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Market Analysis

August, 2020

  • 25 August 2020 11:44 pm

    Oil Prices Finish Higher

    Oil prices closed higher on Tuesday, continuing to gain support from output disruptions due to weather conditions at the Gulf of Mexico. West Texas Intermediate (WTI) finished higher by 73 cents at $43.35 per barrel, or its highest level since March 5. Meanwhile, the global benchmark Brent crude futures for …

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  • 25 August 2020 11:31 pm

    Gold Settles Lowers as Trade Concerns Ease

    Gold prices finished lower on Tuesday, for the second consecutive day, as the remarks by US and China top trade officials eased concerns about a trade war between the world’s two largest economies, thus, lowering demand for safe havens. However, the US Dollar’s (USD) decline provided some support for the …

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  • 25 August 2020 9:41 pm

    European Stocks Give Up Earlier Gains and Close in Red

    European stocks closed lower on Tuesday, after rising earlier in the session supported by positive remarks regarding the trade agreement between the United States and China. Officials from the world’s two largest economies reaffirmed their support for the trade deal. The STOXX Europe 600 index closed lower by 0.16%. The …

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  • 25 August 2020 9:33 pm

    GBP/USD Rising Above 1.31

    The British Pound (GBP) rose on Tuesday on the back of the US Dollar (USD) decline, despite a decline in the UK’s retail sales. The Sterling is up against the USD by 0.47% with the GBP/USD trading at 1.3124. Retailers in the UK have cut jobs at the highest rate …

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  • 25 August 2020 6:55 pm

    US Home Sales Rise by 13.9% in July

    New homes sales in the United States increased by 13.9% in July to a seasonally adjusted annual rate of 901,000 units, according to data by the U.S. Census Bureau. This is the highest level for new home sales in around 13.5 years, since December 2006, with the housing market showing …

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  • 25 August 2020 6:45 pm

    Richmond Manufacturing Activity Improves in August

    Manufacturing activity continued to strengthen in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose from 10 in July to 18 in August, with survey results suggesting that many Fifth District manufacturers saw increases in employment, wages, and the average workweek …

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  • 25 August 2020 6:30 pm

    US Consumer Confidence Decreases in August

    The Consumer Confidence Index in the United States decreased for the second consecutive month in August to 84.8 down from its July reading of 91.7, according to data by the Conference Board. Moreover, the Present Situation Index decreased sharply from 95.9 last month to 84.2. Meanwhile, the Expectations Index declined from …

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  • 25 August 2020 5:51 pm

    US: Housing Price Index Up 0.9% in June

    The Housing Price Index (HPI) in the US rose 0.9% in June, the Federal Housing Finance Agency’s (FHFA) monthly report showed on Wednesday. This reading followed May’s print of -0.2% (revised from -0.3% and came in higher than the market expectation of 0.1%. Meanwhile, the S&P/Case-Shiller’s 20-metro area Home Price …

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  • 25 August 2020 5:04 pm

    US: Philly Fed Non-manufacturing Index Declines

    The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey dropped to 17.9 in August from 23.7 in July, the monthly data showed on Tuesday.

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  • 25 August 2020 4:21 pm

    German Business Confidence Improved More Than Expected

    A survey showed that German business confidence improved better than expected in August, boosting hopes that companies in the largest European economy are recovering from the coronavirus shock. The IFO said its business climate index rose to 92.6 from a revised level of 90.4 in July. This is the fourth …

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  • 25 August 2020 4:18 pm

    European Shares Rising on Optimism About US-China Agreement

    Renewed optimism about a US-Chinese trade agreement and a less-than-expected decline in economic production in Germany led to the rise of European stocks on Tuesday, and stocks in Frankfurt recorded their highest level in a month. The European Stoxx600 index rose 0.8% by 07:11 GMT, extending gains on the back …

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  • 25 August 2020 3:17 pm

    Germany Issues Travel Warning For Paris, Cote d’Azur Regions

    The German Foreign Ministry said that Berlin issued a travel advisory against the Paris regions and the French Riviera due to the high cases of Coronavirus there. The ministry added that it had warned against unnecessary tourist trips to the Ile-de-France region, which includes the French capital, and the southern …

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  • 25 August 2020 3:16 pm

    Germany’s Economy Contracted 9.7% During Q2

    Germany’s statistics office said the country’s economy contracted at a record pace of 9.7% in Q2 as consumer spending, corporate investment and exports collapsed due to Coronavirus. The office added that the economic downturn far exceeds what happened during the financial crisis more than a decade ago, and represented the …

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