fell significantly in the past week, while gasoline inventories rose and distillate stocks decreased. Crude stocks fell by 8 million barrels in the week to October 30, compared to analysts’ expectations in a Reuters …

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