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Market Analysis

October, 2020

  • 14 October 2020 1:10 pm

    Oil Prices Falling on Demand Concerns

    Oil prices fell on Wednesday, due to fears that the continued decline in fuel demand in light of the high cases of Coronavirus in Europe and the United States, the largest consumer of crude in the world, may impede economic growth. The monthly report of the Organization of Petroleum Exporting …

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  • 14 October 2020 12:52 am

    Wall Street Closes in Red

    The New York Stock Exchange (NYSE) closed lower on Tuesday, amid worries for the second wave of the Coronavirus (COVID-19) pandemic and the effectiveness of its new remedies. The Dow Jones Industrial Average lost 157.7 points, or 0.55%, to close at 28,679.81 points. S&P 500 lost 22.3 points, or 0.63%, …

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  • 14 October 2020 12:45 am

    US Treasury Yields Decline On COVID-19 Worries

    Treasury yields in the United States declined on Tuesday, amid increased demand due to concerns about COVID-19 and the effectiveness of its new remedies. Return on the 10-year Treasury notes decreased by 4.9 basis points to 0.726%. This is the biggest decline in the benchmark treasury yield since June 11. …

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  • 14 October 2020 12:39 am

    Oil Closes Higher on Hopes for Improved Demand Outlook

    Oil prices finished higher on Tuesday supported by an increase in Chinese imports last month, which helped improve the outlook for global demand recovery. Brent crude futures for December delivery rose by 73 cents, or 1.8%, to settle at $42.45 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures …

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  • 13 October 2020 10:46 pm

    Gold Prices Fall for First Time in Four Days

    Gold prices declined on Tuesday, as the US Dollar rose across the board, making its first daily decline in four sessions. Gold futures for December delivery decreased by $34.30, or 1.8%, to close at $1,894.60 per ounce. The Dollar index (DXY) is up by 0.51% at 93.54.

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  • 13 October 2020 9:37 pm

    McAfee Plans $814 M IPO – Reports

    McAfee Corp, a company specialized in antivirus and cybersecurity solutions is planning to raise up to $814 million through an initial public offering (IPO) in the United States, Reuters reported. Around 31 million shares are expected to be sold, while the selling stockholders are set to offer about 6 million …

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  • 13 October 2020 9:23 pm

    GBP Declines on USD Strength and Brexit Uncertainty

    The British Pound (GBP) declined against the US Dollar (USD) on Tuesday, following four consecutive rises, as the USD rose supported by inflation data, while the GBP remains impacted by Brexit trade talks uncertainty. The GBP/USD is down by 0.82% for the day at 1.2957. The pair has been moving …

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  • 13 October 2020 9:18 pm

    European Stocks Close Lower

    European stocks closed lower on Tuesday, following the beginning of the earning reports season in Wall Street, and amid uncertainty surrounding the second wave of the Coronavirus (COVID-19) pandemic. The STOXX Europe 600 index closed lower by 0.7%, while the UK’s FTSE100 maintained losses and declined by 0.53%. Meanwhile, the …

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  • 13 October 2020 8:34 pm

    IMF Expects 4.4 Global Contraction in 2020

    A report by the International Monetary Fund (IMF) revealed on Tuesday that the outlook for developed economies is better than previously expected, due to the recovery from the impacts of the COVID-19 pandemic, while emerging markets are expected to face some hardships. The latest World Economic Outlook expects a global …

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  • 13 October 2020 7:27 pm

    USD Rises Following Inflation Data

    The US Dollar (USD) rose on Tuesday, as data showed an increase in consumer prices but at a slow pace. The Dollar index (DXY), which measures the performance of the USD against a basket of six international currencies, is up by around 0.50% for the day, at 93.51. The index …

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  • 13 October 2020 5:58 pm

    US Consumer Prices Slowed in September For The Fourth Consecutive Month

    Consumer prices in the United States rose in September for the fourth month in a row but at a slower pace amid noticeable weakness in the economy as it gradually recovered from recession due to the Covid-19 pandemic. The US Labor Department said on Tuesday that its consumer price index …

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  • 13 October 2020 5:29 pm

    IMF Forecasts 2020 Global Economic Contraction at 4.4%

    In its latest World Economic Outlook report, the International Monetary Fund noted that it forecasts the global economy to contract by 4.4% in June, compared to 5.2% contraction in June’s publication, as reported by Reuters. “IMF forecasts 2021 global growth at 5.2% vs 5.4% in June, forecasts use revised purchasing …

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  • 13 October 2020 4:57 pm

    Monthly OPEC Report: Reducing Growth Forecast by 200,000

    The OPEC monthly report showed that the global economic growth forecast was kept at -4.1%, while the global economic growth forecast was reduced to 4.6% in 2021. The report expected a decline in global demand for oil by 9.5 million barrels per day in 2020, while the report reduced demand …

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