Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 13 July 2020 3:43 pm

  IMF Revised its Forecasts for Asia and Middle East

  

  The International Monetary Fund (IMF) revised its growth forecasts for the Middle East and Central Asia as economies were affected by worse than expected oil crisis and Covid-19 pandemic, according to Reuters. The region, which includes about 30 countries from Mauritania to Kazakhstan, will see real GDP drop by 4.7% …

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• 13 July 2020 2:57 pm

  China Warns Travelers to Australia

  

  In a statement issued by the Chinese Foreign Ministry, published on its official Wechat account, it advised citizens to reconsider their travel plans to Australia amid anti-China sentiments and racist practices. The South China Morning Post (SCMP) reported that the souring diplomatic relations between Australia and China were not expected to impede …

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• 13 July 2020 2:24 pm

  Covid-19 Cases Exceed 13M

  

  Covid-19 cases continue to rise during Monday, bringing the numbers to 13 million cases globally, as it rose in the morning by 20,924 new cases to reach the total of 13,049,106 with the death toll reaching 571,807. Cases that fully recovered to 7,591,913. The United States tops the number of …

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• 13 July 2020 2:00 pm

  Aramco Cuts Crude Supply to Asia

  

  Saudi Aramco will reduce its shipments of medium and heavy crude for August to at least six Asian buyers, sources familiar with the matter said. The Kingdom of Saudi Arabia, the largest oil producer and exporter in OPEC, to cut production and exports in compliance with the OPEC agreement, reducing …

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• 13 July 2020 1:19 pm

  US Dollar index Testing 96.60

  

  The US dollar index, which tracks the strength of the greenback versus a basket of currencies, managed to recover from previous lows in the range of 96.40 / 35 recorded earlier. The index started the week on the negative side, although it managed to regain some momentum and returned to …

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• 13 July 2020 12:53 pm

  European Stocks Rise, Focus on Earnings Reports

  

  European stocks rose on Monday, with the cyclical sectors leading the gains as investors optimistic about the earnings season and the economic recovery from the effects of the Covid-19 pandemic. The pan-Euro Stoxx index rose 0.8% as banking, automobile and oil stocks rose from 1.2%:2.0%, while mining stocks gained 2.0 …

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• 13 July 2020 12:27 pm

  German Wholesale Price Index Rebounded in June

  

  Wholesale prices in Germany recovered during Jun compared to May. Data released by the Federal Statistical Office of Germany on Monday showed that the wholesale price index in Germany increased by 0.6% in June, compared to 0.6% in May. The wholesale price index in Germany fell on an annual basis …

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• 13 July 2020 11:06 am

  Oil Prices Drop With Concerns Over Supply

  

  Oil prices fell on Monday in Asia ahead of the OPEC meeting on Wednesday. Brent crude prices fell 0.74% to $ 42.92 a barrel, West Texas Intermediate (WTI) fell 0.81% to $ 40.22 a barrel. Oil had risen more than 2% on Friday after the International Energy Agency (EIA) revised …

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• 13 July 2020 10:50 am

  FX Option Expiries for July 13 NY Cut

  

  FX option expiries for July 13 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1350 722m1.1375 622m1.1400 847m – USD/JPY: USD amounts          106.50 360m 106.55 450m106.75 355m106.80 418m106.85 436m107.50 545m108.00 414m – AUD/USD: AUD amounts 0.6900 669m – NZD/USD: NZD amounts 0.6655 1.9bn – EUR/GBP: EUR amounts …

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• 13 July 2020 10:16 am

  Asian Shares Rise on Optimism

  

  Asian shares reached their highest levels in five months on Monday, with investors optimistic about the earnings reports from US companies, as it is expected to exceed expectations despite Covid-19 and lockdowns. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15%, after rising sharply last week due to …

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• 11 July 2020 2:44 am

  Goldman Sachs Sees Gold at $2,000 per ounce

  

  Goldman Sachs has raised its forecasts for gold prices during 2020, according to a recent note, CNBC reported. The bank sees gold prices at $1,800 per ounce during the next three months, at $1,900 for the coming six months, and at $2,000 a ton for the coming 12 months. Goldman …

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• 11 July 2020 1:07 am

  Nasdaq Breaks Another Record

  

  The New York Stock Exchange (NYSE) maintained its gains on Friday, despite the United States seeing a new record high of new coronavirus cases, with the Nasdaq reaching a new all-time high closing level. Energy stocks achieved noticeable gains, supported by the recent IEA report that suggested improved demand for …

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• 11 July 2020 1:00 am

  Oil Prices Close Friday Up by 2%

  

  Oil prices gained more than 2% on Friday, after the International Energy Agency (EIA) expected improved demand for crude during 2020, claiming that the worst effects of the COVID-19 pandemic on the oil market are over. Brent crude settled higher by 2% or 89 cents at $43.24 per barrel, while …

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