Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 15 October 2020 1:00 am

  Oil Maintains Rising Trend for Second Day

  

  Oil prices maintained gains for the second consecutive session on Wednesday, amid commitment by OPEC+ leaders to output cuts. Brent futures for December delivery gained 87 cents, or 2.1%, to settle at $43.32 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for November delivery finished higher by 84 …

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• 15 October 2020 12:53 am

  Gold Restores $1,900 Mark at Close

  

  Gold prices rose on Wednesday, supported by the decline of the US Dollar (USD), restoring the $1,900 per ounce level. Gold futures for December delivery increased by $12.70, or 0.7%, and settled at $1,907.30 per ounce. Meanwhile, silver futures for December delivery added 27 cents, or 1.1%, and closed at …

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• 14 October 2020 9:36 pm

  Fed’s Barkin: COVID-19 Cases Raise Uncertainty

  

  The increase in the number of new Coronavirus (COVID-19) cases in the United States led to more uncertainty to the economic outlook, according to the President of the Federal Reserve Bank of Richmond, Thomas Barkin. “An elevated case rate raises economic uncertainty and that affects businesses’ willingness to hire or …

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• 14 October 2020 9:27 pm

  World Bank Calls for Additional Relief Funding

  

  The World Bank is reportedly calling for $25 billion in additional financing to combat the impact of the COVID-19 pandemic on the world’s poorest countries, Reuters reported. President of the World Bank, David Malpass, expressed this to finance ministers and central bank governors of the G20 group on Wednesday. According …

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• 14 October 2020 8:28 pm

  Banking Earnings And PPI Lift Sentiment

  

  Bank of America (BoA) and Goldman Sachs (GS) both announce third-quarter earnings that beat estimates. Bank of America announced net income of $ 4.9 billion, or 0.51 per share (EPS), with consensus estimates at 0.49 Cents. In the same quarter last year, revenues were at $ 5.8 billion and $ …

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• 14 October 2020 6:45 pm

  UK and EU Reach Progress in Trade Talks

  

  Trade talks between the United Kingdom (UK) and the European Union (EU) are reportedly showing progress, according to the British Prime Minister’s spokesperson, Reuters reported. “Some progress has been made this week, primarily in technical areas of the negotiations, but there are still differences, with fisheries being the starkest.”

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• 14 October 2020 6:13 pm

  WTI Advances to Fresh Tops Beyond $41.00

  

  WTI crude prices rose to a 3-day high, surpassing $ 41.00 on Wednesday. Crude oil is adding to Tuesday’s gains, rising above $ 41.00 a barrel after upbeat comments from the International Energy Agency. Indeed, the agency expected a significant drop in global stocks in the last quarter of this …

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• 14 October 2020 6:12 pm

  NYSE Opens Higher on Tech Gains

  

  The New York Stock Exchange (NYSE) opened higher on Wednesday, supported by the gains of tech companies, and despite mixed financial results by large banks. The Dow Jones Industrial Average added 51.49 points, or 0.18%, to 28,731.30 points. The S&P 500 gained 3.54 points, or 0.10%, to reach 3,515.47 points. …

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• 14 October 2020 5:34 pm

  Fed’s Clarida: Economic Data Since May Are Surprisingly Strong

  

  Fed Vice Chairman Richard Clarida said on Wednesday that the US economy needs another year or maybe more to return to the levels of activity it was at before the outbreak of the pandemic. Clarida noted that policy moves by the Federal Reserve and Congress have helped spur activity such …

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• 14 October 2020 5:17 pm

  US: Annual Core PPI Rises to 1.2% in September

  

  The Producer Price Index (PPI) in the US for final demand ticked higher to 0.4% on a monthly basis in September from 0.3% in August, the data published by the US Bureau of Labor Statistics showed on Wednesday. On a yearly basis, the PPI rose to 0.4% from -0.2% and …

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• 14 October 2020 4:39 pm

  Bank of America Profit Falls on Higher Provisions

  

  Bank of America announced on Wednesday a 15.8% drop in quarterly profits, as it was hit by higher provisions for credit losses and declining performance in three of the four major sectors. The second-largest bank in the United States by assets set aside $ 1.4 billion in reserves to cover …

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• 14 October 2020 4:03 pm

  UK PM Johnson: Let’s Try to Avoid Misery of Another National Lockdown

  

  British Prime Minister Boris Johnson said on Wednesday that the advice he has today suggests that the regional approach to lockdowns can bring down the R-rate, as reported by Reuters. “The whole point is to seize this moment now to avoid the misery of another national lockdown,” Johnson added but …

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• 14 October 2020 3:22 pm

  Russian Energy Minister: OPEC + is Committed to Plans to Reduce Production Cuts

  

  Oil prices fell on Wednesday after US President Donald Trump dampened hopes for a fourth stimulus package to support the economy affected by the Coronavirus pandemic, in addition to an more than expected increase in US crude stocks. US West Texas Intermediate crude futures were down 42 cents, or 1 …

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